Fiberglass Market: Information by Type (E-Glass, A-Glass, C-Glass, S-Glass, T-Glass, AR-Glass, D-Glass and Others), Form (Tape, Cloth, Rope and Others), Resin (Polyester, Vinyl Esters, Epoxy, Polyurethanes, PEEK and Others), Application (Composites and Insulation) and Region (North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa)—Forecast till 2030

Fiberglass Market Overview

The fiberglass market is expected to gain a market value of USD 14.3 Billion by 2030 at a CAGR of 4.50% over the forecast period of 2022-2030.

A reinforced plastic material made of glass fibers enmeshed in a resin matrix is referred to as fiberglass. Glass wool, direct and assembled roving, yarn, chopped strands, and flattened sheets are all common forms in which it is offered. Fiberglass offers excellent electrical insulation and is lightweight, corrosion-resistant, affordable, and durable.

The variety of applications for fiberglass has significantly expanded during the past few years, particularly in the building, transportation, and automotive industries. Over the past few years, all end-use sectors have significantly increased their use of composite and synthetic materials. The automotive and transportation sectors have witnessed a significant increase in demand for fiberglass panels, fiberglass resin, and fiberglass epoxy. According to OICA, in 2021, the global production statistics of the vehicle were 80,145,988 units. As a result, the growing vehicle production will significantly boost the need for these composite materials because they contribute to lighter-weight automobile chassis without sacrificing strength. Through 2030, demand for fiberglass products is expected to expand due to the growing popularity of electric vehicles and the consequent requirement to make vehicles lighter. However, fluctuating raw material costs are a major restraining factor in the global market.

COVID-19 Analysis

Due to the global spread of COVID-19 in 2020, the fiberglass market experienced a downturn. China is a key supplier of the raw materials used to make fiberglass and a center for the industry. The COVID-19 outbreak has impacted the availability of these raw materials in China. The manufacturing of fiberglass and fiberglass composites decreased due to the disruption in the supply of these raw materials. The production and shipping of fiberglass drastically reduced due to lockdowns around the world, impacting the revenue of manufacturers and fiber producers.

List of companies

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  PPG Industries, Inc. (US),

  
  


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  Jushi Group Co. Ltd (China),

  
  


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  Owens Corning (US),

  
  


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  Nippon Electric Glass Co., Ltd (Japan),

  
  


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  Johns Manville Corp. (US),

  
  


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  Taiwan Glass Ind. Corp. (Taiwan),

  
  


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  Knauf Insulation (UK),

  
  


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  Chongqing Polycomp International Corp. (CPIC) (China),

  
  


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  Saint-Gobain (France),

  
  


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  Binani 3B-The Fibreglass Company (Belgium),

  
  


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  PFG Fiber Glass (Kunshan) Co., Ltd (Taiwan), and

  
  


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  Asahi Fiberglass Co., Ltd (Japan).

  
  

Market dynamics

Drivers

The construction and automobile industries have resumed growth in the world post COVID-19. These two industries have served to be major drivers of growth for the global fiberglass market. Other driving forces include the increased usage of insulator applicators. These devices require heavy usage of E-glass. Fiberglass can be easily manufactured into E-glass.

Opportunities

Many manufacturers in the global fiberglass market are seizing upon the sudden growth in the market and are investing more intensively in research and development. They are coming up with newer generations of fiberglass that are safer for the environment and for human usage. This new generation of fiberglass is much more efficient in terms of protecting the wiring and other materials that it wraps.

Restraints

Some of what is holding growth back in the global fiberglass market include the fact that silica and the other raw materials that are used to make fiberglass can and do experience wide price fluctuations often. This is also accompanied by the fact that the research required to develop newer and more effective generations of fiberglass that are safe for human and environmental usage is not inexpensive.

Challenges

Perhaps the biggest challenge that manufacturers in the global fiberglass market face lie in making safer and more efficient fiberglass while keeping its retail price in the affordable range for the end consumer. This will be even more challenging post-COVID-19.

Cumulative growth analysis

The CAGR for the fiberglass market is expected to be 4.50% from 2022-2030.

Technology analysis

PPG Industries is a major American player in the global fiberglass market. It has managed to retain its superior position by investing heavily in research and development. This has allowed it to develop and market a new generation of fiberglass that has many more innovative applications for industry while being safe for human and environmental usage.

