Fiberglass Market

Increasing demand for lightweight materials from automotive industry to give boost to the fiberglass demand during the forecast period

The global fiberglass market size is estimated to be USD 27.5 billion in 2022 and is expected to reach USD 38.8 billion by 2027, projecting a CAGR of 7.1% between 2022 and 2027. Fiberglass is a fiber-reinforced plastic wherein the reinforcement material is a glass fiber. Properties such as high strength and light weight make fiberglass preferable for use in composite and insulation applications in various end-use industries, such as the construction, automotive, and wind energy industries. There are various types of fiberglass products available in the global market, including glass wool, direct and assembled roving, yarn, chopped strand, milled fibers, and multiaxial fabrics. For insulation applications, glass wool fiberglass is used for residential, industrial, and commercial construction.

Fiberglass products are being used in different end use industries such as: construction & infrastructure, aerospace, wind energy, automotive, electronics, and other industries. The increasing demand of wind energy as a renewable energy, drives the demand for fiberglass. However, due to the outbreak of COVID-19, there was a dip in the demand of fiberglass. Due to the lockdown scenario in Europe and North America, the demand for fiberglass from wind energy, construction, automotive, electronics and other industries was declined sharply in 2020.

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Stringent regulations and rules are imposed on the automotive industry to reduce CO2 emissions, which have adverse effects on the global climatic conditions. This encourages the industry to move toward fuel-efficient vehicles, which can contribute to reducing greenhouse gases (GHG). Glass fiber-reinforced polymer (GFRP) are substitutes for aluminum and steel in the automotive sector. Glass fiber composites are lighter than traditional steel by about 15–20%, respectively. The weight of a car can be reduced by 60% by using these composites parts. It is observed that a 10% reduction in vehicle weight increases fuel efficiency by 5%. However, Major players are working to reduce the manufacturing cost of glass fiber composites. Apart from providing lightweight structures, fiberglass composites provide benefits such as excellent mechanical properties, low temperature cures, and longer life.

Fiberglass composites have a higher strength-to-weight ratio, which is an important factor for automotive industry. Vehicles with reduced weight and higher strength have better economy and less carbon emission, which helps to reduce the fuel cost. In the US, automakers have shifted their focus to make lightweight automotive components to increase fuel efficiency and meet regulations of the Corporate Average Fuel Economy (CAFE) 36.6 mpg by 2017 and 54.5 mpg by 2025. This encourages the industry to move towards fiberglass composites, which is seen as a substitute for aluminum and steel in high-end cars.

Over the past years, fiberglass manufacturers have strengthened their position in the global fiberglass market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions. However, still there is a need for an advanced technology to manufacture fiberglass composites at low price.

The major manufacturers profiled in this report include China Jushi Co., Ltd., (China), Owens Corning, (US), Nippon Electric Glass Co., Ltd., (Japan), Taishan Fiberglass Inc. (CTG), (China), Chongqing Polycomp International Corp. (CPIC), (China), Johns Manville Corp., (US), Binani 3B-the Fibreglass Company, (Belgium), Taiwan Glass Ind. Corp., (Taiwan), PFG Fiber Glass (Kunshan) Co., Ltd., (China), Asahi Fiberglass Co., Ltd., (Japan), Knauf Insulation, (Belgium), Saint-Gobain Vetrotex, (US), CertainTeed Corporation, (US), Saint-Gobain ADFORS, (US), and AGY Holding Corp., (US), and among others.

China Jushi Co., Ltd. is a joint-stock company engaged in the production, research, and distribution of fiberglass. It also manufactures plastic floorboards. The company is one of the leading fiberglass manufacturers globally. It produces E-glass and C-glass fiberglass products and a range of reinforcement fiberglass products, which include rovings, chopped strands, stitched combo mats & chopped strand mats, powder & emulsion chopped strand mats, woven rovings, and electrical yarns & fabrics in over 100 product categories with over 1,000 specifications. As a functional material, fiberglass offered by the company is used to make pressure vessels, pipes, chemical tanks, electric equipment, and automobile parts. China Jushi Co., Ltd. has an annual production of 1,581 thousand tons of glass fiber yarn.

Owens Corning is a prominent manufacturer of residential and non-residential roofing, glass fiber insulations, and fiber reinforcements. The company is a major producer of glass fiber reinforcements, commercial and residential building materials, and composite systems. It produces glass fibers to manufacture composite materials for electronics, transportation, and infrastructure industries. Owens Corning operates through three segments: Insulation, Composites, and Roofing. It manages its fiberglass business through two of these business segments: Insulation and Composites. Through its Insulation segment, the company manufactures and sells glass fiber pipe insulations, energy-efficient flexible duct media, bonded and granulated mineral fiber insulations, and foam insulations that are used in above- and below-grade construction applications. It also offers thermal and acoustical batts, loose-fill insulations, and foam sheathing for walls and accessories, which are marketed under well-recognized brand names and trademarks, such as Owens Corning PINK FIBERGLAS Insulation.

Related Reports:

Fiberglass Market by Glass Type (E-Glass, ECR-Glass, H-Glass, AR-Glass, S-Glass), Product Type (Glass Wool, Direct and Assembled Roving, Yarn, Chopped Strand), Application (Composites, Insulation) and Region - Global Forecast 2027

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Suite 430
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USA : 1-888-600-6441
[email protected]

Fiberglass Market Size,  Share & Growth Report
Report Code
CH 3670
RI Published ON
8/8/2022
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