According to the new market research report “Fiberglass Market by Glass Type (E-Glass, ECR-Glass, H-Glass, AR-Glass, S-Glass), Resin Type, Product Type (Glass Wool, Direct and Assembled Roving, Yarn, Chopped Strand), Application (Composites, Insulation), and Region – Global Forecast to 2024″, The fiberglass market is projected to grow from USD 17.1 billion in 2019 to USD 23.9 billion by 2024, at a CAGR of 7.0% from 2019 to 2024. The growth of the construction industry as well as increased use of fiberglass composites in the automotive industry are driving the market across the globe.
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Fiberglass is a strong lightweight material and is used for the manufacture of various products. Although it is not as strong and stiff as composites based on carbon fiber, it is less brittle, and its raw materials are cheaper. Its bulk strength and weight are also better than various metals, and it can be readily molded into complex shapes. Various types of glass fibers such as E-glass and S-glass are used to manufacture fiberglass. All these glasses contain silica or silicate, with varying quantities of oxides of calcium, magnesium, and sometimes boron. Applications of fiberglass include aircraft, boats, automobiles, bath tubs and enclosures, swimming pools, hot tubs, septic tanks, water tanks, roofing, pipes, cladding, casts, surfboards, and external door skins. The fiberglass market was estimated at USD 13.95 billion in 2017 and is projected to reach USD 18.75 billion by 2022, at a CAGR of 6.1% between 2017 and 2022.
Among types, the chopped strands segment is projected to be the fastest-growing segment in the fiberglass market during the forecast period.
Chopped strands are suitable for the hand lay-up process using thermoset resin systems for automobiles, re-creation, and chemical industries. Rising automotive production in the Asia Pacific and Europe is expected to drive the demand for the chopped strand type segment.
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The fiberglass market is projected to grow from USD 17.1 billion in 2019 to USD 23.9 billion by 2024, at a CAGR of 7.0% from 2019 to 2024. The growing construction industry around the world is driving the fiberglass market.
China Jushi Co., Ltd. (China), Owens Corning (US), Nippon Electric Glass Co., Ltd. (Japan), Taishan Fiberglass Inc. (CTG) (China), Chongqing Polycomp International Corp. (CPIC), (China), Johns Manville Corp. (US), Binani 3B-the Fibreglass Company (Belgium), Taiwan Glass Ind. Corp. (Taiwan), PFG Fiber Glass (Kunshan) Co. Ltd. (China), Asahi Fiberglass Co. Ltd., (Japan), Knauf Insulation (Belgium), Saint-Gobain Vetrotex (US), CertainTeed Corporation (US), Saint-Gobain ADFORS (US), and AGY Holding Corp. (US) are some of the leading players operating in the fiberglass market. These players have adopted the expansions, new product launches, agreements, acquisitions, investments, new product developments, and partnerships to enhance their position in the market.
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In April 2018, Owens Corning entered into technology licensing and manufacturing supply agreements with Taiwan Glass Ind. Corp. (Taiwan). The agreements will leverage the manufacturing platform of Taiwan Glass Ind. Corp. to produce a mix of products for thermoplastic and thermoset applications. This agreement expanded the geographic footprint of Owens Corning in the Asia Pacific region as well as increased the fiberglass production capacity to cater to the needs of customers in Europe and North America.
In May 2016, China Jushi Co., Ltd., began the construction of its first fiberglass manufacturing production line in Richland County (US). The production capacity of this production line is 80,000 tons. This expansion helped China Jushi Co., Ltd. enhance its market penetration in the composites material industry in the US.
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