FMI's Latest Market Report Notes Surging Demand for
Fiberglass Reinforced Plastics through 2034. Discover What's
Driving the Fiberglass Market Growth
NEWARK, Del., May 1, 2024 /PRNewswire/ -- The fiberglass
market is poised for significant growth, with its value projected
to increase from US$ 11,356.30
million in 2024 to US$ 19,028.50
million by 2034. This forecast corresponds to a CAGR of
5.30% over the period.
The fiberglass industry is being propelled by the increasing
demand for lightweight and durable materials across various
sectors, including automotive, construction, and aerospace.
Fiberglass's exceptional strength-to-weight ratio makes it an ideal
choice for manufacturers looking to reduce vehicle weight while
maintaining structural integrity. Additionally, the construction
industry's growing preference for fiberglass-reinforced products,
such as panels, pipes, and insulation, is driving demand. Moreover,
the rising need for renewable energy sources, particularly wind
energy, has led to a surge in fiberglass consumption for
manufacturing wind turbine blades.
Despite its promising growth prospects, the fiberglass industry
faces several restraints. One significant restraint is the
volatility of raw material prices, particularly the cost of resins
and glass fibers. Fluctuations in raw material prices can
significantly impact production costs and profit margins for
fiberglass manufacturers. Moreover, stringent environmental
regulations and concerns about emissions during the manufacturing
process pose challenges to the industry. Additionally, competition
from alternative materials, such as carbon fiber and aluminum,
presents a threat to fiberglass market growth in certain
applications.
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The ongoing infrastructure development projects worldwide
present lucrative opportunities for fiberglass manufacturers,
particularly in emerging economies where construction activities
are booming. In recent years, several notable trends have emerged
in the fiberglass industry. One prominent trend is the increasing
adoption of advanced composite materials, such as carbon
fiber-reinforced fiberglass composites, in high-performance
applications. These advanced materials offer superior strength,
stiffness, and durability compared to traditional fiberglass
products, making them ideal for aerospace, automotive, and sporting
goods industries. Another trend is the growing use of automation
and robotics in fiberglass manufacturing processes, leading to
increased efficiency, precision, and cost savings. Additionally,
there is a rising focus on digitalization and data analytics to
optimize production processes and enhance product quality in the
fiberglass industry.
"The fiberglass industry is ripe with opportunities for
growth and expansion. One notable opportunity lies in the
development of sustainable and eco-friendly fiberglass products. As
environmental consciousness increases, there is a growing demand
for recyclable and biodegradable fiberglass materials.
Manufacturers can capitalize on this trend by investing in research
and development to create innovative, sustainable fiberglass
solutions."- says Nikhil Kaitwade, Associate Vice President
at Future Market Insights, Inc.
Key Takeaways from the Market Study:
- In 2024, roving, a continuous strand of fiberglass fibers, is
projected to maintain its prominence as the primary product type,
commanding a majority share of 46.60%.
- The construction sector's substantial market share of 29.20% in
2024 underscores its heavy reliance on fiberglass for various
applications.
- The United States is expected
to witness a moderate CAGR of 2.9% in fiberglass demand, reflecting
market maturity and regulatory controls.
- The United Kingdom's
fiberglass market is forecasted to experience a 2.1% CAGR by 2034,
influenced by consumer demands and environmental
considerations.
- Japan's fiberglass market is
poised for stable growth, with a CAGR of 2.20% projected until
2034, driven by efficiency and eco-friendly initiatives.
- China stands out with a
remarkable CAGR of 5.9% by 2034, driven by high demand in the
construction sector and government support.
- India's fiberglass market is
set for substantial growth, with a projected CAGR of 7.80% until
2034, fueled by economic expansion and rising demand across various
industries.
Competition Outlook of the Fiberglass Market
In the fiberglass market, competition among industry players
remains fierce as companies strive to differentiate themselves and
capture market share. Established manufacturers like Owens Corning,
Saint-Gobain, and Johns Manville maintain their dominance through
extensive product offerings, technological innovation, and strong
distribution channels. These industry leaders leverage their brand
reputation and expertise to secure key contracts across various
sectors, ranging from construction and automotive to aerospace and
marine applications.
The market also witnesses the emergence of smaller players and
niche manufacturers, who focus on specialized fiberglass products
and cater to specific customer demands. These newcomers often
innovate rapidly, introducing novel manufacturing techniques and
product formulations to gain a competitive edge. Additionally, with
the growing emphasis on sustainability and eco-friendly materials,
fiberglass manufacturers are increasingly investing in recyclable
and environmentally responsible production processes, further
intensifying competition in the market.
Leading Key Manufacturers:
- Nippon Electric Glass Co. Ltd.
- Saint-Gobain
- Owens Corning
- Jushi Group Co. Ltd.
- CPIC Abahsain Fiberglass M.E. W.L.L.
- Shandong Fiberglass Group Co. Ltd.
- Glasstex Fiberglass Materials Corp.
- Zibo Zhuoyi Fiberglass Material Co. Ltd.
- Xingtai Jinniu Fiberglass Co. Ltd.
