Fiberglass Market by Glass Type, Product, Application, & Region for 2024- 2031

Fiberglass Market Valuation - 2024-2031

The construction and automotive sectors, which place a high value on fiberglass composites' lightweight and durable characteristics, are the main drivers of the fiberglass market. According to the analyst from Verified Market Research, the fiberglass market is estimated to reach a valuation of USD 51.66 Billion over the forecast subjugating around USD 29.4 Billion valued in 2024.

The growing demand for high-performance, environmentally friendly materials in industries like wind energy, marine, and aerospace, where fiberglass's remarkable strength-to-weight ratio and resistance to corrosion make it an excellent choice, is driving the fiberglass market. It enables the market to grow at a CAGR of 7.30% from 2024 to 2031.

Fiberglass Market: Definition/Overview

Fiberglass is a type of plastic reinforced with glass fiber. The glass fibers can be distributed randomly, flattened into a sheet (known as a chopped strand mat), or woven into a cloth. Fiberglass stands out for its strength while remaining lightweight. Fiberglass is used in aircraft, boats, automobiles, bathtubs and enclosures, swimming pools, hot tubs, septic tanks, water tanks, roofing, pipelines, cladding, orthopedic casts, surfboards, and external door skins. Fiberglass is an extremely adaptable material due to its light weight, inherent strength, weather-resistant finish, and wide range of surface textures.

What are the Drivers Influencing the Growth of the Fiberglass Market?

The rising global construction sector is a key driver of the fiberglass market. According to Oxford Economics' Global Construction 2030 report, construction output is expected to increase by 85% to USD 15.5 Trillion by 2030, with China, the United States, and India leading the way, accounting for 57% of total global growth. This rise in construction activity is predicted to dramatically increase demand for fiberglass, which is commonly used in building insulation, reinforcing, and other construction applications.

The automobile industry's trend toward lightweight and fuel-efficient vehicles is driving the fiberglass market ahead. The International Energy Agency (IEA) forecasted that global electric vehicle sales reached 6.6 million in 2021, more than doubling from 2020 and tripling from 2019. This shift toward electric vehicles, which use fiberglass components to reduce weight and improve efficiency, is increasing demand for fiberglass in the automotive industry.

Furthermore, the expansion of the wind energy sector is considerably boosting the fiberglass market. According to the Global Wind Energy Council (GWEC), global wind power capacity reached 743 GW in 2020, including 93 GW of new projects. The GWEC predicts that more than 469 GW of new capacity will be added during the next five years. Fiberglass is an important material in the construction of wind turbine blades, and the increasing growth of wind energy installations is driving up demand for fiberglass.

What are the Main Challenges Faced by the Fiberglass Market?

Production costs are a big constraint. Fiberglass production has significant energy and raw material costs, which fluctuate depending on market conditions. These increasing expenses diminish manufacturers' profit margins and drive up consumer prices, thus limiting market demand and growth.

Environmental issues related to the manufacturing of fiberglass present another difficulty. The use of certain chemicals and procedures causes environmental deterioration, necessitating stronger laws and increased consumer demand for sustainable methods. This shift toward environmentally friendly alternatives forces fiberglass makers to invest in cleaner technology, which affects operational costs and market competitiveness.

Furthermore, alternative materials pose a threat to the fiberglass market. Advanced composites and materials, such as carbon fiber, provide distinct benefits such as increased strength-to-weight ratios and improved performance characteristics. As these alternatives gain popularity in a variety of applications, they replace fiberglass, reducing its market share and limiting its growth potential in specific sectors.

Category-wise Acumens

What are the Factors that Contribute to the Increasing Demand for E-glass?

According to VMR analyst, the E-glass segment is expected to dominate the segment within the fiberglass market during the forecast period. E-glass fibers are widely utilized in a variety of industries, including automotive, construction, and electrical applications, due to their superior insulating characteristics and resistance to abrasion and vibration. This adaptability provides sustained demand across numerous sectors, reinforcing E-Glass's market dominance.

E-Glass provides a good combination of performance and affordability, making it an appealing choice for producers trying to reduce production costs without sacrificing quality. Its price enables larger use in applications where budget constraints are crucial, increasing its market share.

Furthermore, the increased focus on lightweight materials in sectors such as automotive and aerospace is driving up demand for E-Glass. As manufacturers look to increase fuel efficiency and performance, E-Glass's lightweight nature makes it an excellent choice for composite materials, consolidating its position in the fiberglass market.

How does the Increasing Use of Fiberglass Composites Drive the Demand in Building & Construction Industry?

