Fiberglass Market Research Report- Forecast to 2023
Market Research Future Published a Half-Cooked Research “Global Fiber Glass Market Research Report – Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2023.
Jushi Group Co. Ltd (China), AGY Holding Corp. (U.S.), Saint-Gobain Vetrotex (Europe), Nippon Electric Glass Co. Ltd. (NEG) (Japan), Owens Corning (US), Taiwan Glass Industry Corporation (Taiwan), Taishan Fiberglass Inc. (China), PFG FIBER GLASS CORPORATION (Taiwan), Fiber Glass Industries Inc (US) and Asahi Fiberglass Co., Ltd. (Japan) among others are some of the prominent players at the forefront of competition in the Global Fiber Glass Market and are profiled in MRFR Analysis.
Fiber Glass Market – Market Overview
Fiber Glass Market is witnessing strong growth due to extensive use of Fiber Glass Composites in automotive and construction industry for improved performance. With high strength and lightweight properties, Fiberglass is used in aircraft industry which is expected to drive the market growth. Moreover, Fiber Glass used in building and construction industry for insulation are further expected to propel the market growth.
Fiber Glass are available in various forms such as glass wool, yarn, roving and chopped strands. Glass wool is widely found in building and construction sector due to thermal and electrical insulation properties. Rising government expenditure on infrastructural activities in developed as well as developing regions is expected to propel the Glass Wool Market. Chopped strand is extensively used in composites material. Increasing demand of composites material in automotive, aircraft and consumer goods owing to durability, strength and lightweight is anticipated to drive the segment growth in Global Fiber Glass Market. Moreover, usage of Fiberglass composites in roofs, walls, panels and windows is also likely to boost the market growth.
Rising awareness among consumer for consumption of renewable energy source has led to widespread installation of wind turbines. Thus, manufacturing of wind turbine blades with Fiberglass is likely to propel the market growth over the forecast period. Fiberglass is used to manufacturer automotive components such as body panels, dash panel and decks among others. Increasing regulatory pressure from U.S. Environmental Protection Agency (EPA) and European Environment Agency (EEA) to minimize environmental impacts is also expected to augment growth of Fiberglass in automotive segment.
Asia Pacific region is dominating market owing to rising population and supportive government policies leading to strong demand of Fiber Glass in end use industries such as automotive, wind energy and building & construction. Rapid urbanization along with increase in disposable income has led significant players in Asia Pacific region to invest more into research and development of fiber glass to meet the demand across countries such as China, India and South Korea. Growing automotive and infrastructural activities in emerging economies is also anticipated to drive the market growth. North America is second largest dominating region in fiber glass market. Sustainable development in building & construction sector after economic crises in North America is expected to drive the demand of Fiber Glass in construction activity. Europe region witnessed considerable growth due to increasing automotive and aircraft production in the regions.
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Fiber Glass Market – Competitive Analysis
Fiber Glass Market fragmented with presence of small scale as well as strong regional players from tier 2 market. The key players are highly focusing on quality and high-performance products. The major players are investing on research to develop innovative products in order to meet environmental legislation. Other various strategies adopted by market participants are expansion, acquisition and agreements. Moreover, companies are implementing high tech technologies to meet customer requirements. The players such as Jushi Group, Saint-Gobain, Nippon Electric Glass and Taiwan Glass Industry are entering into long term agreement with distributors to maintain profit across value chain.
Industry/ Innovation/ Related News:
January 2016 – China fiber glass company Jushi had planned to expand its production facility in Egypt, European region. The production facility of fiber glass is under construction and expected to complete by 2019. The plant to raise production to 200,000 metric tons per annum. The total investment is around USD 223 million. At present, company has total output of 80,000 tons annually. Egypt is rich in raw material resources necessary for fiberglass market. The company strengthen their position by capturing countries nearby Egypt market.
October 2017 –Owens Corning is planning to expand production facility by approximately 25% at its Chambéry, France Location. The company is rebuilding a glass melter at composites manufacturing facility. This plant produces chopped Glass Fiber strands which is used for reinforcing thermoplastic. The thermoplastic chopped strand products are produced based on boron-free Advantex glass. Advantex technology helps to yield high performing Glass Fiber that can face corrosive environment and minimize environmental footprint compared to conventional E-glass. This will benefit company position in thermoplastic polymer market.
August 2016 – Owens Corning invested around USD 110 million to expand production facility at its composites operations in India. The company installed 80,000 tons glass melter at existing facility in Taloja, India. The facility is expected to come in operation in early 2018. This would strengthen company position in composite market and help company to meet domestic as well as global demand of Glass Fiber Market.
September 2017 –PPG Industries Inc. sold out its Fiber Glass business operation to Nippon Electric Glass Co. Ltd. (NEG). NEG acquired production facilities of PPG located at Chester, South Carolina, and Lexington and Shelby, North Carolina. The company divested its operation along with research and development operation in Shelby and in Harmar, Pennsylvania. In 2016, PPG also sold out its North America flat glass operations. With this divesture company intend to focus on other business segments.
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