Global Fiberglass Market: Highlights
- Fiberglass is the fiber made in different forms using molten glass as the raw material. Several glasses are introduced into the furnace to obtain fiberglass based on the end-application. These glasses include E-glass S-glass, ECR glass, C-glass and others.
- The fiberglass market is projected to grow at a CAGR of more than 4.5% from 2019 to 2027. Growth in lightweight vehicles coupled with upcoming wind energy projects in Asia Pacific market is likely to boost fiberglass market by 2027.
- The different forms of fiberglass are strands, rovings, yarn, mats, and fabric. Filament comes out of the bushing as the first product. These filaments are combined together to form either strands or yarn. These strands are pulled by the winders and wound into rovings which is used to make mats. The mats are also produced from strands.
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Global Fiberglass Market: Key Trends and Segments
- Fiberglass is a material with high strength, fatigue resistance, and stiffness. Therefore, it is utilized to manufacture blades for offshore and onshore wind turbines. The consumption of fiberglass in wind blade manufacturing has increased significantly due to technological advancements. Rising demand for wind energy is anticipated to drive the fiberglass market. Companies are signing long-term agreements in order to tap the market.
- Increasing demand for fiberglass from the automotive industry offers a lucrative opportunity to manufacturers of fiberglass that is employed in various vehicle components such as interiors, exteriors, chassis, and structural components. This trend is likely to continue during the forecast period.
- Availability of carbon fiber, due to its rigidity and lightweight properties, is a prominent challenge faced by the global fiberglass industry. Further, presence of numerous players from China supplying fiberglass at lower prices is creating a tough competition in the global fiberglass industry
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Global Fiberglass Market: Regional Highlights
- Middle East offers an interesting platform for the consumption of fiberglass due to the region’s increasing focus on construction industry in order to deviate from the decreasing revenue generation from oil production. This region also houses fiberglass production factories of leading players such as Jushi Fiberglass, Busubait Group, Gulf Fiberglass Factory, etc.
- Expansion of the automotive industry is driving the fiberglass market in Europe. Companies such as U.K.-based Cristex Composite Materials and Poland-based Fiberglass Fabrics are only into supplying fabrics to end-use industries. These companies do not have in-house fiberglass production. They rely on buying rovings from fiberglass manufacturers in order to produce fabric.
- North America accounted for more than 30% share in global fiberglass market in 2018. S glass and E glass are the major focus segments in terms of glass type in North America. Owens Corning and Johns Manville are key manufacturers of fiberglass in North America.
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Global Fiberglass Market: Competition Landscape
- Major companies manufacturing fiberglass include Owens Corning, Jushi Group Co., Ltd., Taishan Fiberglass Inc., Johns Manville, Chongqing Polycomp International Corp., Xingtai Jinniu Fiberglass Co., Ltd., Shandong Fiberglass Group Co., Ltd., Glasstex Fiberglass Materials Corp., etc. among others.
- A majority of global manufacturers of fiberglass have forward integrated operations. Numerous fiberglass manufacturers are opting for strategic alliances with OEMs for market penetration.
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