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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, 2021-2028

Region : Global | Format: PDF | Report ID: FBI102338

 

KEY MARKET INSIGHTS

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The global fiberglass market size was USD 17,316.8 million in 2020. The global impact of COVID-19 has been unprecedented and staggering, with fiberglass witnessing a slight drop in the demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of -0.66% in 2020. The market is projected to grow from USD 18,248.8 million in 2021 to USD 25,525.9 million in 2028 at a CAGR of 4.9% during the 2021-2028 period. The sudden decline in CAGR is attributable to the limitations on manufacturing sector, returning to pre-pandemic levels once the pandemic is over.


Extensive use of the product in the building & infrastructure industry is a major growth factor for its growth. The increased use of composites in the automobile industry is driving the market. The rising demand for wind energy is pushing the need for the product. In wind turbines, FRP composites are used, making the blades heavier with excellent fatigue and corrosion resistance.


Closures of Various End-use Industries to Hamper Market Growth amid COVID-19 Pandemic


The transportation and construction industry was majorly impacted by COVID-19, which therefore hampers the market. The COVID-19 pandemic has had a significant impact on the automotive industry, which is internationally interconnected. COVID’s effect on the industry includes interruption on Chinese shipments, large-scale disruption of products throughout Europe, and assembly plants' closing in the U.S. Nevertheless, more than 80 percent of the world's automotive supply chain is connected to China. In January 2020, auto prices in China collapsed by 18%.


The China Passenger Car Association (CPCA) believes that, relative to the first two months of sales, sales could decline by 40 percent or more. Global automakers will be impacted by production shortfalls arising from supply chain disruptions in China. Likewise, the pandemic has affected almost all markets, and the internationally interconnected automobile industry is no exception. Closures in warehouses, disruption of the supply chain, and diminishing demand have all taken their toll. As a result, specific car dealers closed indefinitely, allowing the floor plan's lending demand to contract. Companies such as Ford, Honda, General Motors, Fiat Chrysler Automobiles, and Tesla have temporarily suspended production.


The construction industry is likely to be negatively affected by the widespread shutdowns to minimize COVID-19 spread. Construction spending seems to have moderated long before the crisis began in earnest. Even ventures which can be permitted to proceed will be impacted indirectly. Many construction materials are imported from countries battled with COVID-19, many of which have shuttered factories to contain the pandemic. An indicator of current and planned construction market conditions for construction professionals, the RICS’ Global Construction Activity Index read -24 in Q2, reflecting both the effect on activity and a subdued outlook. While this metric was pessimistic across continents, it was the lowest (-40) in the Middle East and Africa, and in the Americas, it was the highest (-14).


LATEST TRENDS


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Continuous Expansion of the Wind Power Industry is a Prominent Trend


The wind power industry is one of the rapidly growing composite application industries, where reinforcing fibers are used in light rotor blade manufacturing. A fundamental feature of the design of wind blades is choosing suitable materials, which can affect many parameters such as weight, load & fatigue behavior, physical properties, etc. Materials such as bamboo, steel, and aluminium were used to manufacture wind blades many years earlier. In a cost-driven market, the wind industry relies on bottom-line prices and how to do more but pay less. Composite components allow high strength at a low weight, meaning that more extended and more powerful rotor blades can be generated cost-effectively for larger wind turbines.


The primary construction material used in the manufacture of wind turbine blades is glass. Wind turbines are primarily made of steel (71-79 percent of total turbine mass), resin, or plastic (11-16 percent), iron or cast iron (5-17 percent), copper (1 percent), and aluminum (0-2 percent), according to a study from the National Renewable Energy Laboratory. In many wind applications, composites, such as FRP, are used as reinforcement materials. Their elevated strength and rigidity characteristics make them ideal turbine components combined with their low weight and design versatility. In composites, the product has proved to be one of the most flexible materials to use. Ultimately, the ability to mold this fiber into complicated forms enables the blade maker to provide various alternatives to any particular concern.


DRIVING FACTORS


Growth of the Construction Industry Worldwide to Provide More Opportunities to Market


Glass fiber is predominantly used in the building industry as a composite. Its properties, such as fire resistance, anti-corrosive, lightweight, and exhibits excellent strength, are highly used in construction materials. It has been commonly used for non-structural components, such as piping, facade panels, and channels, in the building industry. As a result, the product's use in the building industry is growing, boosting demand in the market during the forecast period.


