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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.
Factors such as, cost-efficiency, corrosion-resistance, and lightweight, as well as wide-ranging applications of E-glass, makes it preferable wind energy, marine, and electrical & electronics industries.
“Thermoset resins are estimated to lead the fiberglass market, by resin type in terms of value during the forecast period”
By resin type, thermoset resins are estimated to be the largest segment in fiberglass market during 2020-2025. Properties such as excellent resistance to solvents, abrasives, high temperature, and heat, flexibility, excellent adhesion, and high strength, as well as the availability of thermoset resins in various types are increasing the demand for thermoset resins. These properties are estimated to drive the growth of thermoset resins segment in the fiberglass market during the forecast period.
“Chopped strand segment is estimated to grow with the highest CAGR in the fiberglass market.”
By product type, chopped strand segment is projected to record the highest growth in terms of both value and volume during 2020-2025. Chopped strands are fiberglass strands that are used to provide reinforcement to thermoplastic and thermoset composites. The rise in automobile production in Asia Pacific and Europe has contributed to the growing demand for chopped strands. These factors are driving the demand for chopped strand in fiberglass market.
“Composites segment are estimated to lead the fiberglass market, by application during the forecast period”
By application, the composites segment is projected to lead the global fiberglass market during 2020-2025. The increasing demand for GFRP composites is supported by its low-cost, lightweight and corrosion resistance properties, high strength, and easy availability. These factors are expected to enhance the demand demand for FRP composites in automotive, aerospace, and wind energy industries.
“Asia Pacific fiberglass market is projected to grow at the highest CAGR during the forecast period”
Asia Pacific is projected to be the fastest-growing market for fiberglass during the forecast period. Growing demand for fiberglass is primarily driven by the increasing focus on emission control policies and the growing demand for ecofriendly products have led to technological advancements in the field of composites. The replacement of traditional materials, such as steel and aluminum, with fiberglass is contributing to the growth of the fiberglass market in Asia Pacific.
Profile break-up of primary participants for the report:
- By Company Type: Tier 1 – 60%, Tier 2 – 20%, and Tier 3 – 20%
- By Designation: C-level Executives – 33%, Directors – 33%, and Managers – 34%
- By Region: Europe – 25%, Asia Pacific – 25%, North America – 20%, Middle East & Africa –20%, and South America – 10%
The fiberglass market report is dominated by players , China Jushi Co., Ltd., (China), Owens Corning, (US), Nippon Electric Glass Co., Ltd., (Japan), Taishan Fiberglass Inc. (CTG), (China), Chongqing Polycomp International Corp. (CPIC), (China), Johns Manville Corp., (US), Binani 3B-the Fibreglass Company, (Belgium), Taiwan Glass Ind. Corp., (Taiwan), PFG Fiber Glass (Kunshan) Co., Ltd., (China), Asahi Fiberglass Co., Ltd., (Japan), Knauf Insulation, (Belgium), Saint-Gobain Vetrotex, (US), CertainTeed Corporation, (US), Saint-Gobain ADFORS, (US), and AGY Holding Corp., (US).
The report defines, segments, and projects the fiberglass market based on glass type, resin type, application, product type, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and industry-specific challenges. It strategically profiles key fiberglass manufacturers and comprehensively analyzes their market shares and core competencies as well as tracks and analyzes competitive developments, such as expansions, new product launches, agreements, acquisitions, investments, new product developments, and partnerships, undertaken by them in the market.
Reasons To Buy the Report:
- The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the fiberglass market and its segments.
- This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies.
- It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.