Fiberglass Market Size, Share, Top Key Players, Growth, Trend and Forecast Till 2027

The global fiberglass market is likely to reach USD 15.79 Billion by 2027, according to a current analysis by Emergen Research. This growth of the market can be attributed to the rising demand for insulated building roofs and walls. The low heat distribution gradient and non-conductive nature of fiberglass, which make it suitable for utilization in the construction of insulated roofs and walls, has driven the fiberglass market. Extensive usage of fiberglass composites across various industries, such as chemical petrochemical, oil gas, pulp paper, offshore drilling, mining mineral, waste wastewater, metal processing, and food processing industries, is contributing to the fiberglass market. A key factor driving the market is that fiberglass composites are highly customizable and they offer several advantages over traditional materials.

Covid-19 impact: The COVID-19 pandemic has severely affected the automotive transportation industry, the aerospace industry, and the construction infrastructure industry. It has disrupted the supply chain for raw material, affecting the demand for fiberglass products in end-use industries. Consumer buying behavior has changed, as people are facing a financial crisis, which has affected sales of automotive vehicles all over the world. The lockdown has restricted airline services across the international borders, which has decreased the demand for new aircraft, thereby affecting sales of the fiberglass material.

The report considers COVID-19 as a key contributor of the dynamically altered market scenario. The report covers a comprehensive impact analysis of the global health crisis on the overall growth of the market. Furthermore, the report covers the current and future impact of the COVID-19 crisis on the market and its key segments.

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The Global Fiberglass Report is a panoramic study of the overall Fiberglass market published by Emergen Research and covers a wide-ranging analysis of the technological advancements and product developments in the Fiberglass market. The report provides a detailed analysis of the key factors of the Fiberglass market that are expected to have a positive impact on the growth of the Fiberglass industry.

Regional Overview:

The global Fiberglass market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East Africa. It evaluates the presence of the global Fiberglass market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements.

Competitive Outlook:

The global Fiberglass market is highly consolidated due to the presence of a large number of companies across this industry. These companies are known to make hefty investments in research and development projects. Also, they control a considerable portion of the overall market share, thus limiting the entry of new players into the sector. The global Fiberglass market report studies the prudent tactics undertaken by the leading market players, such as partnerships and collaborations, mergers acquisitions, new product launches, and joint ventures.

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Key Highlights of Report

In August 2020, Owens Corning announced a new product line called FOAMULAR^® NGX insulation. The proprietary blowing agent in this new line of extruded polystyrene (XPS) foam products delivers 90% reduction in global warming potential (GWP), without sacrificing product performance.
The glass wool segment held the largest market share of 33.5% in 2019. Increasing expenditure on ongoing construction projects in developed as well as developing economies has resulted in increased demand for glass wool.
The composites segment is projected to expand at the most rapid CAGR of 5.0% during the forecast period. The non-conductive nature and lower heat distribution gradient of fiberglass help in making it a great electric insulator. Also, it saves energy and lowers utility bills, which has increased utilization of fiberglass composites in the construction infrastructure industry.

Key market participants include TAISHAN FIBERGLASS INC. (CTG), Owens Corning, Nippon Electric Glass Co., LTD., Binani 3B-The Fibreglass Company, China Jushi Co., Ltd., Taiwan Glass Ind Corp., PFG Fiber Glass (Kunshan) Co., Ltd., Johns Manville Corp., Knauf Insulation, and AGY Holding Corp.

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Emergen Research has segmented the global fiberglass market on the basis of type, application, end-use, and region: