Driven by the Increasing Usage of Fiber Glass in the Construction and Automotive, the Global Fiber Glass Market is forecasted to Cross US$ 20 Bn By 2028 says Ken Research Study.
Fiberglass is a form of fiber-reinforced plastic whereas glass fiber is reinforced plastic. Fiberglass is lightweight, strong, and less brittle. The best part of fiberglass is its ability to get molded into various complex shapes. Fiberglass is lightweight, strong, and less brittle. The best part of fiberglass is its ability to get molded into various complex shapes.
“Ken Research shares 3 key insights on this high-opportunity market from its latest research study”
1. Increased Use of Fiberglass Composites in the Automotive and Construction Industries Provides an Opportunity for the Market Growth
According to Ken Research Analysis, the Global Fiber Glass Market was valued at ~US$ 12 billion in 2017. It is estimated to be ~US$ 15 billion in 2022 and is forecasted to reach a market size of ~US$ 20 billion by 2028, growing at a CAGR of ~5% from 2022 to 2028.
In the automotive industry, a higher strength-to-weight ratio is considered as an important factor for the manufacturing of automobiles. During manufacturing, materials that offer high strength and possess low weight help in delivering high mileage along with the enhanced fuel efficiency of vehicles. Premium car manufacturers demand high-strength material for which fiberglass is an apt choice. Hence, the automotive application consumes the majority of fiberglass in the world.
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In the construction industry, fiberglass is used in mesh fabrics that prevent cracks in interior walls, in floor covering, wall covering, self-adhesive drywall tapes, waterproofing frit, and others. There has been a significant rise in modern architecture in recent years, leading to the development of modern materials, which complement the art without compromising on the stability and strength of the structures formed.
2. Increasing Number of Wind Energy Capacity Installations is Fuelling the Market Worldwide
Fiberglass composites get widely used in the wind energy industry as they offer good strength and are lighter in weight. Most countries including China, Germany, Spain, and others are making efforts to restructure their energy systems in favor of renewable sources. According to the Global Wind Energy Council (GWEC), by the year 2035, the renewables industry is expected to generate more than 25% of the world’s electricity, out of which one-fourth is expected to be driven from the wind.
Wind energy is a viable option for the generation of electricity, as it is a cost-effective option while adding new generation capacity to the grid. The growing interest in renewable energy sources has led to more wind turbine installations worldwide, raising the need for fiberglass in wind turbine blade production.
The graph below represents the total worldwide wind energy capacity installations growth:
3. Emission of Harmful Chemicals into the Environment through the Production Process of Fiberglass is the Major Challenge Faced by the Market
Glass fiber processing consumes high amounts of energy and resources. For each kilogram of molten glass, the chemicals such as nitrogen dioxide, sulphur dioxide, chlorine, fluoride, and Volatile Organic Compounds, along with one-kilogram carbon dioxide are released into the environment. Fiberglass processing and production require a high volume of energy and resources which generally have an adverse impact on the environment. In the wake of climate emergency, governments across the world are implementing strict laws and mandates to curb emissions of harmful toxins from industries. These mandates are expected to hamper the production and consumption of fiberglass.
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Key Topics Covered in the Report
- Snapshot of Global Fiber Glass Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Fiber Glass Market
- Historic Growth of Overall Global Fiber Glass Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of Global Fiber Glass Industry
- Overview, Product Offerings, Strengths, & Weaknesses of Key Competitors
- Covid-19 Impact on the Overall Global Fiber Glass Market
- Future Market Forecast and Growth Rates of the Total Global Fiber Glass Market and Segments
- Analysis of Global Fiber Glass Market
- Major Production/Supply and Consumption/Demand Hubs within Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Region
Notable Key Players Mentioned in the Report
- Asahi Fiber Glass Co., Ltd.
- 3B – the fibreglass company
- China Jushi Co., Ltd.
- Johns Manville
- Knauf Insulation
- Nippon Electric Glass Co.,Ltd.
- Owens Corning
- Saint-Gobain
- xingtai jinniu fb glass
- Taiwan Glass Industry Corporation
Notable Emerging Companies Mentioned in the Report
- Fureho AB
- Spintex Engineering Ltd.
- Darshan Safety Zone
- Fibtex Products
- Smartshield Insulation
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Fiber Glass Manufacturers
- Fiber Glass Suppliers
- E-Glass Manufacturers
- ECR-Glass Manufacturers
- H-Glass Manufacturers
- AR-Glass Manufacturers
- S-Glass Manufacturers
- Fiber Glass Distributors
- Emerging and Startup Companies in Fiber Glass
- Government Departments of Polymers
- Ministries and Departments of Plastics
- Importers and Distributors of Fiber Glass
Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022E-2028F
For more insights on the market intelligence, refer to the link below: –
Global Fiber Glass Market: Ken Research
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