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 2027

Fiberglass Market Overview:

The Fiberglass Market is projected to be 4.5% until 2025. The fiberglass market value is expected to go from USD 11.5 billion in 2020 to USD 14.3 billion by 2025.

Another name for fiberglass is spun glass. It’s used intensively in construction and the automobile manufacturing industries respectively.

Fiberglass is essentially thick and strong glass that is reinforced by thin strands of very strong and durable spun glass. It is one of the strongest and most durable raw materials used in manufacturing.

COVID-19 analysis

COVID-19 was more than just a nuisance virus. It proved to be a very dangerous virus at times. Governments around the world saw this and decided to contain it by imposing temporary quarantines and lockdowns. Many markets and industries were affected.

The fiberglass market was one of these. Because of the worldwide lockdown many fiberglass manufacturers were forced to either halt or dramatically slow production down. Fiberglass became in short supply and this pushed its price up dramatically. Industries that used fiberglass in manufacturing found that their manufacturing costs increased dramatically. They had no choice but to charge the end consumer higher prices to cover the dramatic and sudden increase in manufacturing costs.

List of companies

• PPG Industries, Inc. (US),


• Jushi Group Co. Ltd (China),


• Owens Corning (US),


• Nippon Electric Glass Co., Ltd (Japan),


• Johns Manville Corp. (US),


• Taiwan Glass Ind. Corp. (Taiwan),


• Knauf Insulation (UK),


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


• Saint-Gobain (France),


• Binani 3B-The Fibreglass Company (Belgium),


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


• 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 4.5% from 2020 to 2025. The fiberglass market value is expected to increase from USD 11.5 billion in 2020 to USD 14.3 billion in 2025.

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:

• E-glass


• A-glass


• C-glass


• 5-glass


• T-glass


• AR-glass


• Others

By printing process

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

• Tape


• Cloth


• Rope


• Others

By application

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

• Composites


• Insulation

By resin

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

• Polyester


• Vinyl esters


• Epoxy


• Polyurethanes


• Peek


• Others

By region

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

• North America


• Latin America


• Europe


• Asia-Pacific


• 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:

• Investing heavily in research and development


• Merging with/acquiring other companies


• 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

• PPC to launch the future of Automotive color styling


• PPG completes production trials of a new basecoat for airplanes

Report overview

The global fiberglass market has been growing at a CAGR of 4.5% a year from 2020 to 2025. The market is expected to be worth 14.3 billion USD by 2025. The regional leaders in terms of market share and CAGR are in the Asia-Pacific region.

Report Scope:

Report Attribute/Metric	Details
Market Size	Significant Value
CAGR	2017-2023:substantial cagr
Base Year	2019
Forecast Period	2023
Historical Data	2018
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors and Trends
Segments Covered	Type, printing process, application, and region
Geographies Covered	North America, Europe, Asia-Pacific and Rest of the World (RoW)
Key Vendors	PPG Industries, Inc. (US), Jushi Group Co. Ltd (China), Owens Corning (US), Nippon Electric Glass Co., Ltd (Japan), Johns Manville Corp. (US), Taiwan Glass Ind. Corp. (Taiwan), Knauf Insulation (UK), Chongqing Polycomp International Corp. (CPIC) (China), Saint-Gobain (France), Binani 3B-The Fibreglass Company (Belgium), PFG Fiber Glass (Kunshan) Co., Ltd (Taiwan), and Asahi Fiberglass Co., Ltd (Japan).
Key Market Opportunities	Construction industry in developing countries Renewable source of energy
Key Market Drivers	Application Area Developing advanced glass fibers for the wind energy market

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