DUBLIN--(BUSINESS WIRE)--The "Fiberglass Market by Glass Type (E-Glass, ECR-Glass, H-Glass, AR-Glass, S-Glass), Product Type (Glass Wool, Direct and Assembled Roving, Yarn, Chopped Strand), Application (Composites, Insulation) and Region - Global Forecast 2027" report has been added to ResearchAndMarkets.com's offering.
The global fiberglass market size is expected to grow from USD 27.5 billion in 2022 to USD 38.8 billion by 2027, at a CAGR of 7.1% during the forecast period.
Fiberglass composites are being used in the construction & infrastructure, aerospace, wind energy, automotive, electronics, and other end-use industries. The increasing wind energy projects and demand of lightweight material from automotive industry support the demand for fiberglass in the wind energy and automotive end-use industry.
S-Glass Type is the fastest-growing Glass Type of fiberglass, in terms of value.
S-glass has similar properties as E-glass but is stronger and stiffer than E-glass. High strength S-glass is made with magnesium aluminosilicate. S-glass fiber offers high-performance at elevated temperatures; it is used in applications which demand high strength and stability under extreme temperatures and corrosive environments.
S-glass is also available in the global market and is the highest-performing fibers available at present. It is produced with a higher content of silica than standard glass fiber products. This glass type is widely used for the textile and composite industries. It has high compressive strength, high-temperature resistance, and improved impact resistance.
Chopped Strand is the fastest-growing product type of fiberglass, in terms of value.
Chopped strands are fiberglass strands that are used to provide reinforcement to thermoplastic and thermoset composites. These strands can be mixed with resins to produce reinforcing gap filler for construction activities. Chopped strands used with polyester resins produce strong, stiff, and durable laminates, which are primarily utilized to manufacture water tanks, boats, and industrial equipment. Chopped strand mats made from glass fiber filaments can be oriented either randomly or evenly. They are suitable for hand lay-up process using thermoset resins for manufacturing a wide range of products for automobile, recreation, and chemical industries.
Composites is the fastest-growing application of fiberglass, in terms of value.
Based on application, the fiberglass market is segmented into composites and insulation. In terms of value, the composites segment accounted for a significant share of the fiberglass market in 2021. The larger share of the composites application segment can be attributed to the high growth of the construction and automotive industries in Asia Pacific and North America.
APAC is the fastest-growing fiberglass market.
APAC is expected to be the largest market for fiberglass during the forecasted years. The high market share for the region is attributed to various favorable government policies in order to protect volatile fuel prices in the region along with rules and regulations against GHGs emissions. These policies and regulations are fueling the growth of wind energy installations in the region specifically in China, India, and South Korea. The growth of end-use industries are automatically having an impact on the demand of fiberglass across the region. Europe followed by North America also contribute to significant share in the global fiberglass market.
Market Dynamics
Drivers
- Extensive Use of Fiberglass in the Construction & Infrastructure Industry
- Increased Use of Fiberglass Composites in the Automotive Industry
Restraints
- Issues Associated with Glass Wool Recycling
- Lack of Standardization in Manufacturing Technologies of Various Fiberglass Products
- Decline in Economy due to COVID-19
Opportunities
- Increasing Number of Wind Energy Capacity Installations
- Rising Demand for Composite Materials in Construction & Infrastructure Industry in Middle East & Africa
Challenges
- Capital-Intensive Production and Complex Manufacturing Process of Fiberglass
- Recovery from COVID-19 Pandemic
Companies Mentioned
- 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.
- Pfg Fiber Glass (Kunshan) Co. Ltd.
- Johns Manville Corp.
- Asahi Fiberglass Co. Ltd.
- Knauf Insulation
- Saint-Gobain Vetrotex
- Certainteed Corporation
- Saint-Gobain Adfors
- Agy Holding Corp.
- Saint-Gobain Isover
- Soda Sanayii Aa
- Saertex GmbH & Co. KG
- Nitto Boseki Co. Ltd.
- Kcc Corporation
- Jiangsu Changhai Composite Materials Co. Ltd.
- Bgf Industries, Inc.
- Arabian Fiberglass Insulation Co. Ltd. (Afico)
- Fiberex Corporation
- Shree Laxmi Udyog
For more information about this report visit https://www.researchandmarkets.com/r/4sorai
