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The fiberglass market size is forecast to increase by USD 5.01 billion at a CAGR of 6.59% between 2023 and 2028. The market is experiencing significant growth due to several key factors. Firstly, the increase in residential and commercial construction projects is driving demand for fiberglass as a preferred material due to its durability and low maintenance properties. Secondly, the rising preference for lightweight materials in various industries, including transportation and construction, wind turbines is boosting the market growth. However, the availability of substitutes for fiberglass, such as carbon fiber and metals, poses a challenge to market players. To maintain competitiveness, manufacturers must focus on renewable energy, innovation and cost-effectiveness. In summary, the fiberglass market is expected to grow steadily due to increasing construction activities, the demand for lightweight materials, and ongoing research and development efforts to improve product offerings and compete with substitutes.
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In the market, raw materials like chopped strand, silica sand, soda ash, and limestone form the backbone of production, ensuring quality in products such as pipes, body panels, and wheelhouse assemblies. These components, reinforced with reinforced fabric and binding agents, contribute to the durability of various applications like front fascia and battery boxes. With its versatility and strength, fiberglass continues to be a preferred material for diverse industries, offering reliability and performance in demanding environments.
The composites segment is estimated to witness significant growth during the forecast period. Heterogeneous composites are formed by the assembly of two or more components with fillers or reinforcing fibers and a compactable matrix. The source matrix material can be polymeric, metallic, or ceramic. As the fiber reinforcement bears the majority of the structural load, it offers the composites certain properties such as their shape, surface appearance, environmental tolerance, and overall longevity.
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The composites segment was the largest segment and was valued at USD 8.24 billion in 2018. As a result, it leads to macroscopic stiffness and strength. A composite material can provide superior and distinctive mechanical and physical capabilities as it combines the most desirable characteristics of its elements while suppressing their least desirable characteristics. Some of the main end-users of fiberglass composites are automotive and construction. reinforced plastics (FRP) composites are increasingly adopted across automotive industries as they help to achieve fuel efficiency and the reduction of carbon dioxide emissions. Hence, such factors are expected to fuel the growth of this segment, which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that is significantly contributing to the growth of the global fiberglass market in APAC is the increasing adoption of fiberglass across various industries such as construction, automotive, electronics, and electrical industries.
Additionally, factors such as an increase in per capita income have resulted in a rise in construction activities, which has increased the demand for fiberglass in the region. Some of the leading countries that are significantly contributing to the growth of the global fiberglass market in APAC include China, India, and Japan. For instance, in China, there is rapid industrialization which has resulted in certain infrastructural developments fuelling the demand in the region. Hence, such factors are expected to drive market growth in the region during the forecast period.
The market is buoyed by a diverse array of applications spanning boats, electronic goods, storage tanks, and more. Utilizing glass fibers and glass wool, reinforced with materials like polyester and epoxy, it ensures structural integrity across various industries. From wind power to water treatment, fiberglass finds extensive use due to its resistance to corrosive media and versatility in panel assemblies and body parts. With silica-based materials and liquid resin enhancing fiberization, they remain integral to modern construction and manufacturing processes. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving market growth is the increase in residential and commercial construction. There is an increase in the adoption of fiberglass in roofs, walls, windows, and doors in both the residential and commercial sectors. Additionally, fiberglass is extensively used as composites in building constructions.
Moreover, GFRC comprises sand, hydrated cement, and fiberglass utilized for construction applications. It is widely used in facade panels, channels, and piping. The increasing adoption of fiberglass in construction activities is due to its certain properties, such as high tensile, flexural, and compressive strength. Hence, such factors are expected to drive market growth during the forecast period.
A key factor shaping the market growth is the increasing preference for lightweight materials. There is an increasing demand for lightweight materials that have high strength and excellent durability due to the increase in the growth of the construction, automotive, and wind energy industries. Lightweight materials are innovative designs that are essential for manufacturers to increase their market share.
Moreover, fiberglass is increasingly used as a replacement for steel and aluminum in automobiles as they exhibit high strength. Additionally, fiberglass is ideal for various applications across different industries due to its high strength-weight ratio. Hence, such factors are positively impacting the market which in turn will drive the market growth during the forecast period.
Health hazards associated with fiberglass are one of the key challenges hindering market growth. Even though there are numerous applications for fiberglass across various industries, such as buildings and construction, automotive, and consumer goods, there are several health hazards associated with it. One of the main health risks is that it easily enters the body because of its small size and can lead to certain diseases.
Moreover, short-term exposure, including direct contact inhaling dust particles, can lead to irritation to the skin, nose, and throat, whereas high exposure to airborne fiberglass can result in asthma or bronchitis, lung infection, and lung cancer. Hence, such factors are negatively impacting the market which in turn will hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecast report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is shaped by diverse factors, such as environmental concerns and the demand for energy-efficient buildings and vehicles. Lightweight and durable, this is a favored material in various industries, including the marine sector, where it's used for boat hulls, and the automobile industry, for automobile parts. Its composition, including elements like magnesium, silicon, and boron, contributes to its flexibility and impact resistance. With applications ranging from roofing to wind turbine construction, they offers thermal insulation and acoustic insulation properties, aiding in emissions reduction and improving energy efficiency in structural stability and fabric production. Its versatile use extends to lightweight vehicles and textiles, showcasing its importance in modern manufacturing.
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Market Scope |
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Report Coverage |
Details |
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Page number |
176 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.59% |
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Market growth 2024-2028 |
USD 5.01 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.18 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 37% |
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Key countries |
US, China, Germany, Canada, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
3B the fiberglass Co., AGY Holding Corp., ATKINS and PEARCE Inc., Berkshire Hathaway Inc., China Jushi Co. Ltd., Compagnie de Saint Gobain, Glassfibre and Allied Industries, Ideal Fibre Glass Industry, Knauf Insulation, Mecolam Engineering Pvt. Ltd. , Montex Glass Fibre Industries Pvt. Ltd., Nan Ya Plastic Corp., Newlook Fibre Industries, Nippon Electric Glass Co. Ltd., Owens Corning, Phelps Industrial Products LLC, Sinoma Science and Technology Co. Ltd., Trelleborg AB, Yoshino Gypsum Co. Ltd., and Yuntianhua Group Co. Ltd. |
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Market dynamics |
Parent market analysis, Market forecasting, market report , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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