DUBLIN--(BUSINESS WIRE)--The "Global Fiberglass Market by Glass Type (e-Glass, ECR-Glass, H-Glass, S-Glass, AR-Glass), Resin Type, Product Type (Glass Wool, Direct & Assembled Roving, Yarn, Chopped Strand), Application (Composites, Insulation) and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global 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.
Market Dynamics
Drivers
- Extensive Use of Fiberglass in the Construction & Infrastructure Industry
- Increased Use of Fiberglass Composites in the Automotive Industry
Restraints
- Issues in the Glass Wool Recycling
Opportunities
- Increasing Number of Wind Energy Capacity Installations
- Increasing Demand for Composite Materials from Construction & Infrastructure Industry in the Middle East & Africa
Challenges
- Capital-Intensive Production and Complex Manufacturing Process of Fiberglass
- Supply Chain, Trade, and Economic Disruption due to the COVID-19 Pandemic Among End-use Industries
Companies Profiled
- China Jushi Co. Ltd.
- Owens Corning
- Taishan Fiberglass Inc. (CTG)
- Chongqing Polycomp International Corp. (CPIC)
- Nippon Electric Glass Co. Ltd.
- Binani 3B-The Fibreglass Company
- Taiwan Glass Ind. Corp.
- Johns Manville Corp.
- PFG Fiber Glass (Kunshan) Co. Ltd.
- Asahi Fiberglass Co. Ltd.
- Knauf Insulation
- Saint-Gobain Vetrotex
- Certainteed Corporation
- Saint-Gobain Adfors
- AGY Holding Corp.
- Saint-Gobain Isover
- Soda Sanayii AS
- Saertex GmbH & Co. KG
- Nitto Boseki Co. Ltd.
- KCC Corporation
- Jiangsu Changhai Composite Materials Co. Ltd.
- Fiberex Corporation
- BGF Industries, Inc.
- Arabian Fiberglass Insulation Co. Ltd. (AFICO)
For more information about this report visit https://www.researchandmarkets.com/r/mvyp8h
