Fiberglass Market (2024 -2034) to Value at US$ 19,028.50 million, by 2034 with 5.30% CAGR | Future Market Insights, Inc.

News provided by

May 01, 2024, 10:01 ET

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.

Request for a Sample of this Research Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-5440

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.

Elevate Your Business Strategy! Purchase the Report for Market-Driven Insights:
https://www.futuremarketinsights.com/checkout/5440

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.

Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: [email protected]
Website: https://www.futuremarketinsights.com
LinkedIn | Twitter | Blogs | YouTube