Fiberglass Market | Key players operating in the market include China Jushi Co., Ltd., Owens Corning, Nippon Electric Glass Co., Ltd., Taishan Fiberglass Inc. (CTG), Chongqing Polycomp International Corp
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The fiberglass market is projected to grow from USD 17.1 billion in 2019 to USD 23.9 billion by 2024, at a CAGR of 7.0% from 2019 to 2024. The growing construction industry around the world is driving the fiberglass market growth.
Fiberglass is a fiber-reinforced plastic wherein the reinforcement material is glass fiber, and the matrix in fiberglass is either thermoset or thermoplastic. Silica sand, limestone, and soda ash are some of the primary raw materials used to manufacture fiberglass. It is majorly used in composites and insulation applications. Properties such as high strength and lightweight make fiberglass preferable for use in construction, automotive, and wind energy industries. The fiberglass market includes thermoset and thermoplastic resins based on resin type. Glass wool, direct and assembled roving, yarn, and chopped strand are some of the product types in the fiberglass market.
Based on glass type, the fiberglass market is segmented into E-glass, ECR-glass, S-glass, AR-glass, H-glass, and others. The others segment includes A-glass, C-glass, D-glass, and T-glass. The E-glass segment accounted for the largest share in terms of both value and volume in 2018 and is projected to continue the trend during the forecast period. Cost-efficiency, corrosion-resistance, and lightweight, as well as wide-ranging applications of E-glass, makes it preferable wind energy, marine, and electrical & electronics industries.
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The fiberglass market is projected to grow from USD 17.1 billion in 2019 to USD 23.9 billion by 2024, at a CAGR of 7.0% from 2019 to 2024. The growing construction industry around the world is driving the fiberglass market.
China Jushi Co., Ltd. (China), Owens Corning (US), Nippon Electric Glass Co., Ltd. (Japan), Taishan Fiberglass Inc. (CTG) (China), Chongqing Polycomp International Corp. (CPIC), (China), Johns Manville Corp. (US), Binani 3B-the Fibreglass Company (Belgium), Taiwan Glass Ind. Corp. (Taiwan), PFG Fiber Glass (Kunshan) Co. Ltd. (China), Asahi Fiberglass Co. Ltd., (Japan), Knauf Insulation (Belgium), Saint-Gobain Vetrotex (US), CertainTeed Corporation (US), Saint-Gobain ADFORS (US), and AGY Holding Corp. (US) are some of the leading players operating in the fiberglass market. These players have adopted the expansions, new product launches, agreements, acquisitions, investments, new product developments, and partnerships to enhance their position in the market.
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In April 2018, Owens Corning entered into technology licensing and manufacturing supply agreements with Taiwan Glass Ind. Corp. (Taiwan). The agreements will leverage the manufacturing platform of Taiwan Glass Ind. Corp. to produce a mix of products for thermoplastic and thermoset applications. This agreement expanded the geographic footprint of Owens Corning in the Asia Pacific region as well as increased the fiberglass production capacity to cater to the needs of customers in Europe and North America.
In May 2016, China Jushi Co., Ltd., began the construction of its first fiberglass manufacturing production line in Richland County (US). The production capacity of this production line is 80,000 tons. This expansion helped China Jushi Co. Ltd. enhance its market penetration in the composites material industry in the US.
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