Fiberglass Market Size, Share & COVID-19 Impact Analysis, By Glass Type (E-Glass and Specialty), By Product (Glass Wool, Yarn, Roving, Chopped Strands, and Others), By Application (Transportation, Building & Construction, Electrical & Electronics, Pipe & Tank, Consumer Goods, Wind Energy, and Others), and Regional Forecast, 2022-2029

The global fiberglass market size was valued at USD 15.97 billion in 2021 and is projected to grow from USD 16.72 billion in 2022 to USD 22.48 billion by 2029, exhibiting a CAGR of 4.3% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with fiberglass experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global fiberglass market exhibited a decline of -1.2% in 2020 as compared to 2019.

Fiberglass is a material that consists of thin fibers of glass. It can be used as reinforcement or transformed into a woven layer. Silica sand, soda ash, and limestone are major components of the product. Due to its high mechanical strength, lightweight, and chemical stability it is used in a variety of applications ranging from aircraft, boats, automobiles, electronic goods, storage tanks, and pipes, among other things.

COVID-19 IMPACT

Increasing Demand from the Biomedical Industry to Boost Market Growth

The market growth was severely impacted by the declining sales of automobiles due to the COVID-19 pandemic. This also resulted in its fluctuating prices. Demand from manufacturers was affected by the shutdown of production activities and limited supply of auto parts. On the supply side, there was a decline in car sales and lower working capital. According to the Association of Indian Automobile Manufacturers (SIAM), from April to June 2020, Indian car sales decreased by 78.7% compared to the same period in 2019.

However, in June 2020, countries took initiatives to bring back the economic value chain on track by extending support to manufacturers to resume their operations. According to the European Automobile Manufacturers’ Association (ACEA), there was a rise in automotive sales by 10% in 2021 as compared to 2020.

The situation is gradually returning to normal and manufacturers operating in the market are creating opportunities due to increased global demand from the automotive sector. Increased use of lightweight components for automobiles with high efficiency, durability, and reliability is expected to surge the product demand in the coming years.

LATEST TRENDS

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Rising Demand for Lightweight Composites is a Prominent Trend

As environmental concerns grow, many industries are demanding lightweight application composites to reduce their carbon footprint. In addition, the increase in smart infrastructure construction is also driving the application of material to control overheating and maintain room temperature. Therefore, several government agencies around the world are investing more and more in the sustainable development of energy-efficient buildings, increasing its demand.

Additionally, numerous renovation and remodeling projects are replacing traditional building materials such as flooring, walls, windows, and panels with fiberglass for greater structural stability and better insulation. Apart from that, the significant growth in the renewable energy sector has increased the product demand for manufacturing various electrical devices for using safe and clean energy sources such as tidal and wind power.

Additionally, the growing automotive sector, along with the rising demand for fuel-efficient vehicles, is also increasing its use in panel assemblies, body panels, wheelhouse assemblies, front fascia, and battery boxes. It is also replacing the metal-based substitutes for pipes, tanks, and subsea systems in the water treatment and oil and gas sectors. All the factors mentioned above will continue to drive the global market growth in the coming years.

DRIVING FACTORS

Increasing Demand from the Transportation Industry to Drive Growth

For transport applications, these materials are ideal as they are lightweight, solid, rigid, have excellent protection from the elements, can be shaped into any size & form, and have an excellent cosmetic finish. It is used in the automobile and wind energy industries, owing to its low weight, high strength-to-weight ratio, and excellent longevity.

Due to the need for impact-resistant and lightweight materials, the marine and automotive sectors are among the main users of these glass fibers. To reduce carbon dioxide emissions, stringent regulations have been imposed on the automotive industry. This has encouraged the sector to introduce lightweight vehicles that are fuel-efficient to help reduce greenhouse gas emissions.

This composite is widely used to produce lightweight cars as a substitute for aluminum and steel in the automotive industry. This is expected to drive the market during the forecast period.

RESTRAINING FACTORS

Emission of Substances into the Environment may Obstruct Market Growth

Glass fiber processing consumes high amounts of energy and resources. For each kilogram of molten glass, in addition to nitrogen oxide and dioxide (NOx), sulfur dioxide (SO2), chlorine, fluoride, Volatile Organic Compounds (VOC), and particles, 1 kg of carbon dioxide (CO2) is released into the environment.

