Fiberglass Market worth $44.3 billion by 2028

Nov 17, 2023

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25 Apr, 2023, 04:00 ET

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CHICAGO, April 25, 2023 /PRNewswire/ -- The report "Fiberglass Market by Glass Type (E Glass, ECR Glass, H Glass, AR Glass, S Glass), Product Type (Glass Wool, Direct and Assembled Roving, Yarn, Chopped Strand), Application (Composites, Insulation), and Region - Global Forecasts to 2028", is estimated at USD 27.7 billion in 2022 and is projected to reach USD 44.3 billion by 2028, at a CAGR of 7.3% from 2023 to 2028. Factors such as the superior properties of fiberglass materials like corrosion resistance, lightweight and high strength, durability, and improved performance are positively driving the growth of the fiberglass Market. Furthermore, the rising applications from emerging economies and the adoption of composites and fiberglass will further propel the growth rate of the fiberglass market. The development of new technologies such as 3D printing, automation, and digital design tools is making producing fiberglass components easier and more cost-effective.

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Insulation application segment is expected to account for the second-largest market share in 2022.

Glass wool is an insulating material made from the fibers of glass, which is used for various insulation applications in residential, non-residential, and industrial construction. The layers of glass trap pockets of air between them, which provides thermal insulation properties to glass wool materials. Glass wool is used as a commercial and residential insulator as it helps reduce energy consumption. It is utilized in the form of a blanket to form a layer over walls and roofs to trap air. The insulating segment of the fiberglass market is expected to grow significantly in the coming years, driven by the versatility and effective insulation of fiberglass that can be used in various applications to improve energy efficiency and reduce energy costs.

E-glass segment held the largest market share in the fiberglass market

E-glass is a type of glass that is used in fiberglass manufacturing due to its high electrical insulation properties and resistance to alkalis. It is commonly used to produce composite materials for a wide range of industries, including aerospace, automotive, construction, and marine. The market for E-glass of fiberglass is expected to experience growth in the coming years due to the increasing demand for lightweight, durable materials in various industries. The aerospace and automotive industries, in particular, are expected to drive the E-glass fiberglass market's growth as they seek materials that can reduce weight and improve fuel efficiency.

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Asia Pacific is expected to account for the largest share in 2022

The fiberglass market has been studied in North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The Asia-Pacific fiberglass market is driven by the growing need for energy, which propels the need for fiberglass materials in construction, electronics, and other industries. The Asia Pacific region is one of the largest markets for fiberglass globally, with China, India, and Japan being the major contributors to the market growth. The increasing demand for fiberglass in various industries such as construction, automotive, aerospace, and wind energy is driving market growth in the region. China is the largest market for fiberglass in the Asia Pacific region, accounting for a significant market share. The country has a large number of fiberglass manufacturers, and the demand for fiberglass is expected to grow further due to the rapid growth of the construction and automotive industries. Major players operating in the fiberglass market China Jushi Co., Ltd. (China), Owens Corning (US), Chongqing Polycomp International Corp. (CPIC) (China), Nippon Electric Glass Co., Ltd. (Japan), are some of the market players.

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