July 17, 2023 01:58 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, July 17, 2023 (GLOBE NEWSWIRE) -- The global fiberglass market size was valued at USD 12.58 billion in 2022 and is expected to be worth USD 13.15 billion in 2023. The market is projected to reach USD 18.26 billion by 2030, recording a CAGR of 4.8% during the forecast period. Fiberglass Ar Chopped Strands
Fiberglass is mainly made from thin fibers of glass and used as a reinforcement material or woven layer in several sectors ranging from automotive to construction. Some of the key components that are used to make this material are soda ash, silica sand, and limestone. The material has several beneficial features, such as lightweight nature, great mechanical strength, and high chemical stability. These factors are predicted to accelerate the fiberglass market growth.
Fortune Business Insights™ displays this information in a report titled, "Fiberglass Market, 2023-2030."
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LIST OF KEY COMPANIES PROFILED IN THE FIBERGLASS MARKET REPORT:
Report Scope & Segmentation:
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E-Glass to Gain Traction across Many Industries Due to Its Beneficial Properties
By glass type, the market is segmented into e-glass and specialty. The e-glass segment accounted for the largest fiberglass market share and may maintain its dominance in the future as well. E-glass or electrical glass is being widely used in many industries, such as aerospace, marine, and electronics as it has beneficial properties. These properties include high resistance to vibration & abrasion, great flexibility, lightweight, and exceptional cost-performance balance.
Growing Adoption of Insulation Materials to Boost Adoption of Glass Wool
Based on product, the market is segmented into glass wool, yarn, roving, chopped strands, and others. The glass wool segment dominated the market in 2022 as this material is considered an ideal insulation material that has a wide range of applications in commercial and residential buildings.
Increasing Preference for Zero-Emission and Lightweight Vehicles to Augment Product Use in Transportation Applications
Based on application, the market is segmented into transportation, building & construction, electrical & electronics, pipe & tank, consumer goods, wind energy, and others. The transportation segment held the biggest market share as governments across the world are increasing their inclination toward lightweight and zero-emission vehicles to achieve their carbon neutrality targets.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Gradual Recovery of Automotive Sector in 2021 Pushed Product Adoption
The COVID-19 pandemic had a severe impact on the market growth as the sales of automobiles reduced dramatically during this period. The product demand was negatively impacted as well, as automakers were forced to shut down their manufacturing plants for a temporary period. However, in 2021, many countries across the world came together to bring the automotive sector back on track by introducing favorable policies to support the manufacturers. This move boosted the sales of vehicles in 2021, which also had a positive impact on the demand for this material, thereby improving the market progress.
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The report offers an in-depth study of the market and highlights key areas such as key companies, products, and end-use industries. It also offers important insights into the latest market trends and covers top industry developments. Besides the abovementioned factors, the report mentions several aspects contributing to the market's growth.
Transportation Sector to Increase Product Demand, Driving Market Growth
Fiberglass is considered ideal for transportation applications as it is solid, lightweight, provides excellent protection against external elements, and offers great cosmetic finish. It is a popular material in the automotive and wind energy industries as well due to its high strength-to-weight ratio, low weight, and excellent longevity. These properties will drive the product demand as well as the market’s expansion.
However, emission of harmful substances into the environment while producing this material may impede its sales.
Asia Pacific Market to Gain Traction due to Growing Construction Industry
Asia Pacific is expected to hold a dominating position in the global market as the region’s construction sector is expanding at a robust pace. Fiberglass is finding high usage in this industry as it has high thermal and electrical insulation. Rapid urbanization and industrialization are also contributing to this sector’s growth, which is expected to further fuel the product adoption.
North America is also expected to showcase considerable growth in the market as the region’s residential sector is growing at a notable rate every year.
Market Players to Implement Various Strategies to Expand their Business Operations
The market has several players such as Owens Corning, LANXESS, Shandong Fiberglass Group Corp., 3B - The Fiberglass Company, and Nippon Electric Glass Co., Ltd. These companies are focusing on implementing various strategies to boost their business operations and gain a competitive edge.
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April 2023 - Johns Manville reconstructed and restarted a fiberglass furnace, after its routine maintenance, in Slovakia. The teams from Trnava and Johns Manville Technical Center in the U.S. worked together to rebuild the furnace. This furnace rebuild would allow the firm to serve its customers with regional production in Europe.
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