Fiberglass is a type of reinforced plastic material made from fine glass fibers embedded in a polymer matrix, typically composed of polyester or epoxy resins. It is known for its excellent strength-to-weight ratio, corrosion resistance, and electrical insulation properties. Fiberglass is widely used in construction, automotive, aerospace, marine, and various other industries for applications such as insulation, structural components, pipes, tanks, and composite materials.
According to the global fiberglass market report, the rovings segment by product type is expected to dominate the overall market accounting for over 57% revenue share by 2028-end. The fiberglass (glass fiber) market is expected to register a CAGR of 4.3 % during the forecast period (2022 to 2028). The global fiberglass (glass fiber) market is expected to expand at a CAGR of 4.3 %, accounting for US$ 13.1 Billion by the end of 2028.
Global Fiberglass (Glass Fiber) Market Dynamics
With the growing need for developing walls, doors, windows, and roofs, demand for fiberglass is likely to remain high in the construction industry. Glass fiber is also used as a composite in the construction industry. Manufacturers are utilizing GFRC (glass fiber reinforced concrete), which contains hydrated cement, glass fibers and sand for diverse construction purposes. Incorporation of the fiberglass enables manufacturers to integrate robust features such as anti-corrosiveness, high compressive strength, tensile strength and lightweight. In addition, manufacturers prefer utilizing fiberglass pertaining to the low maintenance cost and erosion. On the account of these factors, growth of the global market is expected to remain positive over the coming years.
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Further, growing number of construction projects in various developing countries such as India, Brazil, and China have led manufacturers to invest in fiberglass as an effective insulation component. As fiberglass continues to remain a cheaper alternative for insulation in the construction industry, the global fiberglass (glass fiber) market is likely to witness a significant growth during the forecast period
However, increasing instances of health hazards such as rashes on the skin, irritation in eyes and stomach and soreness in throat and lungs among workers and constructors due to fiberglass have posed challenges to the market growth. As the small glass fibers have the ability to reach the lower parts of internal organs such as stomach, lungs, and skin, risks related to adverse health effects continue to persist. Due to the adverse health effects of fiberglass, manufacturers are looking out for cheaper and safe alternatives. Based on these factors, growth of the global fiberglass (glass fiber) market is likely to face headwinds during the forecast period
Major players identified in the fiberglass (glass fiber) market are focusing on increasing their production capacities and acquisition to enhance their operational efficiency, and product portfolio. Also, strategic collaboration and joint venture witnessed among leading market players are likely to improve sales and distribution network. Due to these factors, growth of the global market is expected to gain speedy momentum during the forecast period.
Global Fiberglass (Glass Fiber) Market Competitive Landscape
Some of the players identified in the global fiberglass (glass fiber) market are Owens Corning, PFG Fiber Glass Corporation, CPIC Abahsain Fiberglass M.E., W.L.L., Chongqing Polycomp International Corp, and Jushi Group Co., Ltd. among others. Over the recent past, the industry players have focused on acquisitions and increasing their production capacities to meet the growing demand from various end-user industries.
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Key Segments of Fiberglass Industry Survey
Fiberglass Market by Product Type:
- Fiberglass Rovings
- Fiberglass Mats
- Fiberglass Strands
- Fiberglass Fabrics
Fiberglass Market by Glass Type:
- S-Glass
- C-Glass
- E-Glass
- ECR-Glass
- Others
Fiberglass Market by Application:
- Automotive
- Aerospace & Defense
- Wind Energy
- Construction
- Marine
- Sports & Leisure
- Pipes & Tanks
- Others
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