Fiberglass Market is Anticipated to Cross USD 21.2 Billion by 2030 with a CAGR of 4.2% from 2022 to 2030; Rising Fiberglass Demand from the Construction and Automotive Industries to Propel Market Growth
SkyQuest’s research report on the fiberglass market is an invaluable resource for businesses looking to make informed decisions. Furthermore, the report showcases best practices and successful strategies adopted by leading companies in the market, providing a roadmap for businesses to emulate. Key decision-makers can rely on this report to comprehensively understand critical market factors and identify significant challenges that must be addressed.
Westford, USA,, March 10, 2023 (GLOBE NEWSWIRE) — The Asia Pacific region dominates the fiberglass market, with North America following closely behind. The market’s growth is attributed to the increasing use of fiberglass in manufacturing automobile and aircraft body parts, owing to its high strength and lightweight properties. This trend is projected to continue and drive market growth. The building and construction sector is another major contributor to the market, extensively used for insulation and composite applications. The demand for fiberglass is expected to increase in this sector as well, as it offers several advantages, such as durability and cost-effectiveness. Another factor driving the market’s growth is the stringent emission regulations set by authorities.
According to research by SkyQuest, the smart building market is estimated to attain significant growth and reach a value of USD 185.4 billion by 2028 with a CAGR of 11%. This presents excellent opportunities for the fiberglass market to expand as well. The projected growth of the smart building market presents significant opportunities for the fiberglass industry to expand and innovate. As the requirement for energy-efficient and sustainable building materials continues to increase, fiberglass is poised to play a major role in influencing the positive future of smart buildings.
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Browse in-depth TOC on “Fiberglass Market”
- Pages – 284
- Tables – 66
- Figures – 83
Fiberglass is a versatile and widely used material in various industries, including automotive, construction, and aerospace. It is made of thin glass fibers woven together to form a fabric-like material. The fibers are typically coated with a resin that hardens when exposed to air or heat, creating a strong and durable composite material.
Prominent Players in Fiberglass Market
- ASAHI FIBER GLASS Co., Ltd. (Japan)
- 3B – the fibreglass company (Belgium)
- China Jushi Co., Ltd. (China)
- LANXESS (Germany)
- KCC CORPORATION (South Korea)
- Owens Corning (U.S.)
- IMERYS GROUP (France)
- CTG Group (U.S.)
- Nippon Electric Glass Co., Ltd. (Japan)
- Johns Manville (U.S.)
- Chongqing Polycomp International Corp. (China)
- PFG FIBER GLASS CORPORATION (Taiwan)
- Taiwan Glass Ind. Corp. (Taiwan)
- Saint-Gobain Vetrotex (Mexico)
- Knauf Insulation (U.S.)
Building & Construction Segment to Attain Substantial Growth owing to Extensive Use of Fiberglass as Cost-Effective Construction Materials
The fiberglass market is dominated by the building and construction segment, which is projected to hold the largest market share from 2022 to 2030. This is because the building and construction industry is one of the largest consumers of fiberglass products. Fiberglass is used extensively in this sector for its excellent thermal and electrical insulation properties. The use of fiberglass in the construction industry is expected to increase further in the forthcoming years, owing to the growing demand for sustainable and energy-efficient buildings.
According to market research, the fiberglass industry is predicted to grow significantly in Asia between 2022 and 2030. This can be attributed to the flourishing construction industry in developing countries such as India, Indonesia, and Thailand. As fiberglass is a highly versatile and durable material, it is widely used in the construction industry for various applications, such as roofing, insulation, and reinforcement. Furthermore, the increasing adoption of fiberglass for electrical and thermal insulation purposes is expected to drive market growth in the region.
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Glass Wool Segment to Dominate the Market as a Result of Its Excellent Thermal and Sound Insulation Properties
The fiberglass market experienced significant growth in 2021, with the glass wool segment contributing a significant share to this expansion. Industry analysts predict that this trend will continue from 2022 to 2030, with glass wool taking the leading position in the market. This growth is largely attributed to glass wool’s increased insulation usage in the construction sector. As countries invest more in building infrastructure, the demand for insulation materials like glass wool is predicted to increase. Such a rising trend is likely to continue in the coming years, driving further growth in the market.
The North American fiberglass market is expected to experience a significant boost in the coming years, primarily driven by the increasing demand for housing units. In addition, this demand is being fueled by the ongoing investment in infrastructure and smart city schemes, creating numerous opportunities in the region. According to SkyQuest’s insights, by 2025, it is projected that there will be over 28 smart cities, with the majority being located in North America and Europe. This development is anticipated to influence the market in the region positively. The construction industry will particularly benefit from the rising demand for glass fiber for insulation, cladding, surface coating, and roofing raw materials.
To succeed in the fiberglass market, companies must adopt best practices and implement effective strategies to establish a strong foothold. SkyQuest’s recent report offers valuable insights for new entrants and established brands looking to differentiate themselves. By analyzing key market trends and consumer behavior, businesses can identify untapped opportunities and develop unique value propositions that set them apart.
Key Developments in Fiberglass Market
- Malarkey, a renowned roofing company, has acquired a fiberglass mat manufacturing facility from GlassTech Materials. The acquisition marks a significant move for Malarkey, allowing them to expand their production capabilities and product offerings. With the acquisition of the fiberglass mat manufacturing facility, Malarkey can offer a broader range of roofing products while maintaining their high standards for quality and performance.
- HomeTurf Inc. has recently announced its partnership with Barrier Reef Fiberglass Pools, a significant milestone for the company. This collaboration will undoubtedly strengthen HomeTurf’s position in the market and provide its customers with a wider range of high-quality pool options. With this new partnership, HomeTurf Inc. can offer its clients a broader range of pool designs, sizes, and colors. In addition, HomeTurf Inc.’s partnership with Barrier Reef Fiberglass Pools is a significant step forward, providing its customers with a more extensive selection of high-quality pool options.
- Saint-Gobain, a French multinational corporation specializing in manufacturing and distributing construction materials, has announced its acquisition of UP Twiga Fiberglass, an Indian company specializing in glass wool. The acquisition is a strategic move by Saint-Gobain, as it will enable the company to expand its global reach and strengthen its position in the construction industry. The acquisition of UP Twiga Fiberglass is part of Saint-Gobain’s broader strategy to invest in emerging markets, particularly in Asia. India is one of the fastest-growing economies in the world, and the acquisition of UP Twiga Fiberglass will allow Saint-Gobain to capitalize on this growth.
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Key Questions Answered in Fiberglass Market Report
- What are the key growth drivers in the global market, and how have they influenced the industry over time?
- What distinguishes the market leaders in terms of their market share, revenue, and competitive strategies?
- What emerging trends are likely to shape the market’s future, and how will they impact the growth and development of the industry?
- What specific factors have contributed to the success of certain players in the market, and how have they positioned themselves for future growth and competition?
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