Global Fiberglass Market Analysis, Demand, Growth Drivers and Opportunities till 2025

Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled “Fiberglass Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025” offers a detailed analysis of the market, providing insights into the market dynamics that are expected to influence the overall market positively in the next few years. Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the global Fiberglass market have been elaborated upon in the research report.

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The significant rise in the automotive industry has influenced the global market for fiberglass substantially. With the increasing number of passenger cars, on account of the rise in touring and traveling, and the augmenting interest of people in owing a car, thanks to the surge in their purchasing power, the demand for fiberglass, which is an important part of a vehicle’s body, is rocketing across the world. In 2016, the total opportunity in the worldwide market for fiberglass was US$7.21 bn in 2016. According to the estimation of analysts at Transparency Market Research (TMR), the market will expand at a CAGR of 4.7% from 2017 to 2025 and reach US$10.8 bn by the end of 2025.

E-glass and S-glass to Remain Most Valued in Global Fiberglass Market

The global market for fiberglass is broadly assessed on the basis of the type of glass, type of fiber used to produce fiberglass, technology, and application. Based on the type of glass, the market is categorized into S-Glass, C-Glass, E-Glass, ECR-Glass, and several other types of glass. Among these, the E-glass and the S-glass segments, collectively held over 60% of the overall market in 2016 and are expected maintain it over the next few years. By type of fiber used to produce fiberglass, the market is classified into strands, rovings, yarn, mats, and fabric. Of these, roving fiberglass is more demanded than other types of fiberglass.

In terms of technology, layup, pultrusion, compression molding, resin transfer molding, filament winding, and injection molding are the prominent segments of this market, among which, the layup technology is enjoying a comparatively higher demand. The construction, wind energy, aerospace and defense, sports and leisure, automotive, marine, and the pipes and tanks industries have surfaced as the key application areas of fiberglass across the world. With a share of over 25%, the automotive industry occupied the position of the leading consumer of fiberglass in 2016 and is expected to remain seating in this position over the forthcoming years.

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North America to Retain Dominance

The worldwide fiberglass market is also analyzed on the basis of the geography. Asia Pacific, the Middle East and Africa, Latin America, North America, and Europe have been considered as the prime geographical categories of this market. With a share of more than 30%, North America led the global market in 2016. Researchers expect the scenario to remain more or less same in the years to come. The U.S. has emerged as the key domestic market for fiberglass in North America, in terms of both, demand and supply, thanks to the presence of many established players, such as Johns Manville and Owens Corning.

Among other regional markets, Asia Pacific has surfaced as the most promising one. It is primarily driven by the continued rise in the automotive, construction, and wind energy industries, leading to increased consumption of fiberglass in this region. Over the coming years, the expansion in the wind energy sector is expected to offer lucrative opportunities to Asia Pacific market for fiberglass, driven by the significant rise in the installed wind mill capacities in China.

At the forefront of the global market for fiberglass are Owens Corning, Jushi Group Co. Ltd., Taishan Fiberglass Inc., Johns Manville, Chongqing Polycomp International Corp., Xingtai Jinniu Fiberglass Co. Ltd., Shandong Fiberglass Group Co. Ltd., Glasstex Fiberglass Materials Corp., Zibo Zhuoyi Fiberglass Material Co. Ltd., and CPIC Abahsain Fiberglass M.E., W.L.L.

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