April 30, 2021
According to the research report titled ‘Global Fiberglass Market Size study, by Glass Type (E-Glass, ECR-Glass, S-Glass, AR-Glass, H-Glass and Others), by Resin Type (Thermoset Resins and Thermoplastic Resins), by Product Type (Glass Wool, Direct and Assembled Roving, Yarn, Chopped Strand and Others), by Application (Composites and Insulation) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global fiberglass market was remunerated USD 11 billion in 2019 and is projected to expand at 4.5% CAGR over 2020-2027, accumulating USD 15.6 billion by the end of the forecast timeframe.
Global fiberglass market growth is largely driven by growing product utilization in construction & infrastructure industry. Increasing use of fiberglass composites in the automotive industry is also adding significant traction to the industry development.
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According to the Ministry of Housing and Urban Affairs, 3.2 million houses will be built under the Pradhan Mantri Awas Yojana-Urban (PMAY-U), out of the approved 1.03 crore houses in India. Such initiatives by government and private organizations is likely to infuse growth in the market during the forecast period.
For those unversed, fiberglass is a reinforced plastic material that is processed into fibers or sheets in a resin matrix. It is lightweight, easy to handle, has compressive strength, and moderate tensile, and has found various applications including filament winding, piping, storage tanks, composites, insulations, and house construction.
Major players are adopting strategies like merger, acquisition, investments, and product launches to gain a competitive edge, further augmenting worldwide fiberglass industry size. Citing an instance, Jushi India Fiberglass (China's Jushi Group) invested USD 246 million to establish a fiberglass manufacturing plant in Talegaon, Maharashtra, India, on December 18, 2018.
Despite the favorable growth trajectory of worldwide fiberglass industry, challenges faced during production processes, fluxes in raw material prices, and complexities associated with glass wool recycling are likely to hamper the remuneration scale of the market.
Based on the regional landscape, Asia Pacific holds significant portion of the market share attributable to surging demand for eco-friendly products and growing focus on emission control policies, which have led to technological advancements in the field of composites.
Leading firms in global fiberglass market sphere are Owens Corning, Taishan Fiberglass Inc. (CTG), Johns Manville Corp., Asahi Fiberglass Co. Ltd., PFG Fiber Glass (Kunshan) Co. Ltd., Taiwan Glass Ind. Corp., Binani 3B-The Fibreglass Company, Nippon Electric Glass Co. Ltd., Chongqing Polycomp International Corp. (CPIC), and China Jushi Co. Ltd.