Fiberglass Market expected to reach US$ 2,687.3 Mn by the end of 2028

Published: Wed Mar 20 2019

Market Research Reports Search Engine (MRRSE) has recently updated its massive report catalogue by adding a fresh study titled "Fiberglass Market expected to reach US$ 2,687.3 Mn by the end of 2028". This business intelligence study encapsulates vital details about the market current as well as future status during the mentioned forecast period of 2028.The report also targets important facets such as market drivers, challenges, latest trends, and opportunities associated to growth of manufacturers in global market for Fiberglass Market. Along with these insights, the report provides the readers crucial insights on the strategies implemented by leading companies to remain in the lead of this competitive market.

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The global Fiberglass (Glass Fiber) Market was estimated to be around US$ 8,347.2 million in 2017. The global market is expected to register a CAGR of 4.3% over the forecast period (2018–2028).

Construction of the water supply systems and increase in the oil and gas exploration activities have led to a surge in demand for various fiberglass (glass fiber) products such as pipes & tanks, bathtubs and FRP panels during the forecast period in the MEA region. Fiberglass (Glass Fiber) is corrosion resistant and can withstand high temperatures and adverse conditions, due to which manufacturers prefer opting for fiberglass as an important manufacturing component. Attributed to these factors, demand for fiberglass continues to remain high in countries with high humidity level, extreme temperature conditions, and high soil salinity. Bound to the corrosion resistant and robust features, manufacturers are focusing on utilizing the fiberglass (glass fiber) in for pipes & tanks, and in water supply and storage applications

With the presence of various fiberglass (glass fiber) end-users in MEA region such as Middle East Fiber Glass (MFG), Gulf Fiberglass Factory (GFGF), Global Fiber Glass (GFG) and ADVANCED Fiberglass Industry LLC, demand for fiberglass (glass fiber) is expected to increase during the forecast period

However, utilizing glass fiber for manufacturing and construction purposes has led to various health problems such as rashes on the skin, irritation in eyes and stomach and soreness in throat and lungs. As small glass fibers have the ability to reach the lower parts of internal organs such as stomach, lungs, and skin, the risk of developing adverse health effects continues to persist among manufacturers and constructors. Due to the adverse effects of glass fiber, growth of the global fiberglass (glass fiber) market is likely to face headwinds during the forecast period.

Major players involved in the fiberglass (glass fiber) market are focusing on acquisition and expansion of their production capacities to enhance their operational efficiency and product portfolio. Also, strategic collaborations and joint venture will improve sales & distribution network of the fiberglass (glass fiber), which in turn is expected to boost growth of the global market during the forecast period.

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Fiberglass (Glass Fiber) Market is segmented on the basis of product type as:

  • Rovings

  • Mats

  • Strands

  • Fabrics

Fiberglass (Glass Fiber) Market is segmented on the basis of glass type as:

  • S-Class

  • E-Class

  • C-Class

  • ECR-Class

  • Others

Fiberglass (Glass Fiber) Market is segmented on the basis of application as:

  • Aerospace & Defense

  • Wind Energy

  • Construction

  • Marine

  • Sports & Leisure

  • Pipes & Tanks

  • Automotive

  • Others

Fiberglass (Glass Fiber) Market is segmented on the basis of region as:

  • North America

  • Latin America

  • Western Europe

  • China

  • APAC excluding China & Japan

  • Eastern Europe

  • MEA

  • Japan

From a regional perspective, the fiberglass (glass fiber) market in China is projected to witness the fasted growth over the forecast period. China is estimated to account for a revenue share of more than 32% in overall fiberglass (glass fiber) by 2028-end. However, the fiberglass (glass fiber) market in North America is expected to register a CAGR of 4.0 % in terms of volume over the forecast period. Fiberglass (glass fiber) market in North America is expected to reach US$ 2,687.3 Mn by the end of 2028, recording a CAGR of 8.7 % over the forecast period. Whereas the fiberglass (glass fiber) market growth rate in MEA and APAC excluding China & Japan is expected to remain relatively lower as compared to the global Fiberglass (Glass Fiber) Market average between 2018 and 2028.

Some of the players identified in the global fiberglass (glass fiber) market are Owens Corning, PFG Fiber Glass Corporation, CPIC Abahsain Fiberglass M.E., W.L.L., Chongqing Poly comp International Corp, and Jushi Group Co., Ltd. among others. Over the recent past, the industry players have focused acquisitions.

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