Fiberglass Market Size, Share & Industry 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, 2024-2032

The global fiberglass market size was valued at USD 13.15 billion in 2023 and is projected to grow from USD 13.78 billion in 2024 to USD 20.05 billion by 2032, exhibiting a CAGR of 4.8% during the forecast period. Asia Pacific dominated the fiberglass market with a market share of 52.17% in 2023. Moreover, fiberglass in the U.S. is projected to grow significantly, reaching an estimated value of USD 3.79 billion by 2032, driven by the increasing preference for green fiberglass and to align with climate objectives.

Fiberglass is a material made of thin fibers of glass. It can be used as reinforcement or transformed into a woven layer. Silica sand, soda ash, and limestone are major components of the product. Due to its high mechanical strength, lightweight nature, and chemical stability, it is used in a variety of applications ranging from aircraft, boats, automobiles, electronic goods, storage tanks, and pipes, among others.

The declining sales of automobiles severely impacted the growth of the market due to the COVID-19 pandemic. Demand for this material from manufacturers was affected by the shutdown of production activities and limited supply of auto parts. However, in June 2020, countries took initiatives to bring back the economic value chain on track by extending support to manufacturers to resume their operations. According to the European Automobile Manufacturers’ Association (ACEA), automotive sales rose by 10% in 2021 as compared to 2020. The situation gradually returned to normal, and manufacturers operating in the market started creating new opportunities due to increased product demand from the automotive sector.

Fiberglass Market Trends

Rising Demand for Lightweight Composites is a Prominent Market Trend

As environmental concerns grow, many industries are demanding lightweight composites to reduce their carbon footprint. In addition, increase in smart infrastructure construction is driving the application of this material to control overheating and maintain room temperature in buildings. Therefore, several government agencies around the world are investing more in the sustainable development of energy-efficient buildings, thereby increasing the product’s demand.

Additionally, numerous renovation and remodeling projects are replacing traditional building materials with fiberglass for greater structural stability and better insulation. Apart from that, significant growth in the renewable energy sector has increased the product demand for manufacturing various electrical devices for using safe and clean energy sources such as tidal and wind power.

Additionally, the growing automotive sector, along with the rising demand for fuel-efficient vehicles, is increasing the product’s use in panel assemblies, body panels, wheelhouse assemblies, front fascia, and battery boxes. It is also replacing metal-based substitutes for pipes, tanks, and subsea systems in the water treatment and oil & gas sectors. These factors will continue to drive the global fiberglass market growth in the coming years.

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Fiberglass Market Growth Factors

Increasing Product Demand from the Transportation Industry to Drive Market Growth

Glass fibers have been utilized in the transportation sector as reinforcing since mass-produced pultrusion approaches were first documented. A matrix of liquid resin was combined with continuous reinforced fabric strands to make developments in the structural integrity of the material, further allowing the glass wool to be developed into high-strength structural shapes. This material shows superior strength-to-weight ratio for the transit sector, with improved resistance to many corrosive media.

For transport applications, these materials are ideal as they are lightweight, solid, rigid, offer excellent protection from external 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.

Moreover, structural reinforcements and crash protection systems are now progressively being produced using strengthened polymer materials. For instance, Chrysler, a brand of vehicle owned by Stellantis, has been using fiberglass products to build a supporting beam for a blow-molded plastic fuel tank owing to the material’s advanced thermal characteristics and resistance from corrosion.

Due to the need for impact-resistant and lightweight materials, the marine and automotive sectors are some of the main users of fiberglass. To reduce carbon dioxide emissions, stringent regulations have been imposed on the automotive industry. It has encouraged the sector to introduce lightweight vehicles that are fuel-efficient to reduce greenhouse gas emissions. This composite material is widely used as a substitute for aluminum and steel in the automotive industry to produce lightweight cars. This is expected to drive the market progress during the forecast period.

RESTRAINING FACTORS

Emission of Harmful Substances into Environment May Obstruct Market Growth

Fiberglass 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 (VOCs), 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 consumed. 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 harmful substances into the environment and a decrease in landfill space. Due to its characteristics, Glass Fiber Reinforced Polymer (GFRP) is widely accepted. It is neither fusible nor soluble by the polymeric portion's thermoset nature, thereby preventing direct re-melting or remolding.

