The fiberglass market size is expected to reach US$ 11.90 billion by 2027 with a registered CAGR of 4.6% between 2020 to 2027.
The increasing use of fiberglass for the manufacturing of automobile and aircraft body parts owing to its high strength and lightweight properties is estimated to drive the market growth. In addition, extensive use of fiberglass in the building and construction sector for insulation and composite applications is likely to further propel the market further over the next eight years.
The market is expected to register growth due to the presence of stringent emission regulations set by authorities. This factor is compelling automobile manufacturers to choose fiberglass material for use in the production of vehicles. Moreover, growing awareness about renewable energy sources among the general public is pushing wind turbine installations globally. Fiberglass is extensively used in the manufacturing of wind turbine blades and other structural components.
Fiberglass is the fiber made in different forms using molten glass as the raw material. Several glasses are introduced into the furnace to obtain fiberglass based on the end-application. These glasses include E-glass S-glass, ECR glass, C-glass and others.
The different forms of fiberglass are strands, rovings, yarn, mats, and fabric. Filament comes out of the bushing as the first product. These filaments are combined together to form either strands or yarn. These strands are pulled by the winders and wound into rovings which is used to make mats. The mats are also produced from strands.
- E-glass provides electrical insulation, S-glass provides high strength, ECR stands for electrical and chemical resistance, C-glass provides resistance to corrosion, others include T-glass, R-glass, AR glass, etc. Among these, E-glass is extensively used with a share of more than 20% due to its property and relatively low price.
- The different forms of fiberglass are strands, rovings, yarn, mats, and fabric. Filament comes out of the bushing as the first product. These filaments are combined together to form either strands or yarn. These strands are pulled by the winders and wound into rovings which is used to make mats. The mats are also produced from strands. Fiberglass is produced from molten glass in different forms such as strands, rovings, yarn, mats, and fabric. Rovings occupied for the major share with more than 40% in 2019 in the global fiberglass market in terms of fiber type.
- Layup and resin infusion technology, together with a share of more than 40%, dominated the global fiberglass market in terms of technology in 2019. Applications of fiberglass include automotive & transportation, aerospace & defense, wind energy, construction, marine, sports & leisure, pipe & tank, and others. Automotive and construction sectors are the major applications accounting for more than 40% owing to the increasing demand for low-weight vehicles and insulation required in construction industry.
- The composites application segment is likely to be the fastest-growing over the forecast period. This can be attributed to the growing use of composites in a wide array of end-use industries. Fiberglass composite is used in the manufacturing of automotive parts owing to its lightweight and high strength-to-weight ratio. The aesthetic appeal of fiberglass is the key factor responsible for the increased use of fiberglass composite products in homes and offices. Moreover, the use of fiberglass composites in consumer durables and other new end-use sectors is expected to drive the market over the forecast period. Fiberglass insulation is extensively used in residential, commercial, and industrial buildings for thermal and electrical insulation. Glass wool is majorly used for fiberglass insulation.
- Glass wool is expected to be the largest-type segment, in terms of volume, over the forecast period. This can be attributed to the rising use of glass wool in the construction sector for insulation. The increasing construction spending in developing economies is the key factor, which is expected to propel the demand for glass wool.
- Chopped strand is known to provide ideal material for vehicle manufacturing and reinforcement in the construction sector. Chopped strand is the fastest-growing fiberglass type segment due to the rapid adoption of fiberglass composites in various industries such as automobile, wind energy, aerospace, and consumer durables. The growing automotive industry in the Asia Pacific and Europe is expected to drive the segment in the market.
- Automotive is the largest end-use segment. The use of fiberglass in automobile manufacturing is increasing owing to the strict emission standards set by regulatory authorities such as the U.S. EPA and EEA. Fiberglass is used to manufacture automobile parts such as decks, body panels, load floors, dash panel assemblies, wheelhouse assemblies, front fascia, and battery boxes. The increasing automotive sale in the Asia Pacific is anticipated to drive the fiberglass market.
- Building & construction is one of the largest consumers of fiberglass products. Fiberglass finds application in the sector for thermal and electrical insulation. Moreover, fiberglass composites are used in many building applications such as roofs, walls, panels, windows, and ladders.
- North America accounted for major share with more than 32% in the global fiberglass market in 2019 and the share is expected to remain the same during the forecast period. In terms of glass type, E-glass and S-glass dominated the market, together with more than 51% in 2019. The roving segment held a prominent share. Automotive industry is the major sector using fiberglass in this market.
- Asia Pacific region is primarily driven by developments in the construction, automotive and wind energy industries due to which fiberglass is consumed more in this region. Here, wind energy is likely to offer lucrative opportunities in this market, led by the rise in installed wind mill capacities in China.
- Europe houses premium car manufacturers which demands high strength material for which fiberglass is an apt choice. Hence, automotive application consumes majority of fiberglass in Europe. This is followed by construction industry because fiberglass fulfils the requirements of Building Codes regulation in Europe.
- Major companies manufacturing fiberglass include Owens Corning, Jushi Group Co., Ltd., Taishan Fiberglass Inc., Johns Manville, Chongqing Polycomp International Corp., Xingtai Jinniu Fiberglass Co., Ltd., Shandong Fiberglass Group Co., Ltd., Glasstex Fiberglass Materials Corp., etc. among others.
- A majority of global manufacturers of fiberglass have forward integrated operations. Numerous fiberglass manufacturers are opting for strategic alliances with OEMs for market penetration.
Key Developments in Global Fiberglass Market
- In February 2020, Moi Composite presented MAMBO (Motor Additive Manufacturing Boat), a fiberglass 3D printed boat collaborating with industrial partners: Autodesk (provided the tools for the realization of the three-dimensional drawing of the hull), Catmarine (transformed the various sections produced digitally into a finished boat), Micad (engineered comples structures) , Owens Corning (supplied the glass reinforcements fibers) , Osculati (provided accessories capable of adapting to the curves and design of the entire hull) and UCINA in order to overcome customized design and performance limits of conventional manufacturing and 3D printing for strong, lightweight and durable composite products.
- In June 2018, Owens Corning entered into a Strategic Cooperation and Supply Agreement with Chongqing Polycomp International Corp. (CPIC) for joint investment in technology, and construction and operation by CPIC of a new facility dedicated to the manufacture of high-modulus glass fiber products in China.
- In April 2018, Owens Corning entered into technology licensing and manufacturing supply agreements with Taiwan Glass Ind. Corp., based in Taiwan.
- In December 2017, Taishan Fiberglass announced its plan to invest US$ 76.28 Mn in its project which is anticipated to produce 5 kilo tons of ultra-fine electronic yarn glass fiber. This is expected to increase the company’s fiberglass capacity to 705 kilo tons, helping it to compete in the tough market in China, which is generating revenue by exporting products to the western countries.
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