Fiberglass Market to Surge to USD 19,028.50 million by 2034: Key Growth in Aviation and Marine Sectors

Fiberglass

The fiberglass industry is poised for significant growth, with its value projected to increase from US$ 11,356.30 million in 2024 to US$ 19,028.50 million in 2034. This forecast corresponds to a CAGR of 5.30% over the period.

The fiberglass industry is being propelled by the increasing demand for lightweight and durable materials across various sectors, including automotive, construction, and aerospace. Fiberglass’s exceptional strength-to-weight ratio makes it an ideal choice for manufacturers looking to reduce vehicle weight while maintaining structural integrity. Additionally, the construction industry’s growing preference for fiberglass-reinforced products, such as panels, pipes, and insulation, is driving demand. Moreover, the rising need for renewable energy sources, particularly wind energy, has led to a surge in fiberglass consumption for manufacturing wind turbine blades.

Despite its promising growth prospects, the fiberglass industry faces several restraints. One significant restraint is the volatility of raw material prices, particularly the cost of resins and glass fibers. Fluctuations in raw material prices can significantly impact production costs and profit margins for fiberglass manufacturers. Moreover, stringent environmental regulations and concerns about emissions during the manufacturing process pose challenges to the industry. Additionally, competition from alternative materials, such as carbon fiber and aluminum, presents a threat to fiberglass market growth in certain applications.

Request Your Sample Report Now! https://www.futuremarketinsights.com/reports/sample/rep-gb-5440

The ongoing infrastructure development projects worldwide present lucrative opportunities for fiberglass manufacturers, particularly in emerging economies where construction activities are booming. In recent years, several notable trends have emerged in the fiberglass industry. One prominent trend is the increasing adoption of advanced composite materials, such as carbon fiber-reinforced fiberglass composites, in high-performance applications. These advanced materials offer superior strength, stiffness, and durability compared to traditional fiberglass products, making them ideal for aerospace, automotive, and sporting goods industries. Another trend is the growing use of automation and robotics in fiberglass manufacturing processes, leading to increased efficiency, precision, and cost savings. Additionally, there is a rising focus on digitalization and data analytics to optimize production processes and enhance product quality in the fiberglass industry.

“The fiberglass industry is ripe with opportunities for growth and expansion. One notable opportunity lies in the development of sustainable and eco-friendly fiberglass products. As environmental consciousness increases, there is a growing demand for recyclable and biodegradable fiberglass materials. Manufacturers can capitalize on this trend by investing in research and development to create innovative, sustainable fiberglass solutions.” Says an FMI Analyst.

Key Takeaways from the Market Study

  • In 2024, roving, a continuous strand of fiberglass fibers, is projected to maintain its prominence as the primary product type, commanding a majority share of 46.60%.
  • The construction sector’s substantial market share of 29.20% in 2024 underscores its heavy reliance on fiberglass for various applications.
  • The United States is expected to witness a moderate CAGR of 2.9% in fiberglass demand, reflecting market maturity and regulatory controls.
  • The United Kingdom’s fiberglass market is forecasted to experience a 2.1% CAGR by 2034, influenced by consumer demands and environmental considerations.
  • Japan’s fiberglass market is poised for stable growth, with a CAGR of 2.20% projected until 2034, driven by efficiency and eco-friendly initiatives.
  • China stands out with a remarkable CAGR of 5.9% by 2034, driven by high demand in the construction sector and government support.
  • India’s fiberglass market is set for substantial growth, with a projected CAGR of 7.80% until 2034, fueled by economic expansion and rising demand across various industries.

Competition Outlook of the Fiberglass Market

In the fiberglass market, competition among industry players remains fierce as companies strive to differentiate themselves and capture market share. Established manufacturers like Owens Corning, Saint-Gobain, and Johns Manville maintain their dominance through extensive product offerings, technological innovation, and strong distribution channels. These industry leaders leverage their brand reputation and expertise to secure key contracts across various sectors, ranging from construction and automotive to aerospace and marine applications.

The market also witnesses the emergence of smaller players and niche manufacturers, who focus on specialized fiberglass products and cater to specific customer demands. These newcomers often innovate rapidly, introducing novel manufacturing techniques and product formulations to gain a competitive edge. Additionally, with a growing emphasis on sustainability and eco-friendly materials, fiberglass manufacturers are increasingly investing in recyclable and environmentally responsible production processes, further intensifying competition in the market.

Get the Insights You Need – Connect with Sales to Secure Your Copy of Report! https://www.futuremarketinsights.com/checkout/5440

Recent Developments:

  • LANXESS Performance Materials, located in Germany, unveiled a suite of contemporary, lightweight solutions incorporating high-performance plastics for the automotive, two-wheeler, and e-mobility sectors at PLASTINDIA 2023, which took place from February 1st to 5th, 2024. The business demonstrated applications in the electronics and electrical industries.
  • In April 2023, Saint-Gobain, headquartered in France, finalized the purchase of Twiga Fiberglass Ltd., based in Uttar Pradesh, India. Twiga, which uses Saint-Gobain technology, specializes in glass wool manufacture, cementing the company’s position in Indian façade and interior solutions.
  • Owens Corning, located in the United States, will unveil PINK Next Gen Fiberglass insulation on August 1, 2022. This device allows for up to 23% quicker installation than conventional offerings. Advanced fiber technology builds a durable network with insulating micro-pockets for optimal performance.
  • On June 1, 2022, Owens Corning, located in the United States, formed a joint venture with Pultron Composites to produce fiberglass rebar. This agreement demonstrates the company’s dedication to sustainable, high-performance concrete reinforcing products.
  • In January 2021, Johns Manville, based in the United States, unveiled a thermal recycling machine for glass fiber waste. With a capacity of over 3 tons per hour, the device intends to divert over 10,000 tons of garbage from landfills each year.

Key Companies in the Market

  • Nippon Electric Glass Co. Ltd.
  • Saint-Gobain
  • Owens Corning
  • Jushi Group Co. Ltd.
  • CPIC Abahsain Fiberglass M.E. W.L.L.
  • Shandong Fiberglass Group Co. Ltd.
  • Glasstex Fiberglass Materials Corp.
  • Zibo Zhuoyi Fiberglass Material Co. Ltd.
  • Xingtai Jinniu Fiberglass Co. Ltd.
  • Taishan Fiberglass Inc.
  • Johns Manville
  • Chongqing Polycomp International Corp.
  • PFG Fiber Glass Corporation

Key Segments

By Product Type:

  • Fabrics
  • Glass Wool
  • Mats
  • Rovings
  • Strands
  • Yarn

By Glass Type:

  • S-Glass
  • E-Glass
  • C-Glass
  • ECR-Glass

By End-use Industry:

  • Aerospace & Defence
  • Automotive
  • Construction
  • Marine
  • Others
  • Pipes & Tanks
  • Sports & Leisure
  • Wind Energy

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:       

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedInTwitterBlogs | YouTube

About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like these