PUNE, India, May 03, 2021 (GLOBE NEWSWIRE) -- The global fiberglass market size is expected to reach USD 25,525.9 million by 2028, exhibiting a CAGR of 4.9% during the forecast period. The increasing application of fiberglass composites in the automotive industry will accelerate the market growth during the forecast period, states Fortune Business Insights, in a report, titled “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.” The market size stood at USD 17,316.8 million in 2020.
Delayed Shipments to Diminish Market amid Coronavirus
The COVID-19 pandemic had a severe impact on the automotive and construction industry. The temporary shutdown of manufacturing facilities and delayed shipments of materials have disrupted the supply chain and caused enormous loss. The restriction of import and export of construction materials and automotive components has negatively affected the fiberglass market.
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). However, the governments' lockdown lifts and ease of operations will aid in the recovery of the market.
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E-glass to Hold the Largest Share in the Global Market
Based on product, the market is divided into E-glass and specialty. E-glass is expected to account for a major share during the forecast period. E-glass offers exceptional performance qualities. The increasing use of environmentally friendly boron-free E-glass fiber is expected to bolster the segment's healthy growth. Based on the product, the market is classified into glass wool, yarn, roving, chopped strands, and others. Glass wool is expected to hold a significant share.
Based on the application, the market is divided into transportation, building & construction, electrical & electronics, pipe & tank, consumer goods, wind energy, and others. Transportation is expected to account for a high share due to government regulations, such as U.S. CAFE standards and carbon emission targets in Europe. The building & construction segment, on the other hand, generated 20.2% in 2020 in terms of share globally.
The report on the fiberglass market covers:
- Through analysis of all the sections in the market
- Informative data and figures
- Market trends and drivers
- Meticulous information about prominent companies
- Key development
Surging Transportation Industry to Aid Market Growth
The stringent regulation by governments to reduce carbon emissions will create demand for low-emission lightweight vehicles, which, in turn, will enable speedy expansion of the market. Composite fiberglass is widely used to produce lightweight cars as a substitute for aluminum and steel in the automotive industry. For instance, Weber Aircraft, a leader who designs and manufactures the aircraft seating system, California, and Strongwell produced fiberglass pultrusion, marking the first development of fiberglass 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 fibers offer 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. Similarly, Moi Composites, a tech start-up that 3D printers personalized goods using innovative composite materials, unveiled MAMBO (Motor Additive Manufacturing Boat), a 3D printed fiberglass boat at the Genoa Boat Show 2020.
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Increasing Industrialization to Intensify Market Growth in Asia Pacific
Asia Pacific is expected to account for a high fiberglass market share during the forecast period due to the flourishing construction industry in developing countries such as India, Indonesia, and Thailand. The region stood at USD 11,150.7 million in terms of revenue in 2020.
The rising use of fiberglass in electrical and thermal insulation is expected to enable the market's speedy expansion in the region. Moreover, the growing demand for electric vehicles in China will contribute positively to the market growth in Asia Pacific.
The increasing demand for more housing units in the U.S. and Canada will aid development in North America. The ongoing investment in infrastructure and smart city schemes will further create opportunities for North America. The demand for glass fiber for insulation, cladding, surface coating, and roofing raw material in the construction industry will boost the region's growth.
January 2021: Johns Manville introduced a thermal recycling unit for waste glass fibers at its Engineered Materials plant in Trnava, Slovakia.
The Report Lists the Key Players in this Market:
- 3B - the fibreglass 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
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Glass Type Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Fiberglass Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Fiberglass Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Glass Type (Volume/Value)
- By Product (Volume/Value)
- Glass Wool
- Chopped Strands
- By Application (Volume/Value)
- Building & Construction
- Electrical & Electronics
- Pipe & Tank
- Consumer Goods
- Wind Energy
- By Region (Volume/Value)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- By Glass Type (Volume/Value)
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