Fiberglass Market Overview:
Fiberglass Market is expected to witness a significant growth of USD 20.32 Billion by 2023 with CAGR of 9.2% between by 2023.
Fiberglass Market is growing mainly due to its varied applications in bourgeoning automotive industry. According to a recent study report published by the Market Research Future, the global market of Fiberglass is growing with the rapid pace and expected to gain prominence over the forecast period.
Fiberglass Market Application:
Fiberglass’s application in insulation is providing added impetus to its market growth. The segment Fiberglass insulation has impressive growth in construction activity, increasing demand for higher thermal efficiency, lightweight, strength, durability, and eco-friendly insulation products. The increasing awareness of energy saving is also driving the demand of fiberglass insulation market, eventually, fostering theFiberglass market size.
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Fibreglass products for use in the latest weaponry systems. Fibreglass materials are being widely used in the defence manufacturing industry to cut down the use of structures made from metals and improve the manoeuvrability of aircraft, agility of the fired missile besides reducing their body weight. The wings for the aircraft are totally being made from fibreglass structures. And further researches are transpired for having the entire fuselage made from them. Once this is achieved this, defence sectors would turn its focus further in manufacturing of the secondary (internal) structures in the aircrafts.
Fiberglass is used in a varied range of industrial applications and is the most easily available and cheapest composite fabric. Fiberglass has found in various end use industry such as aerospace, automotive, construction, electrical, pharmaceutical, industrial, and others. The growing automotive and electrical industry on account of developing domestic as well as commercial market particularly in Asia-Pacific and North America has boosted theglobal fiberglass market share over the forecasted period. On the other hand, environment & health related issues and unstable prices of raw materials are major restraining factors of the fiberglass market which can hamper the growth of COVID-19 analysis on fiberglass market.
Fiberglass Market Key Players:
Global Fiberglass industry are: Jushi Group Co. Ltd (China), AGY Holding Corp. (U.S.), Saint-Gobain Vetrotex (Europe), PPG Industries Inc. (US), Owens Corning (US), Taiwan Glass Industry Corporation (Taiwan), Taishan Fiberglass Inc (China), PFG FIBER GLASS CORPORATION (Taiwan), Fibber Glass Industries Inc (US), W. L. Gore & Associates, Inc (US), and Others.
Fiberglass Market Regional Analysis:
Presently, Asia Pacific region is the major market of fiberglass due to demand in various applications such as automotive and electrical industry especially in China, India followed by Japan. Whereas, increasing demand in construction industry in developing countries such as India, Indonesia, and Thailand made Asia Pacific largest consumer of the global fiberglass market followed by increasing in the consumption of Fiberglass market in North America region. Furthermore, Europe region hold third position for the global fiberglass market due to large consumption in pharmaceutical, construction, and electrical industry. In addition, Latin America and Middle East also witnessed in growth of fiberglass market due to various end user industry such as aerospace, automotive, construction, electrical, pharmaceutical, industrial, and others.
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