India is a country that is rapidly growing. Many infrastructure projects such as bridges, area development, bridge building, industrial area development are in the pipeline under the "Make in India" initiative of the Indian government. The product would be a useful material due to its strength & durability. It is expected that industrial growth would be advantageous to the Indian economy as it can lower construction costs. Since the product has various uses due to its strength and longevity in infrastructure, this would benefit the construction industry.


The demand for the product flooring sees an improvement in its valuation around the world. It would result in a huge increase in the building industry. During the forecast period, rising applications in manufacturing, residential and commercial buildings are expected to fuel the construction industry. Increased customer per capita income paired with properties such as ease of installation and aesthetics has prompted the construction industry's growth. The development of the construction industry serves as a main catalyst for the fiberglass market.


The growing popularity of the product is due to the widespread use of this glass in the construction industry. Owing to its waterproof qualities, the product is used as a highly efficient insulation material. In exterior and roof panel applications, the waterproof function of this material is effectively used. Again, due to its waterproofing capabilities, the product has indoor applications and in places where waterproofing is required.


Increasing Demand from Transportation Industry to Drive Growth


For transport applications, fiberglass composite materials are ideal because 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 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. For Weber Aircraft of Burbank, California, Strongwell produced FRP pultrusions, marking the first development of the product pultrusion for commercial aircraft applications. The parts of the aircraft are unusually complicated and geometric shapes. These 18 distinct shapes are door framing and panel joiners deployed onboard commercial Boeing 737 aircraft for modular lavatories. Both E Glass and S-2 glass provide special reinforcing properties that are important in these high-performance aerospace applications, including a combination of weight, fiber strength, tensile and compressive modulus, and impact resistance. Moi Composites, a tech start-up that 3D printers personalized goods using innovative composite materials, unveiled MAMBO (Motor Additive Manufacturing Boat), a 3D printed boat at the ongoing Genoa Boat Show 2020.


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 fiberglass 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 Generate High Revenue due to Tremendous Growth in Various End-use Industries


Based on the glass type, this 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. 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 environmentally friendly boron-free fiber is expected to drive the market during the forecast period.


By Product Analysis


Glass Wool Segment Lead Backed by Usage as an Acoustic and Indoor Thermal Insulation Material


Based on the 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 2020. 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. Coated with a scale that maximizes processability and efficiency for end-use. Ideal 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 FRP (Fiber Reinforced Plastics) and FRTP (Fiber Reinforced Thermoplastics) for automotive and electronics.


By Application Analysis


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Transportation Segment to Hold a Significant Share due to Stringent Government Regulations


Based on the 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 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 industry, most of these globally produced are used. A key driver for market growth is expected to be the 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 fiberglass is expected to create immense growth opportunities for the market.


REGIONAL INSIGHTS


Asia Pacific Fiberglass Market Size, 2020 (USD Million)

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The fiberglass market size in Asia Pacific stood at USD 11,150.7 million in 2020. 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. The growth of electric vehicles in China, combined with the redevelopment of the region's overall automotive industry, is also likely to drive the market.


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 will rebound from 2021 onwards, as the ongoing investment in infrastructure and smart city schemes will lend the construction industry in the area momentum. The growing construction industry in North America is expected to drive the market.  In the building & construction industries, 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. The majority of printed circuit boards are based on different fabrics with E-Glass yarns integrated. The yarn is used so the boards can satisfy important electrical, corrosion resistance, thermal conductivity, dimensional stability, and dielectric properties critical to the final components' performance. Thus, growing consumer electronics in the region is anticipated to fuel the market.


The Global Wind Energy Council released statistics showing a rise in wind capacity of 894 megawatts in the Middle East and Africa regions in 2019. Installations in Morocco and Saudi Arabia, a 1.8 GW installation in Egypt, and 3.3 GW installations in South Africa are projected to spur rapid growth. The growth of the wind power industry in the Middle East & Africa is expected to drive the market. As composite components allow high strength at a low weight, meaning that longer and more powerful rotor blades can be generated cost-effectively for larger wind turbines.


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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 Companies to Conduct Research and Development Activities to Increase Their Market Presence


A variety of multinational as well as regional manufacturers is part of the global demand for the market. Market-based companies are seen to concentrate on maintaining product distinction, leading to strong investments in R&D operations. To draw buyers and succeed in the general market, local manufacturers are gradually embracing the latest technologies in their brand. To gain an advantage over their peers, manufacturers are seen concentrating on improving product quality and building up strong production and export networks. Some of the key players operating in the global market are China Jushi Co., Ltd., Owens Corning, Nippon Electric Glass Co. Ltd., Chongqing Polycomp International Corp. (CPIC), and others


LIST OF KEY COMPANIES PROFILED:



  • 3B - the fiberglass company (Herve, Belgium)

  • LANXESS (Cologne, Germany)

  • Owens Corning (Ohio, U.S.)

