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 2025“, The global fiberglass market is projected to grow from USD 11.5 billion in 2020 to USD 14.3 billion by 2025, at a CAGR of 4.5% from 2020 to 2025. Factors such as extensive use of fiberglass in the construction & infrastructure industry and the increased use of fiberglass composites in the automotive industry are driving the growth of fiberglass market.
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Based on product type, the glass wool fiberglass segment is estimated to account for the largest share of the fiberglass market in 2020. The glass wool segment is projected to lead the market in terms of both value and volume during the forecast period. However, towards the end of the period of 220-2025, the direct and assembled roving is projected to lead the global fiberglass market. . The rising demand for direct and assembled roving from the construction, infrastructure, and wind energy sectors is expected to drive this segment during the forecast period.
Based on application, the composites application segment is projected to lead the fiberglass market during the forecast period in terms of both, value and volume. The growth of this segment can be attributed to the demand from wind turbine blade manufacturers.
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The fiberglass market is estimated to grow from USD 11.5 billion in 2020 to USD 14.3 billion by 2025, at a CAGR of 4.5% from 2020 to 2025. Factors such as extensive use of fiberglass in the construction & infrastructure industry and the increased use of fiberglass composites in the automotive industry are driving the growth of fiberglass market.
Companies such as China Jushi Co., Ltd., Owens Corning, Nippon Electric Glass Co., Ltd., Taishan Fiberglass Inc. (CTG), Chongqing Polycomp International Corp. (CPIC), and Johns Manville Corp., fall under the winners’ category. These are leading players in the fiberglass market, globally. These players have adopted the strategies of expansions, new product launches, agreements, acquisitions, investments, new product developments, and partnerships, to increase their presence in the global fiberglass market.
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China Jushi Co., Ltd., is the leading player in the global fiberglass market and is estimated to have the highest share in the market. 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.
Another important player in the global fiberglass market is Owens Corning. 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.
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