Dublin, Sept. 23, 2021 (GLOBE NEWSWIRE) -- The "Global Fiberglass Market, By Type, By Form, By Manufacturing Process, By Resin, By Industry, By Region, Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global fiberglass market was valued at USD 13,155.3 Million in 2020 and is projected to reach USD 18,648.7 Million by the year 2027. The market is expected to witness a CAGR of 5.8% during the forecast period.
Fiberglass is one of the most common types of fiber-reinforced plastic using glass fiber. It can be flattened into a sheet, woven into glass cloth, or arranged randomly.
The market is anticipated to be driven by the increasing use of fiberglass composite in the automotive & construction industry, rising demand for composite components, and the strict regulation for emission control favor fiberglass over other materials. Furthermore, the rising number of wind energy capacity installations is estimated to provide lucrative opportunities for market growth.
The instability of raw material pricing along with the improper disposal techniques for recycling glass wool is anticipated to hinder the market growth. Also, the manufacturing process of fiberglass is complex as well as capital-intensive, which also hampers the market growth.
The COVID-19 pandemic has forced many end-user industries, such as automotive, aerospace, and construction to stop their production, which has decreased the demand for fiberglass, hence negatively affecting the market growth.
Increase in use of fiberglass composite in the construction and automotive industry
Fiberglass is extensively used in the automotive industry owing to its high strength-to-weight ratio. Vehicles manufactured using high-strength and low-weight materials provide higher mileage and also enhance fuel efficiency.
The application of fiberglass for improving fuel efficiency also helps automotive manufacturers for meeting the strict regulations imposed on the industry for reducing carbon dioxide emissions. In the construction industry, fiberglass is used as a wall covering for decoration, finishing of walls, fire protection, and renovation of ceilings & walls. These factors boost market growth.
The E-glass fiber is expected to hold the largest market share of about 21% owing to its cost efficiency and low weight. It is also corrosion-resistant and has numerous applications in industries such as marine, electronics & electrical, and wind energy. The ECR glass fiber segment is estimated to grow at the fastest rate, while the D-glass fiber segment surpasses a value of USD 1,708.5 million by 2025.
The tow segment is estimated to dominate the market with around 29% owing to the high demand for fiberglass in tow form. The chopped strand mat segment is expected to grow at the fastest rate of 6.9%. The tape segment is anticipated to cross the cloth segment by 2023 and become the sixth-largest contributing segment.
The continuous filament segment is expected to hold the largest market share owing to its increasing adoption for the manufacturing of fiberglass.
The polyester segment held the largest market share of around 38% owing to its high usage, while the epoxy segment is anticipated to grow at a CAGR of 6.2% owing to the strong bond it can create as compared to other resins.
The construction industry segment is estimated to hold the dominant market share of over 30% due to its high usage in a varied range of building applications, such as walls, roofs, ladders, windows, and panels. The aircraft & aerospace segment is expected to grow at the fastest rate of 9.7% and the marine industry is anticipated to hold a market value of around USD 1,210.4 million by 2025.
The Asia Pacific region held the largest market share of around 52% in the global market owing to the rising automotive and construction sectors in the region.
Also, the increasing industrialization in countries such as India, Japan, and China is estimated to contribute to the market growth. The Middle East & African region witnessed a growth rate of about 5.8% owing to the growing automobile sector in the region.
The cumulative market share of the nine major players is near about 55%. These market players are involved in collaborations, mergers & acquisitions, and new product launches to strengthen their market presence. For instance, in July 2021, Owens Corning acquired Vliepa GmbH, a building materials products company.
This strengthened Owens Corning's position in the nonwovens portfolio for catering to its European customers in a better way and accelerating the growth of the construction and building products' portfolio.
Key players operating in the global fiberglass market include
AGY Holding Corp
Asahi Fiberglass Co., Ltd.
Binani 3B-the Fibreglass Company
China Jushi Co., Ltd.
Chongqing Polycomp International Corp. (CPIC)
Johns Manville Corp.
Jushi Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/wx1du0
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