Enjoy complimentary customisation on priority with our Enterprise License!
The fiberglass product market size is forecast to increase by USD 4.63 billion, at a CAGR of 6.3% between 2023 and 2028. The market is experiencing significant growth due to several key trends and drivers. One major factor fueling market expansion is the increasing capacity addition initiatives by companies to meet the rising demand for fiberglass products. Additionally, the high demand for lightweight materials in various industries, including automotive and construction, is driving market growth. However, the availability of substitutes for fiberglass products, such as carbon fiber and metals, poses a challenge to market growth. Despite this, the market is expected to continue expanding due to the unique properties of fiberglass, including its strength, durability, and resistance to corrosion.
Request Free Fiberglass Product Market Sample
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The cloth segment is estimated to witness significant growth during the forecast period. Fiberglass cloth, crafted from glass fibers, is renowned for its lightweight, superior mechanical strength, chemical stability, and exceptional resistance to corrosion and high temperatures. This versatile material is extensively employed across various industries due to its unique properties. In manufacturing sectors, fiberglass cloth is utilized for waterproofing and moisture-proofing in construction, acting as a heat and thermal insulator for buildings. Its applications extend to the production of fiberglass-reinforced plastic, which is incorporated into building materials and decorative items. The aerospace industry heavily relies on fiberglass cloth for manufacturing aircraft components, including fuselages, wings, and satellite shells, owing to its lightweight and high-strength characteristics. The marine industry also benefits from fiberglass cloth, as it is used to construct boats and ships for their durability and resistance to water and harsh marine conditions. Fiberglass cloth plays a significant role in the renewable energy sector, particularly in wind energy, where it is used to manufacture wind turbine blades due to its lightweight and high tensile strength.
Get a glance at the market share of various regions Download the PDF Sample
The cloth segment was the largest and was valued at USD 5.21 billion in 2018. Innovative product launches in the fiberglass market continue to drive growth, with startups introducing eco-friendly alternatives using bio-based resins. Fiberglass cloth is also employed in the healthcare industry for various medical applications, such as prosthetics and implants. The primary drivers of the fiberglass market include its affordability, fuel efficiency, and emission reduction properties. Technological improvements and product innovations continue to expand the consumption area of fiberglass cloth in various industries. The manufacturing of fiberglass cloth involves the use of raw materials such as silica sand, soda ash, and limestone. The high resistance and durability of fiberglass cloth are attributed to its unique composition and the manufacturing processes used to create it. Despite its numerous advantages, the fiberglass market faces obstacles, including the high cost of raw materials and the environmental impact of their extraction and processing. In summary, fiberglass cloth, with its lightweight, high-strength, and corrosion-resistant properties, is a versatile material widely used in manufacturing industries, construction, aerospace, marine, renewable energy, and healthcare. Its unique characteristics make it an essential component in various applications, from insulation and waterproofing to aircraft components and wind turbine blades. The market for fiberglass cloth continues to grow, driven by technological improvements, product innovations, and the need for sustainable and eco-friendly alternatives.
For more insights on the market share of various regions Request Free Sample
APAC is estimated to contribute 52% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Fiberglass products have gained significant traction across various industries, including automobiles, electronic goods, storage tanks, and pipes. The automotive sector utilizes lightweight composites made from glass fibers for manufacturing fuel-efficient vehicles and improving structural integrity and impact resistance. In the electronic industry, fiberglass is used in the production of smart infrastructure and energy-efficient buildings. The marine sector also benefits from fiberglass, with applications ranging from boats to underwater pipes. Environmental concerns have driven the demand for fiberglass in renovation projects, as it offers a sustainable alternative to traditional materials.
Automotive sales of fuel-efficient vehicles and the implementation of emission regulations have boosted the market for fiberglass in the automotive industry. E-glass, a type of fiberglass, is widely used in electrical & electronics and consumer goods due to its excellent insulation properties. Specialty glass and glass wool are other fiberglass products that find extensive applications in insulation materials. The building & construction sector leverages fiberglass for its durability and strength, contributing to the growth of the market. Recycling technologies have further enhanced the appeal of fiberglass products by reducing their environmental footprint. The shift towards zero-emission transport and carbon emission targets has accelerated the adoption of fiberglass in the OEM sector.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3B the Fiberglass Co. - The company offers fiberglass products like powder mats and emulsion mats, which are used in sheet moulding, pipe rehabilitation, and other applications.
Technavio provides the ranking index for the top 20 companies along with insights on the market positioning of:
Explore our company rankings and market positioning Request Free Sample
Market structure |
Fragmented |
YoY growth 2023-2024 |
4.9 |
The market is poised for significant growth due to the high demand for lightweight, high strength, and durable materials in various industries. Fiberglass, also known as glass-reinforced plastic (GRP) or fiber reinforced polymer (FRP), offers excellent corrosion resistance, tensile strength, and high resistance to environmental conditions. These properties make fiberglass an ideal choice for manufacturing industries, renewable energy, construction, aviation, marine, and healthcare sectors. Fiberglass's sustainability and eco-friendly alternatives have gained increasing attention in the market. Its use in wind energy and other renewable energy applications contributes to emission reduction and fuel efficiency. In construction, fiberglass is used for roofing, insulation, and cladding, providing long-term durability and cost savings. The healthcare sector benefits from fiberglass's sterilization properties and resistance to chemicals. Roving, a key raw material in fiberglass manufacturing, ensures consistent product quality and high production rates. Overall, the fiberglass market is expected to grow due to its affordability, versatility, and superior performance characteristics. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing capacity addition initiatives by companies is notably driving market growth. The global fiberglass product market is experiencing notable growth due to the increasing demand for high-performance, lightweight, and durable materials in various industries. Fiberglass, known for its high resistance to corrosion and tensile strength, is increasingly being adopted in manufacturing sectors such as construction, aviation, marine, and renewable energy. In particular, the wind energy sector is witnessing a rise in fiberglass product consumption due to its role in enhancing fuel efficiency, emission reduction, and sustainability. The fiberglass industry's growth is driven by several primary factors, including the increasing adoption of composites as eco-friendly alternatives to traditional materials, the development of innovative product launches, and technological improvements.
