The global fiberglass market is growing pervasively, mainly due to the varied applications of the product in the bourgeoning automotive industry. The most easily available and cheapest composite fabric, fiberglass, also finds its uses in a diverse range of industrial applications, which is acting as a key tailwind to the growth of the market. Moreover, massive consumption of fiberglass in end-use industries, such as aerospace, electrical, pharmaceutical, and others escalate the market on the global platform.
According to Market Research Future (MRFR), the global fiberglass market is poised to reach a valuation of approximately USD 20.32 BN by 2023. In its recently published report, MRFR also asserts that the market would register a CAGR over 9.2% throughout the forecast period (2016 – 2023). The growing automotive and electrical industry on account of developing domestic as well as commercial market is boosting the growth of the fiberglass market.
Additionally, fiberglass applications in insulation are providing a considerable impetus to the market growth. Besides, the impressive growth in construction activities globally is influencing the growth of the market, creating a substantial demand for higher thermal efficiency, lightweight, strength, durability, and eco-friendly insulation products. Spreading awareness towards energy-saving properties of fiberglass is also driving the market demand notably.
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Conversely, increasing numbers of environment & health concerns alongside, fluctuating prices and the demand-supply gap in raw materials required for the production of fiberglass are acting as a key headwind, impeding the market growth. Nevertheless, huge spending in the defense sector for fiberglass products to be used in the latest armaments and weaponry systems would support the growth of the market throughout the review period.
Global Fiberglass Market – Competitive Analysis
Well-established, the fiberglass market appears to be highly competitive and fragmented due to the presence of several large and small-scale players. These players compete based on innovation, product features, quality, cost, and financial stability. They incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/ technology launch to maintain their market position. Major players increasingly invest in internal R&D and in acquiring other promising firms.
Players leading the global fiberglass market include AGY Holding Corp. (US), Jushi Group Co. Ltd (China), Saint-Gobain Vetrotex (Europe), Owens Corning (US), PPG Industries Inc. (US), Taiwan Glass Industry Corporation (Taiwan), PFG Fiber Glass Corporation (Taiwan), Taishan Fiberglass Inc (China), Fiber Glass Industries Inc (US), and W. L. Gore & Associates, Inc (US), among others.
Global Fiberglass Market – Segments
The report is segmented into four market dynamics to widen the scope of understanding,
By Type : A-glass, C-glass, D-glass, E-glass, R-glass, and S-glass, among others (AR-glass, ECR-glass, etc.).
By Application: Composites and Insulations.
By End-user: Aerospace, Construction, Automotive, Electrical, Industrial, and Pharmaceutical, among others (wind energy, petrochemicals, etc.).
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Fiberglass Market – Regional Analysis
The Asia Pacific region leads the global fiberglass market, witnessing a huge demand from various end-use industries, such as the automotive, construction, and electrical industry. Rapidly developing countries China, India, and by Japan, witness an enormous market demand. Moreover, increasing demand from the construction sector in India, Indonesia, and Thailand support the growth of the APAC fiberglass market.
The fiberglass market in North America takes the second position, led by the increasing consumption of the product. Increasing production capacities, high consumption potential, and the well-developed economy are driving the regional market. Moreover, increasing demand for fiberglass-based construction materials would boost the regional fiberglass market over the forecast period.
The European fiberglass market is emerging as a profitable market globally. Large consumption of the product in pharmaceutical, construction and electrical industry is a major tailwind pushing up the regional market growth. Furthermore, the automotive and aerospace sectors propel the growth of the regional market, consuming fiberglass exponentially.
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Industry, Innovation & Related News
- January 20, 2019 —- ZCL Composites Inc. North America’s largest manufacturer of environmentally friendly leading fiberglass tank brand announced that it has entered into a definitive agreement with Shawcor Ltd. (Canada), a global energy services company to sale its majority of stocks. According to the agreement, Shawcor will acquire all of the issued and outstanding common shares of ZCL by way of a court-approved plan of arrangement.
The agreement represents compelling value for ZCL shareholders and the next stage of growth. The acquisition would be implemented by way of a statutory plan of arrangement under the Canada Business Corporations Act and is subject to the approval of the Company’s security holders, relevant regulatory approvals and other customary closing conditions.
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