  • IMERYS GROUP (Paris, France)

  • China Jushi Co., Ltd. (Jiangxi, China)

  • CTG Group (New York, U.S.)

  • Chongqing Polycomp International Corp. (CPIC) (Chongqing, China)

  • Nippon Electric Glass Co., Ltd. (Tokyo, Japan)

  • Johns Manville (Colorado, U.S.)

  • Taiwan Glass Ind. Corp. (Taipei, Taiwan)

  • PFG FIBER GLASS CORPORATION (Chia Yi Hsien, Taiwan)

  • ASAHI FIBER GLASS Co., Ltd. (Tokyo, Japan)

  • Knauf Insulation (Indiana, U.S.)

  • Saint-Gobain Vetrotex (Tiax, Mexico)

  • KCC CORPORATION (Seoul, South Korea)

  • Other Key Players


KEY INDUSTRY DEVELOPMENTS:



  • In April 2020, Warminster Fiberglass, LLC, based in Decatur, Alabama, announced the acquisition of Warminster Fiberglass, based in Southampton, Pennsylvania, with offices and activities in Jacksonville, Texas and Southampton, Pennsylvania.

  • In March 2020, UltraTech Cement, a member of the Aditya Birla group, acquired 3B Binani Glassfibre Sarl Luxembourg, a subsidiary of Binani Industries, by purchasing the company's pledged shares from Bank of Baroda London.

  • In August 2020, Sunrise Fiberglass has been acquired by National Composites, a multi-plant OEM supplier of bespoke fiber-reinforced plastic (FRP) and thermoformed products. This is the company's third purchase. National Composites offers four strategically placed factories in the Midwest, each with diverse capabilities and manned by professional fiberglass specialists with extensive expertise.


REPORT COVERAGE


An Infographic Representation of Fiberglass Market

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


















































  ATTRIBUTE



  DETAILS



Study Period



   2017-2028



Base Year



   2020



Forecast Period



   2021-2028



Historical Period



   2017-2019



Unit



   Value (USD Million) and Volume (Kilo Tons)



Segmentation



Glass Type; Product; Application; and By Region



By Glass Type




  • E-Glass

  • Specialty



By Product




  • Glass Wool

  • Yarn

  • Roving

  • Chopped Strands

  • Others



By Application




  • Transportation

  • Building & Construction

  • Electrical & Electronics

  • Pipe & Tank

  • Consumer Goods

  • Wind Energy

  • Others



By Region




  • North America (By Glass Type, By Application)



      • The U.S. (By Application)

      • Canada (By Application)





  • Europe (By Glass Type, By Application)



      • UK (By Application)

      • France (By Application)

      • Italy (By Application)

      • Spain (By Application)

      • Russia & CIS (By Application)

      • Rest of Europe (By Application)





  • Asia Pacific (By Glass Type, By Application)



      • China (By Application)

      • Japan (By Application)

      • India (By Application)

      • South Korea (By Application)

      • Taiwan (By Application)

      • Rest of Asia Pacific (By Application)





  • Latin America (By Glass Type, By Application)



      • Brazil (By Application)

      • Mexico (By Application)

      • Rest of Latin America (By Application)





  • Middle East & Africa (By Glass Type, By Application)



      • GCC (By Application)

      • South Africa (By Application)

      • Rest of the Middle East & Africa (By Application)







Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 17,316.8 million in 2020 and is projected to reach USD 25,525.9 million by 2028.

In 2020, the Asia Pacific market size stood at USD 11,150.7 million.

Registering a CAGR of 4.9%, the market will exhibit steady growth during the forecast period (2021-2028).

The transportation segment is expected to lead this market during the forecast period.

The growth of the construction industry across the globe is the key factor driving the market.

China Jushi Co., Ltd., Owens Corning, Nippon Electric Glass Co. Ltd., and Chongqing Polycomp International Corp. (CPIC) are the major players in the global market.

Asia Pacific dominated the market in terms of share in 2020.

The continuous growth in the wind power industry is expected to drive the adoption of these products.

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