Fiberglass Market Outlook 2023: Investors Seeking Growth

Latest publication on 'Fiberglass Market: Current Analysis and Forecast (2021-2027)' is added in HTF MI research repository provides in-depth analysis, Competitive scenario, and future market trends and strategies. The market Study is segmented by key a region that is accelerating the marketization. This section also provides the scope of different segments and applications that can potentially influence the market in the future. The detailed information is based on current trends and historic milestones.

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Summary
The Global Fiberglass Market is likely to showcase a growth of around 5% during the forecast period. Fiberglass is also known as a fiber-reinforced plastic as it is made up using glass fiber reinforced plastic. The glass fibers are rearranged, flattened into a sheet, or woven into a fabric. They can be made of different types of glass according to the use of fiberglass. It is lightweight, durable, strong, and offers high thermal insulation. It has the ability to get molded into various complex shapes. Due to these properties, fiberglass is widely used in bathtubs, boats, aircraft, roofing, automobiles, and windows, among others. As urbanization and industrialization are increasing, there is advancement in technology and an increase in the construction and transportation sector which is increasing the demand for fiberglass due to its industry favourable properties. Moreover, in the automation and robotic industries fiberglass is increasingly used for making robots and fiber-optic cables. For instance, Owens Corning announced its latest advancement: PINK Next Gen Fiberglas insulation. As per the company, the product features advanced fiber technology and enables up to 23% faster installation compared to its existing products.

Insights Presented in the Report
"Amongst type, A-glass has a prominent share in the market in 2020"
Based on type, the market is categorized into S-glass, E-glass, A-glass, D-glass, E-CR-glass, and others. Among these, A-glass has a prominent share in the fiberglass market. It is among the most frequently available type of fiberglass and cost lesser relative to its counterparts. It has maximum usage in the food and beverages industry. It is used for making glass jars, bottles, windowpanes, and others. Further, this type of glass is ideal for recycling.

"Amongst resin types, the polyester has a considerable share in the fiberglass market"
Based on resin type, the market is categorized into polyester, vinyl ester, epoxy, and others. Among these, polyester has a considerable share in the fiberglass market. This is among the most commonly used resin type as it is easier to use than other resin types. This type of resin has a quick cure and adds dimensional stability. Due to the aforementioned factors, it is used for repairing boats and car bodies, constructing buildings, decorative surfaces, bathtubs, and others.
"Amongst product types, the woven roving has a prominent share in the fiberglass market"
Based on product type, the market is categorized into woven roving, chopped strand, fabric, and others. Among these, woven roving is likely to showcase robust growth in the fiberglass market. It is one of the strongest textile fibers, having greater specific tensile strength than steel wire of the same diameter, at a lower weight. It has warp and weft roving aligned in a parallel, high strength, flexible, and uniform tension. Due to the following properties, it has wide applications in the petrochemicals for making pipes and storage tanks, transportation, and building materials for fence and wave color tiles.
"Amongst applications, the composites are likely to show robust growth during the forecast period"
Based on application, the market is categorized into composites and insulation. Among both, the composites are likely to show robust growth in the fiberglass market during the foreseeable future. It has good mechanical, electrical, and chemical properties and is light in weight; due to this, the demand for composite materials is increasing in several industries. Further, the world is focusing on wind energy generation and bigger blades size and taller turbines are used for stronger production capacity. To make the blades of windmills composites are used in place of metals due to their lightweight. For instance, researchers from the National Renewable Energy Laboratory, supported by both the Lawrence Berkeley National Laboratory and the U.S. Department of Energy, predict that by 2035, wind plant designs will embrace towers even taller than previously thought. The researchers gained this insight by analyzing the opinions of over 140 of the world's leading experts, who predicted that the hub heights of onshore wind turbines will reach 130 meters by 2035. This is likely to increase the demand for fiberglass.
"Asia-Pacific accounted for a considerable share in the global fiberglass market"
For a better understanding of the market adoption of fiberglass, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, United Kingdom, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific accounted for a significant share in the market and is expected to showcase substantial growth during the forecast period owing to a large and growing base of the end-use industry due to improving consumer spending power, rapid urbanization, and growing demand for better quality products. Moreover, increasing construction works with industrialization in the region would increase the demand for fiberglass as it is used for coating and insulation due to its thermal resistance and durability.
 
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