Showing posts with label Global Fiber Glass Market. Show all posts
Showing posts with label Global Fiber Glass Market. Show all posts

Thursday, December 8, 2022

Global Fiber Glass Market Size, Segments, Outlook, and Revenue Forecast 2022-2028: Ken Research

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.

Global Fiber Glass Market

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Key Growth Drivers

  • 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 fiberglass 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.

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.

Global Fiber Glass Industry

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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.

Worldwide Fiber Glass Market

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Competitive Landscape

The Global Fiber Glass Market is highly competitive with ~150 players, including globally diversified players, regional players, and many country-niche players. Most of the regional players are the developers of Fiber Glass used in various end-user industries.

Country-niche players constitute ~35% of the total number of competitors, while regional players dominate representing ~50% of total competitors. Some of the major players in the market include ASAHI FIBER GLASS Co., Ltd., 3B - the fibreglass company, China Jushi Co., Ltd., Johns Manville, Knauf Insulation, Nippon Electric Glass Co.,Ltd., Owens Corning, Saint-Gobain, xingtai jinniu fb glass, Taiwan Glass Industry Corporation, among others.

Competitors in Fiber Glass Market

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Recent Developments Related to Major Players and Organizations

In January 2022, Therma-Tru, a renowned name in the door industry, announced the launch of its new sustainability-driven social initiative. Therma-Tru is known for its fiberglass door offerings that are made from 95% recycled content, and these sustainable offerings account for nearly half of its total fiberglass product portfolio.

In November 2021, Taishan Fiberglass Inc. invested US$ 250 million in the establishment of a Greenfield fiber manufacturing plant in Gujarat, India. With this plant, the company served the markets of India and the Middle East.

In July 2021, Owens Corning acquired Vliepa GmbH to broaden its non-woven product catalogue aimed to serve the building and construction sector in the European region.

Conclusion

The Global Fiber Glass Market witnessed a negative impact due to COVID-19 owing to the strict regulations in several countries that temporarily halted all types of processes and shut down all the major industries. E-Glass type is the most common type of fiber glass among other types such as S-glass, ECR-glass, H-glass, and AR-glass. Majorly, the fiber glass is used in composites that can further be utilized in various end-use industries such as automotive, building & construction, aerospace & defense, marine, sports & leisure, pipe & tank, and others. Though the market is competitive with over ~150 participants, regional players control the dominant share in the market and country-niche players also hold a significant share.

Note: This is an On-Demand/Planned report, so the figures quoted here for market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients and report delivered within a maximum of 2 working weeks.

Ken Research has recently published report titled, Global Fiber Glass Market Size, Segments, Outlook, and Revenue Forecast 2022-2028. 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.

Market Taxonomy

lass Type

  • E-Glass
  • ECR-Glass
  • H-Glass
  • AR-Glass
  • S-Glass

Product Type

  • Glass Wool
  • Yarn
  • Roving
  • Chopped Strands
  • Others

Application

  • Composites
  • Insulation

End-User

  • Automotive
  • Building & Construction
  • Aerospace& Defense
  • Marine
  • Sports & Leisure
  • Pipe & Tank
  • Others

Region

  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
  • Asia Pacific (China, Japan, South Korea, India, Indonesia, Australia, Rest of Asia Pacific)
  • LAMEA (Latin America, Middle East, Africa)

Key Players

  • Asahi Fiber Glass Co., Ltd.
  • 3B - the fibreglass company
  • China Jushi Co., Ltd.
  • Johns Manville
  • Knauf Insulation
  •  Nippon Electric Glass Co.,Ltd.
  • Owens Corning
  • Saint-Gobain
  • xingtai jinniu fb glass
  • Taiwan Glass Industry Corporation

For More Information on the Research Report, refer to below links: –

Global Fiber Glass Market: Ken Research

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Thursday, November 24, 2022

3 Key Insights on the US$ 20 Bn Opportunity in Global Fiber Glass Market: Ken Research

 Driven by the Increasing Usage of Fiber Glass in the Construction and Automotive, the Global Fiber Glass Market is forecasted to Cross US$ 20 Bn By 2028 says Ken Research Study.

Fiberglass is a form of fiber-reinforced plastic whereas glass fiber is reinforced plastic. Fiberglass is lightweight, strong, and less brittle. The best part of fiberglass is its ability to get molded into various complex shapes. Fiberglass is lightweight, strong, and less brittle. The best part of fiberglass is its ability to get molded into various complex shapes.

