Fiberglass and Glass Fiber Reinforcements Market Size, Share, Growth, and Industry Analysis, By Type (Fiberglass, Glass Fiber Reinforcements), By Application (Automotive and Transportation, Marine, Wind Energy, Building and Construction, Electricals and Electronics, Consumer Goods, Aerospace and Defense, Other) and Regional Insights and Forecast to 2031

Updated On: 06 May 2024

FIBERGLASS AND GLASS FIBER REINFORCEMENTS MARKET REPORT OVERVIEW

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The global fiberglass and glass fiber reinforcements market size was USD 8688.4 million in 2022 and will touch USD 11190 million by 2028, at CAGR of 4.3% during the forecast period.

Fiberglass is the best-known industrial material today and is made from raw materials such as silica sand, limestone and soda ash, which are available in almost unlimited quantities. They have useful properties such as hardness, transparency, resistance to chemical attack, stability and inertness and desirable fibers such as strength, flexibility and stiffness. Fiber reinforced materials are used to make structural composites, printed circuits and many specialty products.

Fiberglass fabric is used in a variety of construction applications such as roofing, insulation and reinforcement. Rising global construction costs are expected to increase the demand for fiberglass fabrics in the construction industry.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The global COVID-19 pandemic has been unprecedented and overwhelming, and demand for fiberglass is higher than expected in all regions compared to pre-pandemic levels. The sharp increase in CAGR is due to a post-pandemic recovery of demand to pre-pandemic levels. 4,444 Lockdown restrictions imposed during the COVID-19 pandemic have hampered production activities. Less demand for the product and strict government regulation minimizes the development of the market. Closure of production units and supply and chain disruptions. These factors contributed to the growth of the market during the pandemic.

LATEST TRENDS

"Increased Adoption Of Glass Fiber Reinforced Plastic In The Transportation Sector Will Drive Market Growth"

Glass fiber reinforced plastic market CAGR is due to the increased adoption of glass reinforced plastic in the transportation sector. One of the most important properties of glass reinforced plastic is lightness. GRP is extremely lighter than its steel counterparts, reducing transport costs and eliminating the need for heavy lifting equipment. In addition, the use of glass-reinforced plastic reduces the risk of injury from manual handling because it is easy to cut and handle on site. Because glass-reinforced plastic raw materials have a higher strength-to-weight ratio, they offer more mileage and lower fuel costs. As a result, vehicle production is expected to increase the demand for glass reinforcing materials in the transportation industry.

FIBERGLASS AND GLASS FIBER REINFORCEMENTS MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into Fiberglass, Glass Fiber Reinforcements.

Fiberglass reinforced laminates make up the majority of all composite production in many manufacturing processes.

Fiberglass is a form of fiber reinforced plastic where fiberglass is reinforced plastic.

• By Application

Based on application the global market can be categorized into Automotive and Transportation, Marine, Wind Energy, Building and Construction, Electricals and Electronics, Consumer Goods, Aerospace and Defense, Other.

In the automotive and transportation industries, fiberglass composites are often used to reduce weight while maintaining strength. Demand for fiberglass may increase in these sectors due to fuel efficiency and efficiency, and focus on even lighter materials.

The terms "wind energy" and "wind energy"; both describe the use of wind to produce mechanical power or electricity. This mechanical power can be used for specific tasks, such as grinding grain or pumping water, or a generator can convert this mechanical power into electrical energy.

A consumer or final product is an end product that is manufactured by a company and purchased by a consumer.

Building and construction broadly refers to any project in the field.

Electrical equipment converts electrical energy into another type of energy, such as heat, light or sound. Electronic devices control the flow of electrons to accomplish a task.

Aerospace and Defense (A&D) companies produce aircraft, ships, spacecraft, weapons systems, and defense equipment.

DRIVING FACTORS

"Increasing Adoption Of The Product In The Building And Construction Industry Boost Market Growth"

The increased adoption of the product in the building and construction industry is a key driver of fiberglass and glass fiber reinforcements market growth due to the excellent thermal insulation of this material. Moreover, their increased preference has been used in the construction industry since its inception due to its strength and productivity benefits. It has waterproof properties and highly effective insulating properties, making it ideal for ceiling coverings and outdoor applications, as well as indoor applications in areas where water is frequently used, such as kitchens and surgical rooms. In addition, they successfully improve the aesthetics of structures and make them visually pleasing. The nature of the composite material produced from this resin makes its formability attractive and durable. However, they are flexible and durable and provide adequate protection, which will increase its usage and contribute to revenue growth during the forecast period.

"Increase In Demand In The Automotive Industries Expand The Market Growth"

The use of fiberglass in the construction and automotive industries is increasing due to its lightness, strength and durability. Fiberglass is widely used in the production of various building materials such as insulation, roofing and panels. It is also used to make car parts such as body panels, bumpers and hoods. The demand for wind power is also increasing due to the need for renewable energy sources. Fiberglass is widely used in wind turbine blades due to its strength and lightness.

RESTRAINING FACTORS

"Limited Durability and Longevity to Potentially Impede Market Growth"

Volatility of raw material prices

The price of raw materials used in the manufacture of fiberglass, such as fiberglass and resins, is linked to fluctuations in global demand and supply. This may lead to instability in the prices of fiberglass products, which may affect the growth of the market.

FIBERGLASS AND GLASS FIBER REINFORCEMENTS MARKET REGIONAL INSIGHTS

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"North America Dominating the Market due to Growing Use Of These Panels In The Growing Automotive Industry"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

The North America region is expected to witness a highest fiberglass and glass fiber reinforcements market share of revenue during the forecast period due to the growing use of these panels in the growing automotive industry. The growing demand for reinforced plastics in cars is due to their resistance to damage, easier repair, increased economy and depreciation against cargo damage. In addition, the internal surfaces become smooth and do not grip or damage the goods and ensure safe delivery, which increases applications in commercial vehicles. It uses more mass without the need for posts and plywood cladding, further reducing costs. In addition, it is easy to clean and does not require repeated washing, because it is more difficult for dirt and moisture to stick to it. Additionally, it is steam cleanable with shorter working time, making it customizable and highly functional, which is expected to increase the demand for these panels in the region during the forecast period.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The fiberglass and glass fiber reinforcements market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• URSA Insulation (Spain)
• Taiwan Glass Ind Corp (Taiwan)
• Taishan Fiberglass (China)
• Superglass Holdings (U.K.)
• Saint-Gobain (France)
• SAERTEX Group (Germany)
• PPG Industries (U.S.)
• Owens Corning (U.S.)
• Nitto Boseki (Japan)
• Huamei Group Langfang Electric Resin (China)
• AGY (U.S.)
• Alghanim Industries (Kuwait)
• Asahi Fiber Glass (Japan)
• BGF Industries (U.S.)
• Braj Binani Group (India)
• China Fiberglass (China)
• Chomarat (France)
• Chongqing Polycomp International Corp (China)
• CSR company (India)
• Johns Manville (U.S.)
• Knauf Insulation (Belgium)
• Nippon Electric Glass (Japan)

INDUSTRIAL DEVELOPMENT

June 2022:  Owens Corning and Pultron Composites signed a joint venture agreement to produce industry-leading fiberglass barriers.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.