DUBLIN, March 24, 2023 /PRNewswire/ -- The "Global Fiber Glass Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Glass Type, Product Type, Application, End-User and Region" report has been added to ResearchAndMarkets.com's offering.
According to this analysis, the Global Fiber Glass Market was valued at ~US$ 12 billion in 2017. It is estimated to be ~US$ 15 billion in 2022 and is forecasted to reach a market size of ~US$ 20 billion, growing at a CAGR of ~5% owing to the rising demand from the manufacturing industry.
The expansion of the construction sector is the main driver for the growth of the fiberglass market. The market is growing due to a notable rise in attention paid to infrastructure and road quality. In the construction industry, fiberglass is used in mesh fabrics that prevent cracks in interior walls, floor covering, wall covering, in self-adhesive drywall tapes, waterproofing frit, and others.
There has been a significant rise in modern architecture in recent years, leading to the development of modern materials such as glass fiber.
The major challenge faced by the fiberglass market is the negative environmental effects during the production of the material. Fiberglass processing and production require a high volume of energy and resources which generally have an adverse impact on the environment.
Fiberglass production generates not just air pollution but also solid and liquid waste. Strict restrictions and standards established by the governments of different countries may impede the growth of the fibreglass industry, influencing the overall market.
The market was negatively impacted by the COVID-19 pandemic during the first half of 2020, as most of the end-use industries that use fiberglass were shut down and sales of fiberglass saw a major change of trend during this period.
Production halts and supply chain disruptions during the COVID-19 pandemic led to the suspension of several other activities along the value chain of industries, such as automotive, construction, aerospace, and others.
However, the market is expected to exhibit significant growth in the forecast period due to surging demand for fiberglass material products in the textile industry.
Scope of the Report
The Fiber Glass market is segmented by glass type, product type, application, end-user, and region. In addition, the report also covers the market size for each of the four regions' Fiber Glass market. The revenue used to size and forecast the market for each segment is US$ billion.
Key Trends by Market Segment
By Glass Type: The E-Glass segment held the largest market share in the global fiber glass market in 2021, due to its qualities such as high flexibility, corrosion, and abrasion resistance
E-glass is produced from the oxides of magnesium, calcium, boron, and aluminum It is lightweight woven plastic fabric that is frequently utilized in maritime, industrial, and aerospace applications
The S-glass segment is expected to register the highest CAGR during the forecast period, as it has high compressive strength, and high-temperature resistance, as a result, it is widely used in composites and textile industries.
By Product Type: The glass wool segment held the largest market share in the global fiber glass market in 2021, as it is widely used as an indoor thermal and acoustic insulation material.
Glass wool is a popular indoor thermal and acoustic insulation material. The product is most typically used beneath pitched roofs, on hardwood floors, or on interior walls.
The chopped strands segment is expected to register the highest CAGR during the forecast period, due to its wide usage as a reinforcement material with high performance resin in automotive and electronics industries.
By Application: The composites segment held the largest market share in the global fiber glass market in 2021, due to the rising automotive and construction industries.
The fiber glass composite materials help make automotive structures lighter in weight and exhibit high strength. With the rising environmental concerns, there is an increasing demand for lightweight composite materials across numerous industries for reducing carbon footprints.
Growing focus on the production of lightweight vehicles is driving the usage of fiberglass composites in the automotive industry.
By Region: Asia Pacificheld the largest market share among all other regions within the global fiber glass market in 2021, due to the growing demand for eco-friendly products that have led to technological advancements to augment the growth of the region.
The Asia Pacific is the largest consumer and producer of fiberglass owing to the presence of rapidly growing economies in the region such as China and India. Factors, such as the rising population, are likely to be the major drivers for the market in this region.
The rising disposable income coupled with the presence of key players in the Asia Pacific is likely to drive the regional market over the forecast period.
Frequently Asked Questions
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For more information about this report visit https://www.researchandmarkets.com/r/b2nk5x
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