Fiberglass Market 2024-2032: Industry Growth, Share, Size, Key Players Analysis and Forecast

Written by Nitin Sharma  »  Updated on: July 08th, 2024

Fiberglass Market 2024-2032: Industry Growth, Share, Size, Key Players Analysis and Forecast

IMARC Group, a leading market research company, has recently released a report titled “Fiberglass Market Report by Glass Product Type (Glass Wool, Direct and Assembled Roving, Yarn, Chopped Strand, and Others), Glass Fiber Type (E-Glass, A-Glass, S-Glass, AR-Glass, C-Glass, R-Glass, and Others), Resin Type (Thermoset Resin, Thermoplastic Resin), Application (Composites, Insulation), End User (Construction, Automotive, Wind Energy, Aerospace and Defense, Electronics, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the global fiberglass market share, trends, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

The global fiberglass market size reached US$ 12.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 17.6 Billion by 2032, exhibiting a growth rate (CAGR) of 3.88% during 2024-2032.

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Global Fiberglass Market Trends:

The rising demand for wind energy solutions is boosting market growth, as fiberglass composites are essential for manufacturing lightweight and durable wind turbine components.

Additionally, the expanding use of fiberglass in electric mobility, owing to its structural integrity and weight reduction benefits, is enhancing the efficiency and sustainability of electric transportation systems. Apart from this, the growing adoption of fiberglass in smart buildings and infrastructure projects due to its corrosion resistance and durability further propels market growth.

Factors Affecting the Growth of the Fiberglass Industry:

• Ongoing technological advancements:

The fiberglass market has seen major technological breakthroughs that improve efficiency, quality, and versatility in production processes. Advanced manufacturing techniques, such as continuous filament winding, pultrusion, and the introduction of high-performance resins, have raised the overall quality of fiberglass goods. These advancements have resulted in the development of fiberglass with increased strength, durability, and corrosion resistance, making it ideal for a wider range of applications.

Furthermore, advances in nanotechnology have created new opportunities for increasing the quality of fiberglass, hence adding to market growth.

• Increasing demand in end-use industries:

The fiberglass market is experiencing high demand from numerous industries, including construction, automotive, aerospace, and marine. Fiberglass is commonly used in the construction industry for insulation, roofing, and cladding due to its lightweight nature, high strength-to-weight ratio, and corrosion resistance. Aside from that, it is used in the automotive, aerospace, and marine industries to manufacture components that require strength, lightweight, and resistance to water and climatic conditions, hence improving fuel efficiency and overall performance. The growing demand from these various industries is a key driver of the fiberglass market's expansion.

• Rising focus on sustainability:

The growing focus on sustainability has favorably impacted the fiberglass market. Fiberglass is considered a sustainable material because of its recyclability and energy-efficient manufacturing procedures. As industries around the world work to reduce their carbon footprint, fiberglass emerges as a potential alternative to older materials with greater environmental impact. Fiberglass's durability also leads to longer product lifecycles, which reduces the need for frequent replacements and waste.

Furthermore, the development of bio-based resins and reinforcement materials, along with the greater worldwide push for eco-friendly alternatives, is supporting market growth.

Fiberglass Market Report Segmentation:

Breakup by Glass Product Type:

• Glass Wool

• Direct and Assembled Roving

• Yarn

• Chopped Strand

• Others

Direct and assembled roving is the largest market segment, valued for its versatility and extensive use in construction, automotive, and aerospace applications due to its superior mechanical properties.

Breakup by Glass Fiber Type:

• E-Glass

• A-Glass

• S-Glass

• AR-Glass

• C-Glass

• R-Glass

• Others

E-glass dominates the market because of its excellent strength, electrical insulating properties, and cost-effectiveness, making it the preferred choice in industries such as construction, electronics, and transportation.

Breakup by Resin Type:

• Thermoset Resin

• Thermoplastic Resin

Based on the resin type, the market is bifurcated into thermoset resin and thermoplastic resin.

Breakup by Application:

• Composites

• Insulation

Composites hold the majority of the market share as they are widely used in the construction, automotive, and aerospace sectors for their high strength-to-weight ratio, corrosion resistance, and versatility in various applications.

Breakup by End User:

• Construction

• Automotive

• Wind Energy

• Aerospace and Defense

• Electronics

• Others

The automotive sector is the largest end-user segment for fiberglass, driven by the increasing use of fiberglass composites in vehicle manufacturing for components like body panels, interiors, and structural elements.

Breakup by Region:

• Asia Pacific

• North America

• Europe

• Latin America

• Middle East and Africa

Asia Pacific leads the market due to its robust industrial and manufacturing activities, rising construction projects, and growing demand for fiberglass in the automotive and electronics industries.

Competitive Landscape with Key Players:

The competitive landscape of the fiberglass market size has been studied in the report with the detailed profiles of the key players operating in the market.

Some of These Key Players Include:

• Asahi Fiber Glass Co. Ltd. (Yoshino Gypsum Co. Ltd.)

• Braj Binani Group

• China Jushi Co. Ltd.

• Chongqing Polycomp International Corp. (Yuntianhua Group Co. Ltd.)

• Compagnie De Saint-Gobain S.A.

• Johns Manville (Berkshire Hathaway Inc.)

• Knauf Insulation

• Nippon Electric Glass Co. Ltd.

• Owens Corning

• PFG Fiber Glass Corporation (Nan Ya Plastics Corporation)

• Taishan Fiberglass Inc (Sinoma Science & Technology Co. Ltd.)

• Taiwan Glass Industry Corporation

Ask Analyst for Customized Report:

https://www.imarcgroup.com/request?type=report&id=3498&flag=C

Key Highlights of the Report:

• Market Performance (2018-2023)

• Market Outlook (2024-2032)

• Market Trends

• Market Drivers and Success Factors

• Impact of COVID-19

• Value Chain Analysis

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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