According to the global fiberglass market report, the roving’s product type segment is predicted to lead the overall market, accounting for more than 57% of total revenue by 2028. During the projected period (2022-2028), the fiberglass (glass fiber) market is expected to grow at a CAGR of 4.3 percent. The global fiberglass (glass fiber) market is predicted to grow at a 4.3% CAGR, reaching US$ 13.1 billion by the end of 2028.
Global Fiberglass (Glass Fiber) Market Dynamics
With the expanding demand for developing walls, doors, windows, and roofs, the demand for fiberglass in the building industry is expected to remain high. Glass fiber is also employed in the construction industry as a composite. Manufacturers use GFRC (glass fiber reinforced concrete), which is composed of hydrated cement, glass fibers, and sand, for a variety of construction tasks. Fiberglass incorporation allows producers to incorporate strong qualities such as anti-corrosiveness, high compressive strength, tensile strength, and lightweight. Furthermore, manufacturers favor using fiberglass due to its cheap maintenance cost and resistance to erosion. Because of these factors, worldwide market growth is predicted to be positive in the approaching 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 Segmentation
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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