Fiberglass Market drive market growth owing to strong demand from industrial and commercial applications
The Fiberglass Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
Fiberglass is a reinforced plastic material with glass fibers used to reinforce the plastic resin base. The fiberglass is a stiff and lightweight material that facilitates high strength. With advancement in manufacturing technologies, the manufacturers of different industrial equipment have adopted fiberglass to enhance the strength of equipment and reduce equipment weight. Fiberglass is widely used across multiple applications ranging from the building insulations to printed circuit boards owing to the high tensile strength delivered by this material. With increasing demand for lightweight materials from aerospace & defense industry for manufacturing of aircraft components such as airframe, the global fiberglass market is expected to witness prominent growth in coming years. Fiberglass offers excellent thermal and electrical insulations and thus are witnessing strong demand from building & construction and industrial applications. With expanding construction industry across the globe, the global fiberglass market is expected to exhibit prominent growth during the forecast period.
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The global fiberglass market is segmented on the basis of glass type, resin type, fiber type, technology, applications, end use industry, and geography. Based on glass type, the global fiberglass market is segmented into S-glass, C-glass, E-glass, ECR-glass, and others. The E-glass segment contributed the largest share in terms of revenue and volume to the global market in 2019 and is expected to grow steadily during the forecast period owing to wide application base across multiple end use industries. E-glass is used as electrical insulation across several industrial and commercial applications and are affordable compared to other insulating materials. Hence, a strong adoption across different industries. The ECR-glass contributed a prominent share to the global fiberglass market and is expected to witness steady growth during the forecast period.
Applications of fiberglass in composite manufacturing to drive market growth
Based on applications, the global fiberglass market is segmented into composites, insulations, and others. The applications of fiberglass in composites contributed a dominating share to the global fiberglass market in 2019 owing to adoption of fiberglass in manufacturing of composite parts across different end use industries such as automotive and aerospace & defense. Owing to lightweight and high strength-to-weight ratio offered by fiberglass, the demand for manufacturing of automotive components and aircraft components such as airframe is increasing significantly across the globe. This is anticipated to contribute towards the growth of fiberglass market in coming years. The insulation applications of fiberglass is expected to grow significantly during the forecast period owing to rising demand from building & construction industry.
Based on geography, the global fiberglass market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific contributed a dominating share to the global fiberglass market in 2019 and is anticipated to be the fastest growing geographic segment during the forecast period owing to strong from expanding manufacturing industry across major countries. Presence of leading automotive manufacturers, expanding aerospace component manufacturing, and increasing investment in development of advanced materials is expected to bolster the growth of Asia Pacific fiberglass market during the forecast period. Europe contributed a prominent share to the global market in 2019 and is expected to grow at a steady growth rate during the forecast period.
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Major players active in the global fiberglass market include Chongqing Polycomp International Corp., Glasstex Fiberglass Materials Corp., Johns Manville, Jushi Group Co., Ltd, Owens Corning, Shandong Fiberglass Group Co., Ltd, Taishan Fiberglass Inc., and Xingtai Jinniu Fiberglass Co., Ltd.