Global Fiberglass Market is predicted to increase approximately USD 40.0 billion by 2030

Global Fiberglass Market Is Predicted To Rise At CAGR of over 7.2% by 2030

The global fiberglass industry size was nearly USD 28.0 Billion in 2022 and is predicted to increase to approximately USD 40.0 Billion by 2030 along with registering a CAGR of nearly 7.2% from 2023 to 2030.

Fiberglass comprises thin glass fibers and can be utilized as reinforcement into a woven layer, limestone, silica sand, and soda ash. As a result of their high mechanical strength, chemical stability, and lightweight, fiberglass finds a plethora of applications in storage tanks, construction, aircrafts, pipes, automotive, boats, and consumer electronic goods. In addition to this, fiberglass is utilized for insulating buildings as it can withstand extreme temperatures as they are bad conductors of heat. The product is also used in the production of blades of wind turbines as well as other structural parts.

Moreover, the rise in renewable energy trends will boost the expansion of the global fiberglass market. Apparently, the product finds massive applications in exhaust systems, headliners, fenders, and floor panels in vehicles, thereby spurring the global market surge. A prominent increase in transportation activities will augment the scope of the market expansion in the next couple of years. Large-scale demand for glass fiber-reinforced concrete and glass fiber-reinforced polymers in construction projects is expected to accentuate the expansion of the fiberglass market globally.  

Glass wool is a low-cost & cost-effective insulation material. Nonetheless, it is difficult for recycling, thereby posing a huge challenge to the insulation sector. This can hinder the demand for the fiberglass. Furthermore, the lack of infrastructure required for the safe disposal of glass wool in developing countries can be a major obstacle to the expansion of the fiberglass industry. However, increasing the number of wind power capacity deployments across the globe will open new growth opportunities for the global industry, thereby offsetting the hindrances to global industry expansion.

The global fiberglass market is segmented into glass type, product type, application, end-user, and region. 

In terms of glass type, the fiberglass market globally is segmented into H-glass, AR-glass, S-glass, E-glass, and ECR-glass segments. Furthermore, the S-glass segment is anticipated to record the highest CAGR over the analysis timeline. The segmental expansion can be credited to the ability of the S-glass in providing high performance at extreme temperatures along with its use in textile and composite sectors.

On basis of product type, the fiberglass industry across the globe is bifurcated into glass wool, direct & assembled roving, chopped strand, and yarn segments. Moreover, the chopped strand segment is anticipated to be the fastest-growing segment during the forecast timeframe. The segmental expansion can be subject to the ability of the product in offering strength to thermoset composites and thermoplastic.

Based on application, the global fiberglass market is divided into composites and insulation segments. Moreover, the composites segment is anticipated to be the fastest-growing application segment in value terms during the projected timeframe. The segmental growth is a result of the massive use of composites in the automotive and construction sectors in North America and the Asia-Pacific region.

On basis of end-user, the fiberglass industry across the globe is bifurcated into electrical & electronics, transportation, pipe & tank, building & construction, wind energy, and consumer goods segments. Moreover, the transportation segment is anticipated to account for the major share of the global market during the assessment period. The segmental growth can be subject to the massive use of fiberglass in transportation activities and the growing focus on the government to produce lightweight vehicles to minimize carbon footprints.

The fiberglass industry in the Asia-Pacific zone is expected to capture the largest share of the global industry over the forecast timeline. In addition to this, the regional market surge in the next couple of years can be credited to rising government focus on curbing carbon emissions along with manufacturing eco-friendly products. Rise in replacing of aluminum and steel with fiberglass will pave a way for the humungous growth of the fiberglass industry in the Asia-Pacific zone.  

Furthermore, a rise in product penetration in the residential and construction sectors in North America will promulgate the growth of the regional market. Rise in insulation, surface coatings, cladding, and roofing material activities in the countries such as the U.S. and Canada will proliferate the size of the fiberglass market in the sub-continent. Thriving consumer electronics goods industry in Europe along with the need for high network connectivity will push the expansion of the fiberglass industry in the continent. Flourishing tourism industry in the Middle East and Africa and a rise in government investments in the housing sector will bolster the regional market growth.

This review is based on a report by Zion Market Research, titled “Fiberglass Market By Glass Type (AR-Glass, E-Glass, S-Glass, H-Glass, And ECR-Glass), By Product Type (Glass Wool, Chopped Strand, Direct & Assembled Roving, And Yarn), By Application (Composites And Insulation), By End-User (Transportation, Electrical & Electronics, Wind Energy, Building & Construction, Pipe & Tank, And Consumer Goods), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030.”- Report at https://www.zionmarketresearch.com/report/fiberglass-market

Recent Developments:

• In the second half of 2022, Owens Corning, a U.S.-based firm manufacturing roofing, insulation, and fiberglass composites,  introduced a new kind of fiberglass insulation material referred to as PINK Next Gen Fiberglass insulation. The new product helps in faster insulation as compared to other products. The launching of a new product to the product line will help contribute majorly towards the firm’s profit and will boost the growth of the fiberglass industry in the U.S. and across North America.  
• In the first half of 2021, John Manville, a U.S. firm producing insulation & roofing materials, launched a thermal recycling unit for glass fiber waste. Moreover, the new unit will help in keeping over 10.001 tons of waste materials out of landfills yearly. The initiative will expand the size of the fiberglass business in the U.S. and North America.

Key players in the global fiberglass include:

• China Jushi Co. Ltd.
• Glasstex Fiberglass Materials Corp.
• Nippon Electric Glass Co. Ltd.
• Laxness AG
• KCC Corporation
• Owens Corning
• Taiwan Glass Industry Corporation
• Shadong Fiberglass Group Corporation
• Knauf Insulation
• China Jushi Co. Ltd.
• Asahi Fiber Glass Co. Ltd.
• PFG Fiber Glass Corporation
• Saint-Gobain Vetrotex
• Chongqing Polycomp International Corp.
• Xingtai Jinniu Fiberglass Co. Ltd.
• Taishan Fiberglass Inc.
• Johns Manville
• 3B-Fiberglass Comp.

The global Fiberglass market is segmented as follows:

By Glass Type

• AR-Glass
• E-Glass
• S-Glass
• H-Glass
• ECR-Glass

By Application

• Composites
• Insulation

By Product Type

• Glass Wool
• Chopped Strand
• Direct & Assembled Roving
• Yarn

By End-User

• Transportation
• Electrical & Electronics
• Wind Energy
• Building & Construction
• Pipe & Tank
• Consumer Goods

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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