Rising Demand for FRP Fiberglass in Wind Turbines and Construction Spurs Growth, Forecasting 4.3% CAGR in Global Fiberglass Market to 2028

Posted on 2024-03-15 by Future Market Insights in Chemicals // 0 Comments

Fiberglass

According to the global fiberglass industry report, the rovings segment by product type is expected to dominate the overall market accounting for over 57% revenue share by 2028-end. The fiberglass (glass fiber) market is expected to register a CAGR of 4.3 % during the forecast period (2022 to 2028). The global fiberglass (glass fiber) market is expected to expand at a CAGR of 4.3 %, accounting for US$ 13.1 Billion by the end of 2028

High use of FRP fiberglass in wind turbines, increasing demand for fiberglass concrete in the construction industry, rising demand for corrugated fiberglass and fiberglass panels from the automotive and transportation sectors, increased use of composite materials across industries, etc., are some of the major factors driving fiberglass shipments.

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Global Fiberglass (Glass Fiber) Market Dynamics

With the growing need for developing walls, doors, windows, and roofs, demand for fiberglass is likely to remain high in the construction industry. Glass fiber is also used as a composite in the construction industry. Manufacturers are utilizing GFRC (glass fiber reinforced concrete), which contains hydrated cement, glass fibers, and sand for diverse construction purposes. Incorporation of the fiberglass enables manufacturers to integrate robust features such as anti-corrosiveness, high compressive strength, tensile strength, and lightweight. In addition, manufacturers prefer utilizing fiberglass pertaining to the low maintenance cost and erosion. On account of these factors, the growth of the global market is expected to remain positive over the coming years.

Further, a growing number of construction projects in various developing countries such as India, Brazil, and China have led manufacturers to invest in fiberglass as an effective insulation component. As fiberglass continues to remain a cheaper alternative for insulation in the construction industry, the global fiberglass (glass fiber) market is likely to witness significant growth during the forecast period

However, increasing instances of health hazards such as rashes on the skin, irritation in the eyes and stomach, and soreness in the throat and lungs among workers and constructors due to fiberglass have posed challenges to the market growth. As the small glass fibers have the ability to reach the lower parts of internal organs such as the stomach, lungs, and skin, risks related to adverse health effects continue to persist. Due to the adverse health effects of fiberglass, manufacturers are looking for cheaper and safer alternatives. Based on these factors, the growth of the global fiberglass (glass fiber) market is likely to face headwinds during the forecast period

Major players identified in the fiberglass (glass fiber) market are focusing on increasing their production capacities and acquisition to enhance their operational efficiency, and product portfolio. Also, strategic collaboration and joint ventures witnessed among leading market players are likely to improve sales and distribution networks. Due to these factors, the growth of the global market is expected to gain speedy momentum during the forecast period.

Global Fiberglass (Glass Fiber) Market Competitive Landscape

Some of the players identified in the global fiberglass (glass fiber) market are

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

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Key Segments of the Fiberglass Industry Survey

By Product Type:

Fiberglass Rovings
Fiberglass Mats
Fiberglass Strands
Fiberglass Fabrics

By Glass Type:

S-Glass
C-Glass
E-Glass
ECR-Glass
Others

By Application:

Automotive
Aerospace & Defense
Wind Energy
Construction
Marine
Sports & Leisure
Pipes & Tanks
Others

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