Fiberglass Market Analysis 2023: Market Growth, Size, Outlook and Industry Size Forecast 2031

The global fiberglass market has been a key player in various industries, witnessing a significant market size of US$ 11.8 billion in 2022. With a projected compound annual growth rate (CAGR) of 4.5% from 2023 to 2031, the market is anticipated to surge to US$ 17.6 billion by the end of the forecast period. This growth is attributed to the versatile applications of fiberglass across sectors, including construction, automotive, aerospace, and renewable energy.

Fiberglass is chemically stable, lightweight, and durable material that is widely employed in the manufacture of boats, aircraft, electronic goods, automobiles, pipes, and storage tanks. Growing trend of reduction in weight and enhancing fuel-efficiency of vehicles is driving the demand for fiberglass. Furthermore, rise in the need for insulations and composites in the automotive industry is projected to further propel the fiberglass industry growth in the next few years.

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Companies Profiled
• 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.

Increase in Demand for Lightweight and Rigid Materials in Manufacturing Sector
Fiberglass can be molded into any form and shape and has an exceptional esthetic appearance. The marine and defense sectors are extensively employing fiberglass fabrics for the production of boat hulls and flange shield material, as it offers superior corrosion resistance. In the automotive sector, fiberglass is widely utilized to manufacture various components such as headliners, floor panels, fenders, and exhaust systems.

Stringent emission regulations across the globe, such as Corporate Average Fuel Economy (CAFÉ), are prompting automakers to manufacture lightweight cars. This is projected to positively impact the fiberglass market forecast during the forecast period.

Market Overview and Latest Trends:

Fiberglass, known for its durability and corrosion resistance, has gained prominence in infrastructure development. The rising demand for lightweight, fuel-efficient vehicles has further propelled the use of fiberglass in the automotive sector. Additionally, advancements in manufacturing technologies have led to the development of innovative fiberglass products, expanding its application scope.

Regional Fiberglass Market Insights:

Asia Pacific accounted for the largest share of the global fiberglass business in 2022 due to growing demand for fiberglass owing to expansion of the construction sector in Thailand, Indonesia, China, and India. Governments across the region are encouraging spending in the construction sector, which is boosting the application of fiberglass for thermal and electrical insulation in buildings.

North America holds a significant fiberglass market share due to expansion of the residential sector owing to growing availability of housing finances at low interest rates. Applications of fiberglass in remodeling primarily include insulation, surface coating, roofing raw materials, and cladding.

According to the latest region-wise fiberglass market analysis, expansion of the construction sector, increasing applications for insulation fabrics, and growing awareness about the environment in countries in Middle East & Africa, such as Kingdom of Saudi Arabia, Qatar, and the UAE, are projected to boost the global market revenue in the region.

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Market Segmentation
Glass Type
• S-Glass
• C-Glass
• E-Glass
• ECR-Glass
• Others

Product Type
• Rovings
• Mats
• Strands
• Fabrics

Technology
• Layup
• Resin Infusion Molding
• Injection Molding
• Compression Molding
• Filament Winding
• Pultrusion
• Others

Application
• Automotive & Transportation
• Aerospace & Defense
• Wind Energy
• Construction
• Marine
• Sports & Leisure

Key Developments
• In April 2023, Saint-Gobain completed the acquisition of Twiga Fiberglass Ltd. with the objective of consolidating its position in interior solutions and facades market in India.
• In August 2022, Owens Corning introduced a novel PINK Next Gen Fiberglass insulation. The company claims to facilitate 23% quicker installation in comparison with the existing products.
• In June 2022, Owens Corning inked an agreement with Pultron Composites with the objective of manufacturing fiberglass rebar
• In November 2021, Taishan Fiberglass Inc. announced investment of US$ 250 Mn for establishing a greenfield fiber manufacturing plant in Gujarat, India, in order to cater to markets in the Middle East and India

For a detailed understanding of the fiberglass market landscape, explore the Table of Contents (TOC) of our comprehensive report: https://www.transparencymarketresearch.com/sample/sample.php?flag=T&rep_id=1945

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