In comparison, for every ton of molten glass, 17 GJ of electricity is absorbed. Some 25% of this fiber is sent to landfills at the end of its life, amounting to around 250 000 tons/year in Europe. This results in a significant emission of substances into the environment and a decrease in landfill space. Due to its characteristics, GFRP is widely accepted. They are neither fusible nor soluble by the polymeric portion's thermoset nature, thereby preventing direct remelting or remolding.

These fabrics typically contain a significant quantity of inorganic fillers in addition to glass and polymeric matrix, so that they are widely considered as difficult to recycle. GFRPs then typically end up in landfills or incinerators with a detrimental environmental impact.

Thus, for the sustainable growth of the industry, the development of proper recycling technologies for glass wool and other composite materials is becoming significant.

SEGMENTATION

By Glass Type Analysis

E-glass Segment to Gain Momentum due to its Increasing Applications of from Various End-use Industries

By glass type, the market is segmented into E-glass and specialty. The E-glass segment held the major fiberglass market share and is likely to maintain this trend during the forecast period.

E-glass is also known as electrical glass. E-glass is produced from the oxides of magnesium, silicon, calcium, aluminum, and boron. Products made of e-glass are particularly resistant to abrasion and vibration and have excellent flexibility. This cloth is a plastic material widely used in marine, industrial, and aerospace applications and is lightweight woven.

E-glass fabric is considered to be the industry standard and offers an exceptional cost-performance balance. Increasing use of environment-friendly boron-free fiber is expected to drive the market during the forecast period.

The specialty type includes S-glass, ECR-glass, D-glass, AR glass, and others. Compared with S-glass, E-glass fiber is more widely used in fiber reinforced polymer composites industry. E-glass offers a great balance between cost and performance, is strong and stiff, and has excellent chemical, heat, and moisture resistance. Designed specifically for electrical application, one of the most important properties is the ability of e-glass to insulate the electricity.

By Product Analysis

E-glass Segment to Gain Momentum due to Increasing Applications from Various End-use Industries

Based on product, the market is segmented into glass wool, yarn, roving, chopped strands, and others. Glass wool segment held the prime share of the market in 2021.

As an indoor thermal and acoustic insulation material, glass wool is particularly used. Most commonly, they are applied under pitched roofs, wooden floors, or on inner walls. Glass wool mainly appears inside the house as when it comes in contact with damp, it quickly loses its insulation value.

Glass filament packages are sliced into specified lengths to produce chopped strands of these fibers. It is coated with a scale that maximizes processability and efficiency for end-use. It deals with technologies for compounding and injection molding.

Chopped strands are used as reinforcement materials worldwide in conjunction with high-performance resin with a certain substance, added to Fiber Reinforced Plastics (FRP) and Fiber Reinforced Thermoplastics (FRTP) for automotive and electronics.

By Application Analysis

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Transportation Segment to Hold a Significant Share Owing to Extensive Adoption of the Material

Based on application, the market is segmented into transportation, building & construction, electrical & electronics, pipe & tank, consumer goods, wind energy, and others.

Transportation constituted the primary share in terms of volume due to government regulations, such as the U.S. CAFE standards and carbon emission targets in Europe, placing pressure on OEMs to incorporate lightweight materials to reduce the vehicle's overall weight. In the construction and automotive industries, most of these globally produced are used.

A key driver for market growth is expected to be increasing construction activities in emerging economies coupled with the increased use of insulation per unit building industry. Also, the increasing demand for lightweight aircraft and automobiles during the forecast period is anticipated to increase the product demand further.

In the automotive, aerospace, and marine sectors, the increasing trend of replacing heavier metal components with lighter-weight material is expected to create immense growth opportunities for the market.

REGIONAL INSIGHTS

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Asia Pacific accounted for the largest share in the global market. Rising demand in the construction industry in developing countries such as India, Indonesia, and Thailand is projected to boost the market. The use of the product in electrical and thermal insulation is projected to boost the region's market coupled with rising growth in industrialization and government spending in the construction sector.

With the residential sector a core driver of the pick-up, with low-interest rates, and wage increases, helping to increase demand for more housing units, the year 2018 saw a dramatic rise in building growth across the U.S. and Canada. The development rate rebounded from 2021 onwards, as the ongoing investment in infrastructure and smart city schemes lent the construction industry in the area momentum.

The growing construction industry in North America is expected to drive the market. In the building & construction industry, this fiber is primarily used as insulation, cladding, surface coating, and roofing raw material.