Fiberglass Market Revenue, by Application, 2018 (%)

Source: MRFR Analysis

Segment overview

By type

The global fiberglass market can be segmented into the following groups based on type:

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  E-glass

  
  


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  A-glass

  
  


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  C-glass

  
  


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  5-glass

  
  


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  T-glass

  
  


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  AR-glass

  
  


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  Others

  
  

By printing process

The global fiberglass market can be segmented into the following groups based on printing process:

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  Tape

  
  


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  Cloth

  
  


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  Rope

  
  


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  Others

  
  

By application

The global fiberglass market can be segmented into the following groups based on application:

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  Composites

  
  


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  Insulation

  
  

By resin

The global fiberglass market can be segmented into the following groups based on resin:

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  Polyester

  
  


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  Vinyl esters

  
  


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  Epoxy

  
  


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  Polyurethanes

  
  


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  Peek

  
  


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  Others

  
  

By region

The global fiberglass market can be segmented into the following groups based on region:

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  North America

  
  


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  Latin America

  
  


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  Europe

  
  


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  Asia-Pacific

  
  


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  The Middle East and North Africa

  
  

Regional analysis

The Asia-Pacific region has the greatest fiberglass market share in terms of ink resins. What’s driving growth in this segment in the APAC region is increased usage in the electrical and automotive industries. This has been most evident in China. India and Japan have the second-largest and third-largest regional fiberglass market share and CAGR respectively.

The Asia-Pacific region is also seeing a marked increase in some of the primary industries that use fiberglass. One of these is the construction industry. The nations of India, Indonesia, and Thailand have seen tremendous growth in their construction industries. This has driven tremendous demand in the usage of fiberglass. The result has been exponential CAGR in the regional fiberglass market.

Thermal and electrical wiring and insulation are integral and necessary components in all types of buildings - both residential and commercial - anywhere in the world. This requires the usage of large quantities of fiberglass. The demand for fiberglass and the regional CAGR in the fiberglass market has increased exponentially as a result.

The Asia-Pacific region is industrializing rapidly. This has prompted national governments to spend more in terms of construction - especially in public infrastructure. For example, the Indian government has earmarked more than a billion dollars towards the construction of new bridges, roads, dams, and other types of public infrastructure for the Indian Republic.

Another major driver of regional growth in the Asia-Pacific growth is exponential growth in the electronic cars sector in China. This has created an exponential demand for the manufacture and usage of fiberglass.

The overall regional fiberglass market value is expected to increase dramatically because of these and other factors.

The North American region has the world’s second-largest regional fiberglass market share. The United States especially is the regional leader in terms of manufacture and usage of fiberglass. This can be attributed to the fact that the two primary industries which use fiberglass extensively - construction and automotive - are growing at breakneck speed.

The European Union has the third-largest regional fiberglass market share. This can be attributed to greater economic growth. The UK, Germany, France, and Switzerland are the economic heavyweights in the European Union. They are expected to see decent growth in terms of usage of fiberglass usage.. The market could be growing faster, it’s just that the end-user industries in these nations don’t use fiberglass on the scale that they could and should. Also, economic growth has been tapering off in these nations in recent years.

Brazil and Mexico are experiencing fast economic growth in the post-COVID-19 world. This has created tremendous demand for fiberglass and has accounted for a high regional CAGR. The Latin American region in general is witnessing high regional CAGR in the fiberglass market. What has accounted for this is a strong economic revival in recent years.

The construction sector in the Middle East and North Africa is growing at breakneck speed. This is creating tremendous demand for fiberglass because of phenomenal growth in the construction sector. The regional CAGR for the fiberglass market is growing at a respectable rate as a result.

 Competitive landscape

The global fiberglass market remains very competitive. This is because there are many players entering the industry. What attracts them is the fact that the industry can be very lucrative. Companies are finding that they can survive by doing one or more of three things:

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  Investing heavily in research and development

  
  


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  Merging with/acquiring other companies

  
  


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  Entering into strategic partnerships with other companies

  
  

Investing heavily in research and development

Companies are finding that they can stay competitive and financially viable only if they invest heavily in research and development. This allows them to develop and market a new generation of fiberglass products that are more effective and have far more innovative applications than their predecessors. These products are also safe for humans to use and are environmentally friendly.

Merging with/acquiring other companies

Mergers and acquisitions help the new companies survive financially and remain competitive by giving them more access to resources. They can invest more in research and development and marketing as a result. This allows them to enter into new markets easily. They can easily garner a respectable market share in new markets within a matter of weeks. They can also entrench their positions in existing markets. This is strategic because it can serve as a barrier to entry for new companies.

Entering into strategic partnerships with other companies

Strategic partnerships put companies in the same position that mergers and acquisitions do. They also allow companies to act in the same way.

PPG Industries is a major fiberglass company. It’s American and has continued to be an industry leader by investing heavily in research and development. This has allowed it to come up with new products and applications in terms of fiberglass.

Recent developments

• In September 2021, Saudi Aramco inaugurated its new Fibre Glass Rebar Facility in Saudi Arabia.


• In August 2021, Owens Corning announced the launch of PINK Next Gen Fiberglas insulation.


• In August 2020, CHINA JUSHI Co., Ltd., announced the launch of E9 ultra-high modulus fiberglass.

Report overview

The fiberglass market is expected to gain a market value of USD 14,300 million by 2030 at a CAGR of 4.50% over the forecast period of 2022-2030. The regional leaders in terms of market share and CAGR are in the Asia-Pacific region.