The global fiberglass market is projected to grow from USD 11.5 billion in 2020 to USD 14.3 billion by 2025, at a CAGR of 4.5% from 2020 to 2025. Factors such as extensive use of fiberglass in the construction & infrastructure industry and the increased use of fiberglass composites in the automotive industry are driving the growth of fiberglass market.
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The glass wool fiberglass segment is projected to lead the fiberglass market
Based on product type, the glass wool fiberglass segment is estimated to account for the largest share of the fiberglass market in 2020. The glass wool segment is projected to lead the market in terms of both value and volume during the forecast period. However, towards the end of the period of 220-2025, the direct and assembled roving is projected to lead the global fiberglass market. . The rising demand for direct and assembled roving from the construction, infrastructure, and wind energy sectors is expected to drive this segment during the forecast period.
The growth of glass wool segment can be attributed to the high thermal insulation properties and the increased usage of glass wool in the construction & infrastructure end-use industry.
The composites application segment is projected to lead the fiberglass market
Based on application, the composites application segment is projected to lead the fiberglass market during the forecast period in terms of both, value and volume. The growth of this segment can be attributed to the demand from wind turbine blade manufacturers.
The fiberglass market in Asia Pacific is projected to grow at the highest CAGR
The fiberglass market in Asia Pacific is projected to grow at the highest CAGR in terms of both, value and volume from 2020 to 2025. China, India, and Japan are key countries contributing to the increased demand for fiberglass in this region. Factors such as increasing construction and industrial activities in the Asia Pacific region have increased the demand for fiberglass in this region. The growth of the automotive industry is driving the fiberglass market in this region.
China Jushi Co., Ltd. (China), Owens Corning (US), Nippon Electric Glass Co., Ltd. (Japan), Taishan Fiberglass Inc. (CTG) (China), Chongqing Polycomp International Corp. (CPIC), (China), Johns Manville Corp. (US), Binani 3B-the Fibreglass Company (Belgium), Taiwan Glass Ind. Corp. (Taiwan), PFG Fiber Glass (Kunshan) Co. Ltd. (China), Asahi Fiberglass Co. Ltd., (Japan), Knauf Insulation (Belgium), Saint-Gobain Vetrotex (US), CertainTeed Corporation (US), Saint-Gobain ADFORS (US), and AGY Holding Corp. (US), are the key players in fiberglass market.
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