Key raw materials, such as silica sand, soda ash, and limestone, are essential to the manufacturing process. Fiberglass's mechanical strength, chemical stability, and lightweight properties make it an ideal choice for various applications, including aircraft, boats, and healthcare equipment. Despite the numerous benefits, the fiberglass industry faces challenges, such as the high cost of raw materials and the need for energy-intensive manufacturing processes. Startups and leading brands are addressing these challenges by exploring the use of bio-based resins and other sustainable production methods. As the industry continues to evolve, product innovations and corporate growth are expected to shape the market landscape. Thus, such factors are driving the growth of the market during the forecast period.
High demand for lightweight materials is the key trend in the market. Fiberglass products are witnessing a notable increase in market demand due to their high resistance to corrosion and superior durability. These lightweight materials are increasingly being adopted by manufacturing industries, particularly in the renewable energy sector, where fiberglass composites are extensively used in wind energy applications. Fiberglass's tensile strength and chemical stability make it an ideal choice for innovative product launches in various industries, including construction, aviation, and marine. Fiberglass's eco-friendliness and affordability are primary drivers for its growing consumption in sectors such as healthcare and startups. The use of bio-based resins in fiberglass production further enhances its sustainability credentials.
In the manufacturing process, raw materials like silica sand, soda ash, and limestone contribute to the mechanical strength and lightweight properties of fiberglass. Fiberglass's high strength-to-weight ratio, fuel efficiency, and emission reduction capabilities make it an attractive alternative to traditional materials like metals. Product innovations and technological improvements continue to expand fiberglass applications, with leading brands and corporations reaping the benefits of this versatile material. However, obstacles such as high production costs and complex manufacturing processes pose challenges to the industry's growth. Despite these hurdles, the future looks bright for fiberglass, with continued advancements in composite technologies and the increasing demand for high-performance, lightweight materials. Thus, such trends will shape the growth of the market during the forecast period.
Availability of substitutes for fiberglass products is the major challenge that affects the growth of the market. The market is driven by its high resistance to corrosion and chemical stability, making it a preferred choice in manufacturing industries, particularly in construction, aviation, marine, and renewable energy sectors. Fiberglass's durability and lightweight properties contribute to its extensive use in wind energy applications, such as wind turbine blades and components. Innovative product launches continue to expand fiberglass applications, with startups introducing eco-friendly alternatives using bio-based resins. Leading companies and brands in the industry focus on corporate growth by improving manufacturing processes and product innovations, such as the use of silica sand, soda ash, and limestone in the production of fiberglass.
Despite the challenges posed by substitutes like flax-based composites, fiberglass maintains its position due to its high mechanical strength, affordability, and fuel efficiency. Emission reduction and sustainability are essential factors driving the market, with fiberglass's ability to reduce carbon emissions making it an attractive choice for industries seeking to minimize their environmental impact. Fiberglass's versatility extends to various sectors, including healthcare, where it is used in the production of medical equipment, and the automotive industry, where it is used in the manufacture of high-strength components. The consumption area for fiberglass is vast, with continuous technological improvements and product innovations ensuring its relevance in various industries. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
The market is experiencing significant growth due to the high resistance and durability offered by fiberglass composites in various industries. These lightweight materials are increasingly being adopted in manufacturing industries for their corrosion resistance and high tensile strength. The renewable energy sector, particularly wind energy, is a major consumption area for fiberglass, with its high mechanical strength and chemical stability making it an ideal choice for wind turbine blades. Innovative product launches, such as those featuring bio-based resins, are driving corporate growth in the fiberglass industry. The aviation, marine, construction, and healthcare sectors also benefit from fiberglass's high strength, affordability, fuel efficiency, and emission-reduction properties.
Obstacles to market growth include the high cost of raw materials, such as silica sand, soda ash, and limestone, and the need for technological improvements to increase production efficiency. Primary drivers of market growth include the increasing demand for eco-friendly alternatives to traditional materials and the ongoing development of new product innovations. Startups and leading brands alike are investing in research and development to expand the applications of fiberglass composites, with potential new markets emerging in the healthcare and bio-based resins sectors. Overall, the fiberglass market is poised for continued growth, driven by the need for high-performance, lightweight, and sustainable materials in a range of industries.
Market Scope |
|
Report Coverage |
Details |
Page number |
205 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.3% |
Market growth 2024-2028 |
USD 4.63 billion |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 52% |
Key countries |
US, China, Japan, India, UK, South Korea, Canada, Germany, Brazil, and Australia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3B the fiberglass Co., AGY Holding Corp., ASAHI FIBER GLASS Co. Ltd., Auburn Manufacturing Inc., BGF Industries, China Jushi Co. Ltd., Compagnie de Saint-Gobain S.A., Glasstek, Gurit Holding AG, Hexcel Corp., Johns Manville, Knauf Insulation, Lanxess AG, Nippon Electric Glass Co. Ltd., Nitto Boseki Co. Ltd., Owens Corning, PFG FIBER GLASS CORP., PPG Industries Inc., Taishan Fiberglass Inc., and Taiwan Glass Ind. Corp. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, AI impact on market trends, COVID -19 impact and recovery analysis and future consumer dynamics, market condition analysis for the market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Type
9 Market Segmentation by Distribution Channel
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.