Fiber Glass Market to be dominated by Composites Segment through 2028
Increasing Demand for Fiberglass Panels in Automotive
and Transportation Sectors and Rising Number of Commercial & Residential
Buildings to drive Global Fiber Glass Market in the forecast period, 2023-2028.
According to TechSci Research report, “Global Fiber Glass Market - By Region, Competition, Forecast & Opportunities, 2028”, Global Fiber Glass Market is anticipated to
grow at a 3.85% CAGR in the forecast period, 2024-2028. Additionally, it
is anticipated that the country's demand for Fiber glass would benefit from
real estate development activities, a growing focus on green building, and the
development of smart cities throughout the course of the forecast period.
Fiberglass
has a much wider range of uses now than it had a few years ago, particularly in
the construction, transportation, and automotive sectors. All end-use
industries have greatly boosted their use of composite and synthetic materials
in recent years. The need for Fiberglass panels, Fiberglass resin, and Fiberglass
epoxy has significantly increased in the automotive and transportation
industries. The OICA estimates that 80,145,988 units of the vehicle were
produced globally in 2021. Due to their role in making automobile chassis
lighter without compromising strength, these composite materials will become
increasingly necessary as vehicle manufacturing increases.
Browse over XX market data Figures spread through XX
Pages and an in-depth TOC on "Global Fiber
Glass Market.”
Based
on Glass Type, S-Glass Type is the fastest-growing Glass Type of fiberglass, in
terms of value, while S-glass is stronger and more rigid than E-glass, it
shares many of the same characteristics. High power Aluminosilicate of
magnesium is used to create S-glass. S-glass Fiber is utilised in applications
that call for great strength and stability under extreme temperatures and
corrosive conditions because it performs well at high temperatures. The best
performing Fiber now on the market is called S-glass, which is also available
on the international market. It is made with a higher silica content than
typical glass Fiber goods. This sort of glass is frequently used in the
composite and textile industries. It possesses increased impact resistance,
strong compressive strength, and resistance to high temperatures.
Based
on Product Type, Chopped Strand is the fastest-growing product type of
fiberglass, in terms of value, Fiberglass strands known as chopped strands are
added to thermoplastic and thermoset composites as reinforcement. For use in
construction projects, these strands can be combined with resins to create
strengthening gap filler. To make water tanks, yachts, and industrial
equipment, chopped strands are combined with polyester resins to create robust,
stiff, and long-lasting laminates. Glass Fiber filaments can be used to create
chopped strand mats that can be orientated either randomly or uniformly. They
can be used to manually lay out thermoset resins to create a variety of
products for the chemical, automotive, and recreational industries.
Based
on Application, Composites is the fastest-growing application of fiberglass, in
terms of value, the Fiberglass market is divided into composites and insulation
based on application. The composites market sector represented a sizeable
portion of the Fiberglass market in terms of value in 2021. The construction
and automotive industries' rapid expansion is to blame for the greater share of
the composites application category.
Based
od Region, The Asia Pacific to Dominate has established itself as the leader in
the Global Fiber Glass Market with a significant revenue share in 2022. Rising demand in the construction industry of
developing countries, such as India, China, Indonesia, and Thailand, is
projected to boost the market expansion. The product’s use in electrical and
thermal insulation coupled with rapid growth in industrialization and
government spending in the construction sector is projected to boost the
regional market’s growth.
Major companies operating in the Global Fiber Glass market
are:
- LANXESS
- Owens
Corning
- 3B
- The Fiberglass Comp
- Shandong
Fiberglass Group Corp
- Nippon
Electric Glass Co., Ltd
- Taishan
Fiberglass Inc. (CTG)
- Chongqing
Polycomp International Corp.
- Johns
Manville
- Saint-Gobain
Vetrotex
- China
Jushi Co., Ltd.
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“Factors such as
Construction and infrastructure, aircraft, wind energy, the automotive
industry, electronics, and other end-use industries all use Fiber glass
composites. The demand for Fiber glass in the wind energy and automotive
end-use industries is supported by the growth of wind energy projects and the
demand for lightweight materials from the automobile industry and one
significant driver of the global fiberglass market is the continued growth of
the construction and infrastructure development sectors. Fiberglass is
extensively used in various construction applications, including insulation,
roofing, and reinforcement of concrete structures. As urbanization rates rise
and infrastructure development projects expand worldwide, the demand for
fiberglass products escalates. Fiberglass offers multiple advantages in
construction, including its lightweight nature, corrosion resistance, and
excellent insulation properties. It contributes to the durability, energy
efficiency, and sustainability of buildings and infrastructure projects.
Additionally, fiberglass materials help meet stringent building codes and
energy efficiency standards, making them integral to modern construction
practices. With increasing awareness of sustainability and energy conservation,
fiberglass's role in the construction sector is expected to grow further. As
governments and industries emphasize green building practices, fiberglass will
continue to be a key material in meeting these evolving construction needs,
thus driving the global fiberglass market.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
Fiber Glass Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Glass Type (E-Glass, ECR-Glass, H-Glass, AR-Glass,
S-Glass), By Product Type (Glass Wool, Direct & Assembled Roving, Yarn,
Chopped Strand), By Application (Composites, Insulation), By Region, Competition, 2018-2028”, has evaluated the future growth potential of global Fiber
Glass market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision-makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global Fiber Glass market.
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