Increasing utilization of fiberglass in infrastructure and construction industries is driving the market.
Vancouver, BC -- (SBWIRE) -- 01/22/2021 -- The global fiberglass market size is estimated to reach a value of USD 15.79 Billion by 2027, at a CAGR of 4.6%, according to a recent report published by Emergen Research. Fiberglass is a type of fibre-reinforced plastic made of glass fiber, manufactured as a sheet or as a woven fabric and finds usage in various end-use industries like wind energy, automobile, aerospace, and building & construction. The light weight and high strength of these materials have boosted global market demand.
The Asia Pacific market is expected to expand at the most rapid rate during the forecast period. Growing urbanization and rising purchasing power of consumers have resulted in increasing automotive sales in the region, which is expected to drive the fiberglass market in Asia Pacific during the forecast period.
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Key market participants include TAISHAN FIBERGLASS INC. (CTG), Owens Corning, Nippon Electric Glass Co., LTD., Binani 3B-The Fibreglass Company, China Jushi Co., Ltd., Taiwan Glass Ind Corp., PFG Fiber Glass (Kunshan) Co., Ltd., Johns Manville Corp., Knauf Insulation, and AGY Holding Corp.
High growth of the infrastructure and construction industry globally will drive market growth during the forecast period. Growing emphasis on renewable energy has resulted in the installation of a vast number of windmills that have blades made of fiberglass, thus driving the global fiberglass market demand. The growth of the automobile industry is also a major driver for the growth of the market, since it is used to manufacture windshields and windows of automobiles.
The glass wool segment held the largest market share of 33.5% in 2019. Increasing expenditure on ongoing construction projects in developed as well as developing economies has resulted in increased demand for glass wool.
Type Outlook (Revenue, USD Billion; 2017–2027)
Application Outlook (Revenue, USD Billion; 2017–2027)
End-use Outlook (Revenue, USD Billion; 2017–2027)
Building & Construction
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The composites segment is projected to expand at the most rapid CAGR of 5.0% during the forecast period. The non-conductive nature and lower heat distribution gradient of fiberglass help in making it a great electric insulator. Also, it saves energy and lowers utility bills, which has increased utilization of fiberglass composites in the construction & infrastructure industry.
The Asia Pacific region is predicted to dominate the global market during the forecast period. The region is also expected to see the fastest growth during the forecast years owing to the high growth of urbanization in the region. The high rate of urbanization has led to the high demand for the automobile industry which will boost the fiberglass market growth.
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.4. Research Sources
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Fiberglass Market Segmentation & Impact Analysis
4.1. Fiberglass Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
220.127.116.11. Increasing utilization of the fiberglass material in the automotive industry
18.104.22.168. Extensive use of fiberglass in the infrastructure and construction industry
22.214.171.124. Eco-friendly benefits of fiberglass insulation
4.2.3. Market restraints analysis
126.96.36.199. Need for re-gel coating of the fiberglass about every five years
188.8.131.52. Weak heat resistance feature of fiberglass
184.108.40.206. Present challenging economic conditions due to the pandemic
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter's Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Fiberglass Market By Type Insights & Trends, Revenue (USD Million), Volume (Kilo Tons)
5.1. Type Dynamics & Market Share, 2019 & 2027
5.1.2. Glass Wool
5.1.3. Chopped Strands
Chapter 6. Fiberglass Market By Application Insights & Trends Revenue (USD Million), Volume (Kilo Tons)
6.1. Application Dynamics & Market Share, 2019 & 2027
Chapter 7. Fiberglass Market By End-Use Insights & Trends Revenue (USD Million), Volume (Kilo Tons)
7.1. End-Use Dynamics & Market Share, 2019 & 2027
7.1.1. Wind Energy
7.1.4. Building and Construction
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