Fiberglass Market Size to Reach USD 23.33 Billion in 2030| Emergen Research

VANCOUVER, BC, Jan. 9, 2023 /PRNewswire/ -- The fiberglass market size reached USD 15.97 Billion in 2021 and is expected to register a CAGR of 4.3% during the forecast period, according to latest analysis by Emergen Research. Increasing use of fiberglass in construction and infrastructure industry, and rapid use of composites in the automotive industry are some of the key factors boosting fiberglass market revenue growth. In addition, eco-friendly benefits of fiberglass insulation are contributing significantly to the growth of the market. Increasing use of fiberglass in construction and infrastructure industry is a key factor increasing the growth of this market.

Different industries are manufacturing products of fiberglass as well as expanding development of fiberglass market. For instance, on 2 February 2022, Latham Group Inc., a business and manufacturer in North America, Australia, and New Zealand, announced a 148-acre fiberglass manufacturing plant in Loyalist Township, Ontario, Canada, west of Kingston. Latham's new facility will also serve markets in the eastern half of Canada as well as the northeast and upper Midwest of the United States, producing pools for the company's fiberglass brands, including Latham and Narellan Pools.

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Furthermore, rapid use of composites in the automotive industry is rising demand for this market. Textile fiber composites have been used in a variety of space-aerospace, ballistic, industrial, and medical fields due to their high stiffness-to-weight ratio and damage tolerance characteristics. One type of fiberglass, named E-glass three-dimensional (3D) stitched preform composites have been developed for a number of industrial applications owing to their high stiffness-to-weight ratio and damage tolerance characteristics.

The out-of-plane directional stitched fibers are used to achieve this. Recently, some nanoparticles, such as single-walled nanotubes (SWNT), multiwalled nanotubes (MWNT), or nanofibers (NF), were added to the stitched preform or the glass fabric structure during the consolidation process, thus boosting market revenue growth.

Drivers:

Demand for Fiberglass devices has significantly increased over the years due to increasing use of fiberglass in construction and infrastructure industry, which is driving demand for fiberglass and accelerating market's revenue growth. The manufacturers are focusing on two crucial aspects, including raising production and fabric performance and lowering production costs. These two elements have made sure that manufacturers make improvements to the material. 

The unique features of various products, such as heat and erosion resistance, are strengthened by the properties of fiberglass in a number of industries, including construction, automobile transportation, and infrastructure. Fiberglass is currently used to insulate buildings due to its poor heat conductivity and ability to withstand extremely high temperatures. The rising demand for fiberglass across all industries is expected to be governed by the automotive and construction sectors.

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Restraints:

One of the significant challenges hindering the growth of this industry is concerns about fiberglass insulation.  It loses its insulation properties when it gets wet.  In particular, fiberglass insulation is susceptible to moisture. Until it dries out, wet fiberglass insulation loses all of its R-value and has almost no insulating properties, in contrast to other materials such as foam board or sprayed foam insulation. As attics are the main location for fiberglass batt insulation, moisture from roof leaks or simple condensation can harm the insulation. Furthermore, high cost of fiberglass is hindering the growth of this market.

Growth Projections:

The Fiberglass Market is expected to register a CAGR of 4.3% over the forecast period and revenue is projected to increase from USD 15.97 Billion in 2021 to USD 23.33 Billion in 2030. Increasing spending in emerging markets is expected to support revenue growth of the market.

Current Trends and Innovations:

Growing use of eco-friendly and sustainable products is associated with the demand for Fiberglass Reinforced Plastic (FRP) Grating. The demand for fiberglass is expected to rise with the growth of industries such as refineries, chemicals, oil & petroleum, offshore platforms, marine & shipping, and others, which will also increase the consumption of FRP grating. Since FRP grating is recyclable and eco-friendly, public interest in environmentally friendly and sustainable products will increase overall market demand for fiberglass reinforced plastic (FRP) grating during the forecast period. Modern traffic has evolved toward the trend of high speed, high traffic density, and axle load as a result of the growth of the modern economy, which also raises the bar for highway construction.

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Strategic Initiatives:

Major companies included in the market report are Nippon Electric Glass Co., Ltd., China Jushi Co., Ltd., Owens Corning, Johns Manville, 3B - the fiberglass company, PFG FIBER GLASS CORPORATION., EMIS, Arabian Fiberglass Insulation Company Ltd., CERTAINTEED., KCC CORPORATION.

• On 2 February 2022, NSG Group is delighted to introduce MAGNAVITM, a high-modulus, high-strength glass fiber that can be utilized as a new reinforcement for FRP and FRTP (fiber-reinforced plastics). It poses the highest level of mechanical functions available among all-glass fibres while retaining the inherent radio-permeability and heat resistance of glass fibers.

Scope of Research

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Emergen Research has segmented Fiberglass Market on the basis of product type, glass type, application, and region:

• Product Type Outlook (Revenue, USD Billion; 2019-2030)
• Glass wool
• Direct and assembled roving
• Chopped strands
• Yarn
• Glass Type Outlook (Revenue, USD Billion; 2019-2030)
• E-glass
• S-glass
• C-glass
• ECR glass
• Application Outlook (Revenue, USD Billion; 2019-2030)
• Transportation
• Building & construction
• Aerospace & Defense
• Composite
• Insulation
• Regional Outlook (Revenue, USD Billion, 2019 - 2030)
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Rest of APAC
• Latin America
• Brazil
• Mexico
• Rest of LATAM
• Middle East & Africa
• UAE
• Saudi Arabia
• Africa
• Rest of Middle East

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