The fiberglass market is projected to grow USD 27.7 billion in 2022 and is projected to reach USD 44.3 billion by 2028, at a CAGR of 7.3% from 2023 to 2028. During the forecast period, the global fiberglass market is expected to grow in the coming years, driven by increasing demand from various industries such as construction, automotive, and aerospace. The market is also expected to benefit from technological advancements in fiberglass manufacturing processes, making the material stronger, lighter, and more durable.
Based on glass type, ECR (Electronically Controlled Resin) glass is a type of glass fiber that has high strength and stiffness, making it suitable for use in applications that require high mechanical properties. The ECR-glass segment is expected to register the second-highest share of the fiberglass market due to the increased use of fiberglass composites.
The ECR glass is produced by melting a mixture of raw materials and then drawing them into fibers. The fibers are then treated with a special sizing agent to improve their compatibility with the resin matrix.
One of the key advantages of ECR-glass in fiberglass applications is its resistance to alkali environments. This makes it particularly suitable for use in concrete reinforcement, where it can help to improve the durability and longevity of the concrete structure.
ECR glass is also used to manufacture wind turbine blades, where its high stiffness and strength properties are critical to ensuring the efficiency and reliability of the blades. For example, In 2020, Owens Corning, a leading producer of glass fiber reinforcements, announced the expansion of its production capacity for ECR glass at its plant in Chambéry, France.
The expansion was aimed at meeting the growing demand for high-strength glass fiber products in the European market.
Based on application, The composites segment is expected to have the largest share of the fiberglass market in 2022 by value.
Fiberglass composites are increasingly being used in various industries due to their corrosion resistance, lightweight, and durability.
Composites are materials made by combining two or more constituent materials with different properties. The combination of fiberglass and other materials in composites allows for the creation of materials with specific properties tailored to the needs of a particular application.
Based on product type, the direct & assembled roving segment is expected to have the second-highest share fiberglass market in 2023. Direct roving is a type of fiberglass product made by pulling molten glass through a series of bushings, resulting in a continuous fiber strand.
This strand is then coated with a sizing agent to help it bond to resins or other materials during manufacturing. Direct rovings are used in a variety of applications, including wind turbine blades, boat hulls, automotive parts, and aerospace components.
Both direct roving and assembled roving are widely used in the fiberglass market and offer unique advantages depending on the specific application. Direct roving is typically faster and more efficient to produce, while assembled roving offers greater strength and durability.
Ultimately, the choice between direct and assembled roving will depend on the specific needs of the application in question.
Based on Region, Europe was the second largest market for the fiberglass industry in 2022, with Germany being the largest market in the region. Europe is a major producer of fiberglass, with several large companies operating in the region, including Owens Corning, Saint-Gobain, and AGY.
These companies produce a variety of fiberglass products, including reinforcements, insulation, and composites. One trend that was expected to drive growth in the fiberglass market in Europe was the increasing demand for lightweight materials in the automotive and aerospace industries.
Fiberglass is a lightweight and strong material, which makes it well-suited for use in these industries. In addition, the construction industry in Europe was expected to continue to grow, which would also drive demand for fiberglass products.
Fiberglass is commonly used in construction for insulation, roofing, and other applications.
Download PDF Brcohure :
Major players operating in the fiberglass market include China Jushi Co., Ltd. (China), Owens Corning (US), Saint-Gobain (France), Taishan Fiberglass Inc.
(CTG Group) (China), Chongqing Polycomp International Corp. (CPIC) (China), Nippon Electric Glass Co., Ltd.
(Japan), 3B-the Fiberglass Company (Belgium), Taiwan Glass Ind. Corp. (Taiwan), PFG Fiber Glass (Kunshan) Co., Ltd.
(China), Johns Manville (A Berkshire Hathaway Company) (US), ASAHI FIBERGLASS Co., Ltd. (Japan), Knauf Insulation (Belgium), and AGY (US).
These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies.
Furthermore, these companies have a significant market share, products with wider applications, broader geographical use cases, and a larger product footprint.
News From
MarketsandMarkets™
Category: Industry Reports & Market Analysis Profile: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, w …
This email address is being protected from spambots. You need JavaScript enabled to view it.
For more information:
http://www.marketsandmarkets.com/Market-…24844.html http://www.marketsandmarkets.com/Researc…market.asp http://www.marketsandmarkets.com/PressRe…rglass.asp http://www.marketsandmarkets.com/Market-…lassmarket http://www.marketsandmarkets.com/pdfdown…lassmarket
