Global Fiberglass Market Set to Reach $18.6 Billion by 2027, Driven by Automotive and Construction Industries
The global fiberglass market is anticipated to reach $18.6 billion by 2027, with a projected compound annual growth rate (CAGR) of 5.8% during the forecast period. This growth is driven by increased adoption in the automotive and construction industries, growing demand for composite components, favorable emission control regulations for fiberglass, and expanding wind energy installations. However, challenges such as raw material price instability, improper glass wool recycling, complex manufacturing processes, and disruptions caused by the COVID-19 pandemic hinder market growth.
The automotive sector extensively utilizes fiberglass due to its high strength-to-weight ratio, which enhances vehicle mileage and fuel efficiency. Additionally, fiberglass helps automakers meet stringent carbon dioxide emission regulations. In the construction industry, fiberglass serves as a wall covering, providing decoration, fire protection, and wall/ceiling renovation. These applications in both industries contribute to the market’s growth.
In terms of types, E-glass fiber is expected to capture the largest market share (approximately 21%) due to its cost-effectiveness, low weight, and corrosion resistance. The ECR glass fiber segment is projected to grow rapidly, and the D-glass fiber segment is expected to surpass $1,708.5 million by 2025.
When it comes to forms, the tow segment is anticipated to dominate the market at around 29%, driven by high demand. Chopped strand mats are expected to experience the fastest growth (6.9%), and the tape segment is poised to surpass cloth by 2023.
Continuous filament manufacturing is expected to hold the largest market share by manufacturing process, driven by its growing adoption in fiberglass production.
Polyester resin holds the largest market share (around 38%) in terms of resin usage. However, epoxy resin is projected to grow at a CAGR of 6.2% due to its strong bonding capabilities.
The construction industry segment is expected to hold the largest market share (over 30%) due to diverse applications like walls, roofs, and panels. The aircraft and aerospace sector is poised to grow the fastest (9.7%), and the marine industry is projected to reach $1,210.4 million by 2025.
In a regional overview, Asia Pacific commands the largest market share (approximately 52%) due to the robust automotive and construction sectors, particularly in India, Japan, and China. The Middle East and Africa region is witnessing growth due to an expanding automobile sector.
Key players in the fiberglass market include AGY Holding Corp, Asahi Fiberglass Co., Ltd., Binani 3B-the Fibreglass Company, and others. These players engage in collaborations, mergers, acquisitions, and new product launches to stay competitive. For example, Owens Corning’s acquisition of Vliepa GmbH in 2021 strengthened its nonwovens portfolio.
The global fiberglass market report provides insights into market dynamics, development, diversification, and competition. It identifies growth opportunities, technological advancements, market shares, and entry strategies, offering valuable insights for industry stakeholders.
In conclusion, the global fiberglass market is set to reach $18.6 billion by 2027, driven by its increased adoption in the automotive and construction industries. While challenges exist, such as raw material price instability and complex manufacturing processes, market growth prospects remain promising.