The building & construction segment is estimated to hold the largest share of the fiberglass market during the forecast period due to the growing usage of fiberglass composites in applications such as insulation, roofing, and exterior cladding. Fiberglass has a good strength-to-weight ratio, thermal and acoustic insulation capabilities, and requires little maintenance, making it an excellent choice for construction projects.

The growing popularity of sustainable and energy-efficient buildings is driving up demand for fiberglass in the construction industry. Fiberglass helps to control temperature in enclosed spaces, resulting in energy cost savings, which is a major element contributing to its extensive use in the building and construction industry.

Furthermore, rising investment in infrastructure development, particularly in emerging economies, is another important factor driving the building and construction segment's dominance in the fiberglass market. Fiberglass is increasingly being utilized to build bridges, highways, and other infrastructure projects due to its durability and low maintenance requirements.

Country/Region-wise Acumens

How Does the Rapid Urbanization & Infrastructure Development in the Asia Pacific Influence the Market?

The Asia Pacific region is estimated to dominate the fiberglass market during the forecast period. The Asia Pacific region is undergoing unprecedented urbanization and infrastructure growth, which is driving up demand for fiberglass. According to the Asian Development Bank (ADB), Asia's urban population increased from 1.84 billion in 2017 to 3.0 billion by 2050. The Asian Development Bank estimates that Asia would need to invest $1.7 trillion per year in infrastructure until 2030 to maintain its growth momentum. The growing urbanization and infrastructure development are driving up demand for fiberglass in construction applications such as insulation, reinforcement, and composite materials.

The Asia Pacific region's automobile sector is expanding rapidly, supporting the fiberglass market. The International Organization of Motor Vehicle Manufacturers (OICA) estimates that Asia produced 46.7 million automobiles in 2021, accounting for 55% of global output. China alone manufactured 26.1 million vehicles in 2021. The automobile industry's transition to electric vehicles, which use fiberglass components for lightweight, is fueling demand. According to the International Energy Agency, China accounted for half of the global increase in electric car sales in 2021, selling 3.3 million electric vehicles.

Furthermore, the Asia Pacific region is driving the global expansion of wind energy capacity, resulting in increased demand for fiberglass used in wind turbine blades. According to the Global Wind Energy Council (GWEC), Asia Pacific added 24.6 GW of new onshore wind capacity in 2020, accounting for 56% of global new installations. In 2020, China alone added 68.6 GW of new wind capacity (onshore and offshore), accounting for 67% of the global total. The tremendous growth in wind energy projects is increasing the demand for fiberglass in the region.

What Factors Contribute to Substantial Growth of North America in the Fiberglass Market?

North America is estimated to exhibit substantial growth within the fiberglass market during the forecast period. North America's construction sector is expanding rapidly, increasing demand for fiberglass products. According to the United States Census Bureau, the value of building projects in the United States reached USD 1.57 Trillion in 2021, up 8.2% from 2020. The residential sector alone accounted for USD 774.9 Billion, a 23.2% increase from the previous year. This increase in construction activity is increasing the need for fiberglass insulation, reinforcing materials, and other building applications, fueling the fiberglass market in the region.

Furthermore, the North American region is experiencing fast growth in renewable energy installations, especially wind energy, which is a major driver of the fiberglass market. According to the Energy Information Administration (EIA), wind energy capacity in the United States increased from 74.4 gigawatts in 2015 to 118.2 gigawatts in 2020, representing a roughly 59% growth in five years. As fiberglass is a critical material in wind turbine blade manufacturing, this development in wind energy installations is greatly raising the demand for fiberglass in North America.

Competitive Landscape

The competitive landscape in the fiberglass market is fragmented, with multiple firms vying for market dominance through innovation and strategic efforts. Companies are increasingly focusing on product development and global expansion to meet expanding demand across numerous sectors, including automotive, construction, and aerospace.

Some of the prominent players operating in the fiberglass market include:

Owens Corning

Saint-Gobain

Nippon Electric Glass

Jushi Group Co. Ltd.

3B-The Fiberglass Company

PPG Industries

Johns Manville

Taishan Fiberglass, Inc.

Chongqing Polycomp International Corp.

Latest Developments:

In February 2024, LANXESS Performance Materials, a joint venture between LANXESS and Advent International, showed lightweight engineering polymers for the automotive, two-wheeler, and e-mobility industries at PLASTINDIA 2023 (1-5 February). The company has demonstrated applications of high-performance polymers in the electronics and electrical industries.

In April 2023, Saint-Gobain acquired Twiga Fiberglass Ltd., which is situated in Uttar Pradesh, India. Twiga manufactures glass wool at two locations. It employs Saint-Gobain technology. This acquisition strengthens Saint Gobain's expertise in facade and interior solutions in India.