These fabrics typically contain a significant quantity of inorganic fillers in addition to glass and polymeric matrix, so they are difficult to recycle. GFRPs then typically end up in landfills or incinerators and have a detrimental environmental impact.

Thus, for the sustainable growth of the industry, the development of proper recycling technologies for glass wool and other composite materials is becoming crucial.

Fiberglass Market Segmentation Analysis

By Glass Type Analysis

E-Glass Segment to Gain Momentum Due to Its Increasing Applications in Various End-use Industries

By glass type, the market is segmented into e-glass and specialty. The e-glass segment held the largest market share and is likely to maintain this position during the forecast period as well.

E-glass is also known as electrical glass. E-glass is produced from the oxides of magnesium, silicon, calcium, aluminum, and boron. Products made of e-glass are resistant to vibration and abrasion, and have excellent flexibility. This cloth is a plastic material widely used in marine, aerospace, and industrial applications and is lightweight.

E-glass fabric is considered the industry standard and offers an exceptional cost-performance balance. Increasing use of environment-friendly boron-free fibers is expected to drive the segment’s growth during the forecast period.

The specialty segment includes S-glass, ECR-glass, D-glass, AR glass, and others. As compared to s-glass, e-glass fiber is more widely used in the fiber reinforced polymer composites industry. E-glass is strong, stiff, and has excellent chemical, heat, and moisture resistance. Designed specifically for electrical applications, one of the most important properties of e-glass is its ability to insulate electricity.

By Product Analysis

Glass Wool Segment to Dominate Market Owing to Rising Demand for Insulation Materials

Based on product, the market is segmented into glass wool, yarn, roving, chopped strands, and others. The glass wool segment accounted for the largest market share in 2023. As a thermal and acoustic insulation material, glass wool is mainly used in indoor applications. Most commonly, it is applied under pitched roofs, wooden floors, or on inner walls. Glass wool appears inside the house as once it comes in contact with a damp area, it quickly loses its insulation value.

Glass filament packages are sliced into specified lengths to produce chopped strands of fiberglass. It is coated with a scale that maximizes processability and efficiency for end-use. It deals with compounding and injection molding technologies.

Chopped strands are used as reinforcement materials across the world in conjunction with high-performance resin with a certain substance added to Fiber Reinforced Plastics (FRPs) and Fiber Reinforced Thermoplastics (FRTPs) for electronics and automobiles.

By Application Analysis

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Transportation Segment to Hold Leading Market Share Owing to Rising Demand for Zero-Emission Transport

Based on application, the market is segmented into transportation, building & construction, electrical & electronics, pipe & tank, consumer goods, wind energy, and others.

The transportation segment held the largest market share in terms of volume due to stringent government regulations, such as the carbon emission targets in Europe and the U.S. CAFE standards. These rules have created pressure on OEMs to include lightweight materials to reduce the overall weight of the vehicles.

Increasing construction activities in emerging economies and the rising use of insulation in buildings are expected to be the key drivers for the market’s growth. Also, the increasing demand for lightweight aircraft and automobiles is anticipated to increase the product demand during the forecast period.

In the automotive, aerospace, and marine sectors, the increasing trend of replacing heavier metal components with lighter-weight materials is expected to create immense growth opportunities for the market.

REGIONAL INSIGHTS

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Asia Pacific accounted for the largest fiberglass market share in 2023. Rising demand in the construction industry of developing countries, such as India, China, Indonesia, and Thailand, is projected to boost the market expansion. The product’s use in electrical and thermal insulation coupled with rapid growth in industrialization and government spending in the construction sector is projected to boost the regional market’s growth.

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The residential sector in North America is expected to drive the market growth. The low-interest rates on housing finances, and wage increase are the factors helping to increase the demand for housing units. Hence, there is a rise in construction of buildings across the U.S. and Canada. The construction of housing units rebounded from 2021 onwards as the ongoing investment in infrastructure and smart city schemes lent momentum to the region’s construction industry.

With the residential sector a core driver of the pick-up, with low-interest rates, and wage increases, it helps 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 rebounded from 2021 onwards, as the ongoing investment in infrastructure and smart city schemes lent momentum in the construction industry.

The growing construction sector in North America is expected to drive the market growth. In the building & construction industry, the product 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 boosting the demand for consumer electronic items, such as smart TVs, smart refrigerators, smart air conditioners, and more. Thus, growing consumer electronics sector in the region is anticipated to fuel the market expansion.

