Press release
Fiberglass Market is expected to witness a significant growth of USD ~ 20.32 billion by 2023 with CAGR of ~9.2% between 2016 and 2023
Fiberglass Market
The Global Fiberglass Market is expected to witness a significant growth of USD ~ 20.32 billion by 2023 with CAGR of ~9.2% between 2016 and 2023.
Fiberglass which is also known as spun glass, glass-reinforced plastic (GRP), glass-fiber reinforced plastic (GFRP) or Glasfaserverstärkter Kunststof (GFK) is a reinforced plastic material containing glass fibers in a resin matrix. It has lightweight, moderate tensile and compressive strength and is easy to handle and machine, and excellent electrical properties.
Fiberglass is used in a varied range of industrial applications and is the most easily available and cheapest composite fabric. Fiberglass has found in various end use industry such as aerospace, automotive, construction, electrical, pharmaceutical, industrial, and others. The growing automotive and electrical industry on account of developing domestic as well as commercial market particularly in Asia-Pacific and North America has boosted the global fiberglass market over the forecasted period. On the other hand, environment & health related issues and unstable prices of raw materials are major restraining factors of the fiberglass market which can hamper the growth of global fiberglass market.
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Key Players:
Key players of the Global Fiberglass Market are Jushi Group Co. Ltd (China), AGY Holding Corp. (U.S.), Saint-Gobain Vetrotex (Europe), PPG Industries Inc. (US), Owens Corning (US), Taiwan Glass Industry Corporation (Taiwan), Taishan Fiberglass Inc (China), PFG FIBER GLASS CORPORATION (Taiwan), Fiber Glass Industries Inc (US), W. L. Gore & Associates, Inc (US), and Others.
Market Overview:
The accelerating growth rate of Fiberglass Market is mainly running because of increasing consumption in end user industry such as automotive, aerospace, and electrical industry in various developed regions. In addition, rising consumption of fiberglass composites and insulation has been perceived in Asia Pacific region due to increasing in various end user industrial application such as in construction, automotive, and others. The major driver of fiberglass market is rising demand of composite fiberglass in various end user industry such as automotive and aerospace. On the other hand unstable prices of raw materials is major restraining factor of the Fiberglass Market which can restrain the growth of Global Fiberglass Market.
Market Forecast:
Globally the Fiberglass Market is estimated to escalate at a higher growth rate which is supported by the rising consumption in various industrial applications. The developing economic conditions of various regions and growth in industrial production and construction are increasing the market demand for fiberglass uses.
All these factors contribute to the calculated CAGR of 9.2% of Fiberglass Market during 2016-2023.
Market Segmentation:
The Global Fiberglass Market has been segmented into types, application, and end use industries. On the basis of types, the market has been divided into A-glass, C-glass, D-glass, E-glass, R-glass, S-glass, and others (AR-glass, ECR-glass, etc.). Among all these types A- glass, D-glass, E-glass, ECR-glass especially used in electrical industry. A- glass or alkali glass made with soda lime silicate which is the dominate glass used for containers and windowpanes. D-glass offers a low dielectric constant which is made by borosilicates. Whereas, E- glass with higher acid corrosion resistance made with calcium aluminosilicates, is used industrial applications on the requirement of electrical conductivity, strength, and acid corrosion resistance. On the other hand, R-glass reinforcement glass fiber made by calcium aluminosilicates, and used when higher strength and acid corrosion resistance is required. S glass fiberglass which is a high strength glass made from magnesium aluminosilicates and applicable when high temperature resistance, high stiffness, high strength, and corrosive resistance is required.
On the other hand, on the basis of application the Global Fiberglass Market is segmented into composite and insulation. In the composite fiberglass dominate the automotive, defense, energy, and aerospace industry. Composite fiberglass also recognized as glass-fiber reinforced plastic (GFRP), and is produced in various forms for specific properties for different industries such as compression strength tenacity, tensile strength, and thermal expansion. Whereas the second application of fiberglass given as insulation, which is a building material made from tightly-woven glass fibers. It is lightweight, strong, cost-effective, and has numerous industrial applications. These characteristics have made Fiberglass a best choice in the insulation world housing and industrial applications.
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