 “Ken Research shares 3 key insights on this high-opportunity market from its latest research study” 

1. Increased Use of Fiberglass Composites in the Automotive and Construction Industries Provides an Opportunity for the Market Growth

According to Ken Research 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 by 2028, growing at a CAGR of ~5% from 2022 to 2028.

In the automotive industry, a higher strength-to-weight ratio is considered as an important factor for the manufacturing of automobiles. During manufacturing, materials that offer high strength and possess low weight help in delivering high mileage along with the enhanced fuel efficiency of vehicles. Premium car manufacturers demand high-strength material for which fiberglass is an apt choice. Hence, the automotive application consumes the majority of fiberglass in the world.

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In the construction industry, fiberglass is used in mesh fabrics that prevent cracks in interior walls, in floor covering, wall covering, 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, which complement the art without compromising on the stability and strength of the structures formed.

Global Fiber Glass Industry

2. Increasing Number of Wind Energy Capacity Installations is Fuelling the Market Worldwide

Fiberglass composites get widely used in the wind energy industry as they offer good strength and are lighter in weight. Most countries including China, Germany, Spain, and others are making efforts to restructure their energy systems in favor of renewable sources. According to the Global Wind Energy Council (GWEC), by the year 2035, the renewables industry is expected to generate more than 25% of the world’s electricity, out of which one-fourth is expected to be driven from the wind.

Wind energy is a viable option for the generation of electricity, as it is a cost-effective option while adding new generation capacity to the grid. The growing interest in renewable energy sources has led to more wind turbine installations worldwide, raising the need for fiberglass in wind turbine blade production.

The graph below represents the total worldwide wind energy capacity installations growth:

Worldwide Fiber Glass Market

3. Emission of Harmful Chemicals into the Environment through the Production Process of Fiberglass is the Major Challenge Faced by the Market

Glass fiber processing consumes high amounts of energy and resources. For each kilogram of molten glass, the chemicals such as nitrogen dioxide, sulphur dioxide, chlorine, fluoride, and Volatile Organic Compounds, along with one-kilogram carbon dioxide are released into the environment. Fiberglass processing and production require a high volume of energy and resources which generally have an adverse impact on the environment. In the wake of climate emergency, governments across the world are implementing strict laws and mandates to curb emissions of harmful toxins from industries. These mandates are expected to hamper the production and consumption of fiberglass.

Global Glass-Reinforced Plastic Market

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Key Topics Covered in the Report

  • Snapshot of Global Fiber Glass Market
  • Industry Value Chain and Ecosystem Analysis
  • Market size and Segmentation of the Global Fiber Glass Market
  • Historic Growth of Overall Global Fiber Glass Market and Segments
  • Competition Scenario of the Market and Key Developments of Competitors
  • Porter’s 5 Forces Analysis of Global Fiber Glass Industry
  • Overview, Product Offerings, Strengths, & Weaknesses of Key Competitors
  • Covid-19 Impact on the Overall Global Fiber Glass Market
  • Future Market Forecast and Growth Rates of the Total Global Fiber Glass Market and Segments
  • Analysis of Global Fiber Glass Market
  • Major Production/Supply and Consumption/Demand Hubs within Each Region
  • Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
  • Overview of Notable Emerging Competitor Companies within Each Region

Notable Key Players Mentioned in the Report

  • Asahi Fiber Glass Co., Ltd.
  • 3B - the fibreglass company
  • China Jushi Co., Ltd.
  • Johns Manville
  • Knauf Insulation
  • Nippon Electric Glass Co.,Ltd.
  • Owens Corning
  • Saint-Gobain
  • xingtai jinniu fb glass
  • Taiwan Glass Industry Corporation

Notable Emerging Companies Mentioned in the Report

  • Fureho AB
  • Spintex Engineering Ltd.
  • Darshan Safety Zone
  • Fibtex Products
  • Smartshield Insulation

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

  • Fiber Glass Manufacturers
  • Fiber Glass Suppliers
  • E-Glass Manufacturers
  • ECR-Glass Manufacturers
  • H-Glass Manufacturers
  • AR-Glass Manufacturers
  • S-Glass Manufacturers
  • Fiber Glass Distributors
  • Emerging and Startup Companies in Fiber Glass
  • Government Departments of Polymers
  • Ministries and Departments of Plastics
  • Importers and Distributors of Fiber Glass

Period Captured in the Report

  • Historical Period: 2017-2021
  • Forecast Period: 2022E-2028F

For more insights on the market intelligence, refer to the link below: –

Global Fiber Glass Market: Ken Research

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