PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1463786
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1463786
Market Overview
The global fiberglass market is valued at an estimated USD 30.1 billion in 2023, which is expected to reach USD 49.1 billion by 2030, progressing with a CAGR of 7.3% during the projection period. The main reason is that fiberglass possesses properties specific to it, such as resistance to chemicals, high tensile strength, are not flammable, and lighter weight. Therefore, it can find its place in many sectors like construction & infrastructure, aerospace; wind energy, automobile, boats, septic tanks, and water tanks.
The broadening employment of glass fiber is a crucial factor pushing this market. The material is extensively used for the finishing of roofing, insulation, and shielding in the construction area as well as similar industries. Additionally, it has as many advantages as aluminium, concrete, timber, and iron, but it also has fewer ifs and higher than this cost-effectiveness.
Moreover, this kind of material also has a waterproof feature that makes it widely used for finished materials like exterior panels and roofing panels. For the same reason, it is also incorporated into both indoor buildings and where the water exposure is constant.
Key Insights
In 2023, the E glass category led the industry with a 25% share, because of its properties such as resistance to abrasion and vibrations, suppleness, and advanced specific resistance than steel.
E-glass fibers are extensively utilized as electric conductors' insulators, in the textile sector, and for making enhanced composites.
The S glass category also grips a substantial industry share, manufactured from oxides of silicon, magnesium, and alumina, with an advanced tensile forte than other fiberglass kinds.
Its major applications comprise electrical products, cars, storage tanks, and pipes, where strength and durability are vital reasons.
Glass wool held the largest share in the fiberglass industry and is estimated to advance at a CAGR of 7.5% over the projection period.
The growth of the category can be ascribed to the augmented utilization in construction for its fire resistance, virtuous tensile strength, and insulation properties, mainly utilization in roof and ceiling insulation and HVAC ducting systems.
Chopped strands are projected to grow at the fastest pace because of their utilization in car manufacturing and the thriving construction industry.
The growing usage of fiberglass composites in sectors such as wind power, aerospace, and customer durables will also propel industry development in the coming years.
In 2023, composites grip the largest share of the fiberglass industry because of their several benefits in comparison to traditional materials such as steel and wood.
Major advantages are cost-efficiency, corrosion resistance, better structural strength, and low maintenance needs.
The growing utilization of fiberglass composites in sectors like automotive, aerospace, and construction is projected to propel industry development over the projection period.
In 2023, the APAC region led the fiberglass industry with a 50% share because of high-volume use in several sectors, growing industrialization, and huge populaces in nations such as India and China.
Increasing per-capita incomes and the existence of key players are projected to boost industry development in APAC over the projection period.
The largest contributors are two countries in APAC with a population of more than 1.4 billion each, namely India and China, across various manufacturing sectors.
Being close to the source of raw materials and plentiful supply of labor, the economy carries out an additional boost to the mixed market performance.
The development of North America is one of the main reasons because this region has a larger market for the fiberglass insulation used in the construction sector and the growth in the automotive industry.