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Fiberglass is a fiber-reinforced plastic material wherein glass fibers are used to reinforce the plastic resin base. The fibrous matrix provides the strength to the material and keeps it stiff yet lightweight. Fiberglass manufacturers have been producing the material since the 1930s, but it gained traction after it was recognized as an excellent thermal insulator, which can be used in the construction of walls and roofs. The manufacturers of fiberglass predict that the material is used for over 40,000 different applications, of which the key application areas are building insulation, vehicle body parts, printed circuit boards (PCBs), and storage tanks. The fiberglass manufacturers have made the usage of fiberglass by tweaking the production process to meet the requirements of the consumers.
Key Market Driver -
Demand for insulated building construction
Key Market Restraint -
Difficult processes to repair fiberglass products
The factors expected to drive the fiberglass market are increasing demand for insulated building walls and roofs. Fiberglass has a low heat transfer coefficient and low dielectric constant, which makes it suitable for usage in the construction of insulated walls and roofs. The demand for insulated housing has grown rapidly during the recent past, which drives the market for fiberglass.
The key factor restraining the adoption of fiberglass is the difficulty in repairing the fiberglass products as the materials required to repair fiberglass usually have a low shelf life and thus are to be kept in refrigerated conditions. Additionally, specialist equipment is necessary to carry the repair work, which further increases difficulties.
By form, the market is segmented into roving & yarn, strands & pellets, mats, fabric & cloth, and others. Based on type, the market is categorized into E-glass, S-glass, and others. Based on resin type, the market is bifurcated into thermosetting and thermoplastic. Based on application, the fiberglass market is segmented into construction, electrical & electronics, automotive & transport, industrial, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The major companies in the global fiberglass market report includes Asahi Fiber Glass Co., Ltd., PFG Fiber Glass Corporation, Saint-Gobain Vetrotex, Chongqing Polycomp International Corporation, Knauf Insulation, Jushi Group Co., Ltd., Owens Corning, Nippon Electric Glass Co., Ltd., Taishan Fiberglass Inc., Johns Manville, Binani 3B – The Fiberglass Company, Taiwan Glass Industry Corporation, and Performance Composites Inc.
The global fiberglass market has been segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific will be the leading region in the fiberglass market, as China and India are the largest consuming countries. The expanding application of fiberglass in the construction industry of these countries is the key reason for considerable growth in this region. North America is expected to be the second fastest-growing region. The reason behind the increase will be the demand for fiberglass as an electrical and thermal insulator in the construction of houses in the region.
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The market in Europe will show steady growth with demand from the automotive sector, keeping the market in traction. On the other hand, the emerging economies in South America and Middle East & Africa are expected to present an attractive opportunity to the market stakeholders as the industrial developments in these regions are increasing at a considerable pace. This has shifted the focus of end-use industries towards South America and Middle East & Africa.
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