The consumer electronics industry is in a mature phase in Europe and is supported by a high technology connectivity environment. The concept of smart workplaces and smart homes is growing the industry for consumer electronics items such as smart TVs, smart refrigerators, smart air conditioners, and more with advancing technologies. Thus, growing consumer electronics in the region is anticipated to fuel the market.

The increase in construction activities in the Middle East & Africa along with the expansion of the tourism business has bolstered the government to invest in housing construction, thus driving the regional market growth. The white land tax in Saudi Arabia initiated by the government is likely to have a major impact on the market. The increasing demand for new appliances in the region and the growing construction activities in most parts of the Middle East region are the key contributing factors to the market growth. The growth of the wind power industry in the Middle East & Africa is expected to drive the market.

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The main factor of the pipes & tanks industry in Latin America is the increase in oil disposal by numerous government and private organizations. The growing use of fiber in the pipe & tank industry is due to its excellent corrosion resistance, the predominant justification for changing FRP pipe tanks.

KEY INDUSTRY PLAYERS

Key Players are Adopting Strategies to Maintain their Position in the Market

The global market share is fragmented, with key players operating in the industry are LANXESS, Owens Corning, 3B - The Fiberglass Company, Shandong Fiberglass Group Corp, and Nippon Electric Glass Co., Ltd. Other key players include Taishan Fiberglass Inc. (CTG), Chongqing Polycomp International Corp., Johns Manville, Saint-Gobain Vetrotex, Specialty Coating Systems Inc., and others. Manufacturers are also expanding their business to gain competency in the industry and alleviate new entrants’ threats.

Market participants are fiercely competing with international and regional players with extensive distribution networks, regulatory know-how, and suppliers. In addition, companies sign contracts, acquisitions, and strategic partnerships with other market leaders to expand their existing markets.

LIST OF KEY COMPANIES PROFILED:

• LANXESS (Germany)


• Owens Corning (U.S.)


• 3B - The Fiberglass Comp (Belgium)


• Shandong Fiberglass Group Corp (China)


• Nippon Electric Glass Co., Ltd (Japan)


• Taishan Fiberglass Inc.(CTG) (China)


• Chongqing Polycomp International Corp. (China)


• Johns Manville (U.S.)


• Saint-Gobain Vetrotex (France)


• China Jushi Co., Ltd. (China)


• Taiwan Glass Industry Corporation (Taiwan)


• PFG Fiber Glass Corporation (Taiwan)


• Asahi Fiber Glass Co., Ltd. (Japan)


• Knauf Insulation (U.S.)


• KCC Corporation (South Korea)

KEY INDUSTRY DEVELOPMENTS:

• August 2022- Owens Corning launched a new PINK Next Gen Fiberglas insulation. This new insulation solution enables up to 23% faster installation compared to their existing products. The new advanced fiber technology creates a tightly woven network of soft, fine fibers that is super-resilient and forms a blanket of insulating micro-pockets.


• June 2022- Owens Corning announced to have signed an agreement to form a joint venture with Pultron Composites to manufacture fiberglass rebar. The agreement solidifies the company’s commitment to provide higher performance concrete reinforcement products in a sustainable manner.


• February 2021- Saint-Gobain Vetrotex developed a new sizing system, T34 a successor to their T30 product. The new T34 sizing system is developed to enable heat-cleaning operation without affecting the textile properties. According to the company the new sizing system has been able to produce excellent results without broken filaments during weaving processes.


• January 2021- Johns Manville announced the launch of a thermal recycling unit for glass fiber waste. The unit provides a projected recycling capacity of more than three tons per hour and will keep more than 10,000 tons of waste out of landfills annually.


• November 2020 – Johns Manville completed phase one of the fiberglass pipe plant expansion in Defiance, Ohio. The expansion added the first of two new production lines, improving JM’s ability to meet demand for Micro-Lok HP and Micro-Lok HP Ultra fiberglass pipe insulation, which is used primarily in commercial buildings.

REPORT COVERAGE

An Infographic Representation of Fiberglass Market

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The global market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, products, and end-use industries. Also, the report offers insights into fiberglass market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors contributing to the market's growth in recent years.

This report includes historical data & forecasts revenue growth at global, regional, and country levels and analyzes the industry's latest market dynamics and opportunities.

Report Scope & Segmentation