Deep Analysis of Impact of COVID-19 on “Fiberglass Market” Growth Worldwide….

Posted by Mrudula Anil Karmarkar on December 6th, 2023

San Francisco, 06 December 2023: The ReportFiberglass Market Size, Share & Trends Analysis Report By Application (Insulation, Liquid, Composites), By Type (Glass Wool, Yarn, Roving, Chopped Strands), By End-Use, By Region, And Segment Forecasts, 2018 - 2025

The global fiberglass market size is expected to reach USD 21.27 billion by 2025, expanding at a CAGR of 5.9%, according to a new report by Grand View Research, Inc. The market for fiberglass is anticipated to register growth with rising awareness among the population regarding the environmental benefits coupled with the economic benefits of using lightweight automobiles. In addition, extensive use of fiberglass in the building and construction industry and rising wind energy installations are expected to trigger the market growth.

Fiberglass composites segment is anticipated to be the fastest-growing owing to their extensive use in the automobile sector. They are used in automobile and aerospace sectors to make the vehicle lightweight and enhance performance. The composites are also used in the manufacturing of wind turbine blades and their structure.

Fiberglass insulation is used for thermal and electrical isolation in residential, commercial, and industrial buildings. Fiberglass can be used in construction in the form of walls, roofs, windows, and ladders. The aesthetic appeal of fiberglass coupled with growing construction spending globally is anticipated to drive the market.

In addition, the increasing use of fiberglass in wind energy installations, aerospace application, and consumer durables is expected to further boost the global fiberglass market.

The increasing use of fiberglass for the manufacturing of automobile and aircraft body parts owing to its high strength and lightweight properties is estimated to drive the market growth. In addition, extensive use of fiberglass in the building and construction sector for insulation and composite applications is likely to further propel the market further over the next eight years.

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 The market is expected to register growth due to the presence of stringent emission regulations set by authorities. This factor is compelling automobile manufacturers to choose fiberglass material for use in the production of vehicles. Moreover, growing awareness about renewable energy sources among the general public is pushing wind turbine installations globally. Fiberglass is extensively used in the manufacturing of wind turbine blades and other structural components.

Further key findings from the report suggest:

• In terms of revenue, the composites segment is projected to be the fastest-growing, at a predicted CAGR of 6.2% over the forecast period. The lightweight and high strength exhibited by fiberglass make it an ideal material for many end-use industries.
• Glass wool is the largest type segment in the fiberglass market. Extensive use of glass wool for thermal and electrical insulation is expected to boost the market.
• Asia Pacific is projected to emerge as the fastest-growing regional market, displaying a CAGR of 6.3% over the forecast period due to the presence of huge automobile market and rising disposable income in the region
• In terms of revenue, the automotive segment accounted for 34.4% of the total market share. The market share is expected to increase owing to the growing use of fiberglass composites in the manufacturing of a vehicle.
• A large number of companies have implemented advanced technologies for manufacturing products as per customer requirements. The companies are heavily investing in the research & development to launch innovative products in the market.

Fiberglass is widely used in insulation application in building and construction sector. Glass wool is mostly used in thermal and electrical insulation application in building and construction sector. Glass wool is spread in the attic of the building to maintain temperature inside the building. The market is expected to grow on account of increased construction spending in both developed and developing countries. In addition, new end use of fiberglass owing to its intrinsic properties of lightweight and high strength. The use of fiberglass in consumer durable products and electronics products is expected to drive the market over the forecast period.

The Asia Pacific is the largest consumer and producer of fiberglass owing to the presence of rapidly growing economies in the region such as China and India. Factors, such as the rising population, are likely to be the major drivers for the market in this region.

The availability of substitutes, such as aluminum and carbon fiber, are, however, likely to be one of the restraints to the market globally. Carbon fiber is lighter, stronger, and costlier in comparison to fiberglass. On the other hand, aluminum is low cost and available in abundance. The element is, however, heavier in comparison to fiberglass.