Northbrook, IL 60062 -- (SBWire) -- 07/07/2022 --The fiberglass market is estimated to grow from USD 11.5 billion in 2020 to USD 14.3 billion by 2025, at a CAGR of 4.5% from 2020 to 2025. Factors such as extensive use of fiberglass in the construction & infrastructure industry and the increased use of fiberglass composites in the automotive industry are driving the growth of fiberglass market.

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Companies such as China Jushi Co., Ltd., Owens Corning, Nippon Electric Glass Co., Ltd., Taishan Fiberglass Inc. (CTG), Chongqing Polycomp International Corp. (CPIC), and Johns Manville Corp., fall under the winners' category. These are leading players in the fiberglass market, globally. These players have adopted the strategies of expansions, new product launches, agreements, acquisitions, investments, new product developments, and partnerships, to increase their presence in the global fiberglass market.

China Jushi Co., Ltd., is the leading player in the global fiberglass market and is estimated to have the highest share in the market. In May 2016, China Jushi Co., Ltd., began the construction of its first fiberglass manufacturing production line in Richland County (US). The production capacity of this production line is 80,000 tons. This expansion helped China Jushi Co., Ltd. enhance its market penetration in the composites material industry in the US.

Another important player in the global fiberglass market is Owens Corning. In April 2018, Owens Corning entered into technology licensing and manufacturing supply agreements with Taiwan Glass Ind. Corp. (Taiwan). The agreements will leverage the manufacturing platform of Taiwan Glass Ind. Corp. to produce a mix of products for thermoplastic and thermoset applications. This agreement expanded the geographic footprint of Owens Corning in the Asia Pacific region as well as increased the fiberglass production capacity to cater to the needs of customers in Europe and North America.