The global fiberglass market is expected to experience significant revenue growth, with projections indicating a rise from US$ 14,091.7 Mn in 2022 to US$ 23,217.3 Mn by 2031. This growth is forecasted to occur at a Compound Annual Growth Rate (CAGR) of 5.6% during the period from 2023 to 2031. This anticipated increase is reflective of the expanding demand for fiberglass in various applications across industries such as construction, automotive, and aerospace. The market's growth can be attributed to advancements in technology, increasing investment in research and development, and the need for more efficient and durable materials.
The global fiberglass market is a fast-growing industry that plays a crucial role in various sectors. Fiberglass is a versatile material with superior mechanical properties, excellent insulation, and high resistance to heat, chemicals, and corrosion, making it an ideal choice for several applications. The construction industry is a significant contributor to the demand for fiberglass, owing to its use in roofing, insulation, and composites for walls, floors, and ceilings. Moreover, the automotive sector is increasingly using fiberglass for lightweighting vehicles, which enhances fuel efficiency and reduces carbon emissions.
The forecasted growth of the global fiberglass market is due to several factors, including technological advancements that have led to the development of innovative products with superior properties. Additionally, the increasing investment in research and development to produce high-quality fiberglass products and the need for more efficient and durable materials are also driving market growth. The growing demand for renewable energy sources, such as wind turbines, is also fueling the demand for fiberglass products as they are essential components in wind turbine blades.
The Asia Pacific region dominates the fiberglass market, accounting for the largest share in terms of production and consumption. This dominance is attributed to the region's growing population, increasing urbanization, and rising infrastructure development. North America and Europe are also significant markets, with a considerable demand for fiberglass products in construction, automotive, and aerospace industries.
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By Type
The E-glass fiber segment currently holds the largest share in the global fiberglass market in 2022. E-glass fibers are highly compatible with organic dyes, and they have excellent dimensional stability, making them suitable for various applications. These fibers are also extremely abrasion and vibration resistant, making them ideal for use in industries such as wind energy, marine, and electrical & electronics. In addition, E-glass fibers are very flexible, have low thermal conductivity, and wide-ranging applications, making them a popular choice among manufacturers.
By Form
The chopped strand mat segment is expected to project the highest CAGR during the forecast period. Chopped strand mats are widely used in various industries such as automotive, ship & boats, bathroom equipment, and cooling towers, among others. Their versatility and high strength make them an ideal material for these applications. On the other hand, the tow segment dominated the global fiberglass market in 2022 due to its precursor and processing changes. Tow is made of continuous glass fibers and is used in various applications, including reinforcement of composites, insulation, and other industrial applications.
The continuous filament segment is projected to hold the largest share and highest CAGR in the global fiberglass market during the forecast period. Continuous filament process is a preferred method of manufacturing glass fibers because the fibers produced are suitable for various applications due to their high thermal conductivity, low density, and high strength. Moreover, continuous filament manufacturing process enables the production of long and uniform fibers, which can be used in a wide range of industries.
By Resin
The polyester segment holds the largest market share in the global fiberglass market in 2022. The low cost and UV resistant property of polyester resin have greatly propelled its demand in various industrial sectors. This resin is used in industries such as construction, automotive, and aerospace, among others. Moreover, polyester resin is known for its excellent mechanical properties and ability to withstand harsh environments, making it a popular choice among manufacturers.
The construction industry is expected to project the highest market share in the global fiberglass market over the forecast period. Glass fiber is widely used in construction for various purposes such as facade reinforcement and crack prevention in interior walls due to its high tensile strength, low elongation, and alkali resistance. Additionally, fiberglass-reinforced plastics (FRPs) made with the use of fiberglass are increasingly being employed in both the interior and exterior of buildings due to their high strength-to-weight ratio and resistance to corrosion.
Moreover, aircraft and aerospace industries are expected to grow at the highest CAGR over the forecast period, driven by the increasing demand for lightweight and fuel-efficient materials in the manufacturing of aircraft and aerospace components. Fiberglass is an ideal material for these applications due to its high strength, lightweight, and resistance to corrosion and heat.
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Based on region, The Asia Pacific region is projected to be the fastest-growing fiberglass market during the forecast period. The region's market is expected to witness significant growth due to the rising focus on emission control policies, as well as the growing demand for eco-friendly products. Fiberglass composites have become an attractive solution for various applications due to their lightweight, high strength, and corrosion-resistant properties.
The Asia Pacific region accounted for the largest market share in 2022, with China being the largest producer and consumer of fiberglass in the region. The rapid industrialization and urbanization in the region have led to an increase in construction activities, which has driven the demand for fiberglass in the construction industry. Moreover, the automotive industry in the region is increasingly using fiberglass for lightweighting vehicles, which enhances fuel efficiency and reduces carbon emissions.
Furthermore, the region's growing wind energy sector is expected to boost the demand for fiberglass market, as it is a critical component in wind turbine blades. According to the Global Wind Energy Council, the Asia Pacific region accounted for 60% of the world's new installed wind capacity in 2020, with China being the world's largest installer of wind turbines. This trend is expected to continue, which will further drive the demand for fiberglass in the region.
The rising demand for eco-friendly products has led to scientific developments in the field of composites. Fiberglass-reinforced composites offer several environmental benefits, including reduced energy consumption and greenhouse gas emissions. Moreover, fiberglass composites are recyclable and have a long service life, which reduces waste generation. As a result, the demand for fiberglass composites in various applications is expected to grow rapidly in the Asia Pacific region over the forecast period.
Recent Developments:
Global fiberglass market is segmented based on type, form, manufacturing process, resin, industry and region.
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Source: Xinhua| 2018-01-10 05:46:20|Editor: Mu Xuequan
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CAIRO, Jan. 9 (Xinhua) -- Egypt has become the world's third largest producer of fiberglass next to the United States and China due to the investment of China's giant fiberglass corporation Jushi in the North African country, said the Egyptian minister of trade and industry on Tuesday.
"Egypt annually produces about 200,000 tons of fiberglass and specifies 99 percent of them for export," Egypt's Trade and Industry Minister Tarek Kabil said in a statement.
Kabil made his remarks after a meeting with CEO of Jushi Egypt Zhang Wenchao, where they discussed Jushi's current and future investments in the Egyptian fiberglass market.
Jushi is one of the tenant companies of China's TEDA corporation, one of the oldest and largest industrial developers of the Suez Canal Economic Zone in Ain Sokhna district that is working on the development of an area that increased to 7.23 square km.
"Jushi Egypt is built on an area of 146,000 square meters with investments worth 520 million U.S. dollars, providing 2,000 direct job opportunities," said the Egyptian trade and industry minister.
Kabil noted that Jushi Egypt started carrying out the fourth production phase of its factory in Ain Sokhna for local grinding of raw material and manufacturing of packaging material with 60-million-dollar investment.
Egypt-China bilateral ties have been elevated to the level of comprehensive strategic partnership with growing economic cooperation between the two countries in the light of China's Belt and Road Initiative launched by Chinese President Xi Jinping in 2013.
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