- Taishan Fiberglass Inc.
- Johns Manville
- Chongqing Polycomp International Corp.
- PFG Fiber Glass Corporation
Recent Developments:
- LANXESS Performance Materials, located in Germany, unveiled a suite of contemporary,
lightweight solutions incorporating high-performance plastics for
the automotive, two-wheeler, and e-mobility sectors at PLASTINDIA
2023, which took place from February 1st to
5th, 2024. The business demonstrated applications in the
electronics and electrical industries.
- In April 2023, Saint-Gobain,
headquartered in France, finalized
the purchase of Twiga Fiberglass Ltd., based in Uttar Pradesh,
India. Twiga, which uses
Saint-Gobain technology, specializes in glass wool manufacture,
cementing the company's position in Indian façade and interior
solutions.
- Owens Corning, located in the United
States, will unveil PINK Next Gen Fiberglass insulation on
August 1, 2022. This device allows
for up to 23% quicker installation than conventional offerings.
Advanced fiber technology builds a durable network with insulating
micro-pockets for optimal performance.
- On June 1, 2022, Owens Corning,
located in the United States,
formed a joint venture with Pultron Composites to produce
fiberglass rebar. This agreement demonstrates the company's
dedication to sustainable, high-performance concrete reinforcing
products.
- In January 2021, Johns Manville,
based in the United States,
unveiled a thermal recycling machine for glass fiber waste. With a
capacity of over 3 tons per hour, the device intends to divert over
10,000 tons of garbage from landfills each year.
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Fiberglass Market Key Segmentation:
By Product Type:
- Fabrics
- Glass Wool
- Mats
- Rovings
- Strands
- Yarn
By Glass Type:
- S-Glass
- E-Glass
- C-Glass
- ECR-Glass
By End-use Industry:
- Aerospace & Defence
- Automotive
- Construction
- Marine
- Others
- Pipes & Tanks
- Sports & Leisure
- Wind Energy
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market
Insights, Inc.) has over a decade of experience in market research
and business consulting. He has successfully delivered 1500+ client
assignments, predominantly in Automotive, Chemicals, Industrial
Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research
methodology, creating a unique analysis framework, statistical data
models for pricing analysis, competition mapping, and market
feasibility analysis. His expertise also extends wide and beyond
analysis, advising clients on identifying growth potential in
established and niche market segments, investment/divestment
decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in
Mechanical Engineering. Nikhil has authored several publications
and quoted in journals like EMS Now, EPR Magazine, and EE
Times.
Have a Look at the Related Reports of the Chemicals &
Materials Domain:
Sales of glass substrates are envisioned to evolve at a steady
5.9% CAGR between 2024 and 2034. The glass substrate market size is
predicted to attain a valuation of US$ 4.2
billion by 2034.
The glass fiber reinforced plastic (GFRP) composites market is
predicted to capture a valuation of US$
18.54 billion in 2023, and is rising to US$ 41.53 billion by 2033. The market is
estimated at a CAGR of 8.4% by 2033.
Global demand for glass additives was valued at
US$ 1.3 Billion in 2021 and is likely
to reach a value of US$ 1.4 Billion
by the end of 2022. In the long run, from 2022-2032, the market is
expected to flourish at a 4.2% CAGR, reaching US$ 2.1 Billion.
The global antimicrobial glass powder market size is
projected to reach US$ 7,702.0
million by 2034, up from US$ 2,827.6
million in 2024. Global sales of antimicrobial glass powders
will likely soar at 10.6% CAGR during the assessment period.
The Asia Pacific flexible glass
market is projected to reach US$ 612.7
million by 2020 at an estimated CAGR of 36.5% during the
forecast period.
The construction chemical market is expected to progress at a
modest CAGR of 5.20% through 2034. The adoption of these chemicals
for residential settings is further observed to contribute to the
expansion of this market.
Sales of polysilicon are proficient at surpassing this worth and
striking US$ 41,502.20 million by
2034 as these trends spur and become prevalent. This represents a
strong 9.90% CAGR between 2024 and 2034.
The global chemical recycling service demand is anticipated to
rise at 25.8% CAGR. Total market value is predicted to increase
from US$ 15.71 billion in 2024 to
US$ 149.24 billion by 2034.
The metal replacement market is expected to experience
a CAGR of 9.6% during the forecast period. The market is projected
to be valued at US$ 194.7 billion in
2024 and rise to US$ 489.0 billion by
2034.
The flame retardant market size is estimated to be
worth US$ 7.9 billion in 2024. The
demand for flame retardant is likely to rise at a CAGR of 5.6%
through 2034.
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the
Stevie Award, and a member of the Greater
New York Chamber of Commerce) offers profound insights into
the driving factors that are boosting demand in the market. FMI
stands as the leading global provider of market intelligence,
advisory services, consulting, and events for the Packaging, Food
and Beverage, Consumer Technology, Healthcare, Industrial, and
Chemicals markets. With a vast team of over 400 analysts worldwide,
FMI provides global, regional, and local expertise on diverse
domains and industry trends across more than 110 countries.
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