The increase in construction activities in the Middle East & Africa region along with the expansion of the tourism sector motivated the government to invest in housing construction, thus driving the regional market growth. The white land tax in Saudi Arabia initiated by the government is likely to have a major impact on the market. The increasing demand for new appliances in the region and growing construction activities in most parts of the Middle East are the key factors contributing to the market’s growth. The expansion of the wind power industry in the Middle East & Africa is also expected to drive the market.

The main factor contributing to the Latin America market growth is the increasing use of pipes and tanks in oil disposal by numerous government and private organizations. The product use in the region’s pipe & tank industry is growing due to its excellent corrosion resistance, which is also a predominant justification for changing FRP pipes and tanks.

List of Key Companies in Fiberglass Market

Key Players are Adopting Business Expansion Strategies to Maintain their Market Position

The global market is fragmented with key players, such as LANXESS, Owens Corning, 3B - The Fiberglass Company, Shandong Fiberglass Group Corp., and Nippon Electric Glass Co., Ltd. Manufacturers are expanding their business to gain competency in the industry and alleviate the threat of new entrants.

Market participants are fiercely competing with international and regional players with extensive distribution networks, regulatory know-how, and suppliers. In addition, these companies are signing contracts and engaging in acquisitions and strategic partnerships with other market leaders to expand their global presence.

LIST OF KEY COMPANIES PROFILED:

• LANXESS (Germany)


• Owens Corning (U.S.)


• 3B - The Fiberglass Comp (Belgium)


• Shandong Fiberglass Group Corp (China)


• Nippon Electric Glass Co., Ltd (Japan)


• Taishan Fiberglass Inc.(CTG) (China)


• Chongqing Polycomp International Corp. (China)


• Johns Manville (U.S.)


• Saint-Gobain Vetrotex (France)


• China Jushi Co., Ltd. (China)


• Taiwan Glass Industry Corporation (Taiwan)


• PFG Fiber Glass Corporation (Taiwan)


• Asahi Fiber Glass Co., Ltd. (Japan)


• Knauf Insulation (U.S.)


• KCC Corporation (South Korea)

KEY INDUSTRY DEVELOPMENTS:

• February 2024- LANXESS Performance Materials, a joint venture of LANXESS and Advent International for high-performance engineering polymers, presented a range of modern and lightweight solutions with high-performance plastics for the automotive, two-wheeler and e-mobility industry at PLASTINDIA 2023 from 1st to 5th February. The company has also exhibited select applications of high-performance plastics in the electronics and electrical industry.


• April 2023- Saint-Gobain acquired Twiga Fiberglass Ltd., based in Uttar Pradesh, India. Twiga is a manufacturer of glass wool and has two manufacturing facilities. It uses technology from Saint-Gobain. This acquisition will cement Saint Gobain’s position in façade and interior solutions in India.


• August 2022- Owens Corning launched a new PINK Next Gen Fiberglass insulation. The new insulation solution enables up to 23% faster installation as compared to the company’s existing products. The new advanced fiber technology creates a tightly woven network of soft, fine fibers that is said to be super-resilient and forms a blanket of insulating micro-pockets.


• June 2022- Owens Corning and Pultron Composites signed an agreement to form a joint venture and manufacture fiberglass rebar. The agreement solidified the company’s commitment to provide high-performance concrete reinforcement products in a sustainable manner.


• January 2021- Johns Manville announced the launch of a thermal recycling unit for glass fiber waste. The unit had a projected recycling capacity of more than 3 tons per hour and was expected to keep over 10,000 tons of waste out of landfills annually.


• November 2020 – Johns Manville completed the phase one expansion of its fiberglass pipe plant located in Defiance, Ohio. In this expansion, the first production line out of the two production lines was added. This move was expected to improve the company’s ability to cater to the demand for fiberglass pipe insulation products such as Micro-Lok HP and Micro-Lok HP Ultra that are used in.

REPORT COVERAGE

The global fiberglass market research report provides a detailed analysis of the market and focuses on crucial aspects, such as key companies, products, and end-use industries. Also, the report offers insights into the latest market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors contributing to the market's growth in recent years.

This report includes historical data and forecasts revenue growth at global, regional, and country levels. It analyzes the industry's latest market dynamics and opportunities.

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