The demand for fiberglass has flourished incrementally due to the escalating production of aircraft and automobiles, particularly in these past few years. Market reports connected with the chemicals and materials industry have been made accessible by Market Research Future who publishes reports on other sectors that have been recently put out along with a report on this industry. The fiberglass industry is projected to be 4.5% until 2030. The fiberglass industry value is expected to go from USD 11.5 billion in 2020 to USD 14.3 billion by 2030
The upsurge in the industrial applications has led to diverse uses for fiberglass as it is an easily attainable and inexpensive composite fabric. Moreover, the demand gap in the African region is anticipated to further provide new prospects for market growth in the forecast period.
Segmental Analysis
The fiberglass industry globally is segmented on the basis of end users, types, and regions. On the basis of types, the market is segmented into C-glass, A-glass, D-glass, R-glass, E-glass, S-glass, among others such as ECR-glass, AR-glass etc. The segmentation of the market on the basis of application comprises of insulation and composites. The end user segment of the market is segmented into automotive, aerospace, construction, pharmaceutical, electrical, industrial, and others such as petrochemicals, wind energy, etc. The basis of segmentation of the market on the basis of region comprises of North America, Europe, Latin America, APAC, Middle East & Africa.
Detailed Regional Analysis
The Asia Pacific region is the observed to be a major market for fiberglass due to its escalating demand in several applications such as the electrical and automotive industry particularly in China, India followed by Japan. While, the rising demand in the construction industry particularly in developing countries such as Indonesia, India, and Thailand have made the Asia Pacific region the largest consumer of the fiberglass industry globally trailed by the growing consumption of Fiberglass in the North American region. Furthermore, regions such as the Middle East and Latin America are also witnessing growth in the fiberglass industry owing to many end-user industries such as automotive, aerospace, construction, electrical, industrial, pharmaceutical, and others.
Competitive Analysis
The ease of access to an appropriate labor force along with resources is influencing the market growth. The significant factors are motivating the market expansion which is dependent on the procedures and the strategic roadmaps that are used by market firms. The innovation in the products and services is the fundamental factor escalating the market's productivity and promoting the trends that are shaping the market. The chief success factors and players’ inclinations are steadily recovering due to the strategies that are being used by market companies. The market has ushered in a fresh period of growth as the market is constantly in a state of variability.
The noteworthy contenders in the market AGY Holding Corp. (U.S.), Saint-Gobain Vetrotex (Europe), PPG Industries Inc. (US), Owens Corning (US), Jushi Group Co. Ltd (China), W. L. Gore & Associates, Inc (US), Taishan Fiberglass Inc (China), Taiwan Glass Industry Corporation (Taiwan), PFG Fiber Glass Corporation (Taiwan), Fiber Glass Industries Inc (US), and Others.
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Industry Updates:
Aug 2018 Jushi which is China's massive fiberglass corporation has recently announced the completion of the production base of 200,000 tons of fiberglass by its branch in Egypt's Ain Sokhna district.