According to research study by Fortune Business Insights™ the global fiberglass market price 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, the market size stood at USD 17,316.8 million in 2020.
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.
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.
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 fiber glass 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.
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