Fiberglass Market Size, Share, Growth Outlook and Geographical Analysis by 2025
The Fiberglass Market is anticipated to reach USD 21.27 billion by 2025. Fiberglass implies fiber-reinforced plastic whereas the reinforcement fiber is mainly glass fiber. It is developed by pouring molten glass via superfine holes. The factors that drive the growth of the fiberglass industry include an increasing number of wind turbine installations, the use of fiberglass composites by the automotive industry for enhanced performance, and extensive use of fiberglass in the construction industry. On the other hand, some factors may hamper the growth of the market including the high manufacturing cost of fiberglass. The fiberglass market is anticipated to grow at a significant CAGR of 5.9% in the upcoming period as the scope, product types, and applications are increasing across the globe.
The market may be explored by type, application, end-user, and geography. The key applications that could be explored in the market include Composites and Insulation. The “Composites” segment led the Fiberglass industry in 2016 and is anticipated to maintain its dominance by 2025. The market could be explored based on Types as Yarn, Glass Wool, Chopped Strands, and Roving. The “Wool” segment led the Fiberglass Market in 2016 and is anticipated to maintain its dominance by 2025 owing to the increasing use of glass wool in the construction sector for insulation. The rising construction expenditure in emerging countries is an important factor expected to drive the demand for glass wool in the forecast period. The “Wool” segment is followed by the “Chopped” segment.
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The fiberglass industry may be analyzed by end-user as Building and Construction, Automobiles, Wind Energy, and Aerospace. The “Automotive” segment led the market in 2016 and is anticipated to maintain its dominance by 2025 because fiberglass is mainly used in the manufacturing of automobile parts such as body panels, decks, load floors, wheelhouse assemblies, dash panel assemblies, battery boxes, and front fascia.
Asia-Pacific accounted for the major share of the Fiberglass Market and will continue to lead in the forecast period. The increasing disposable revenue in the Asia Pacific is expected to propel the regional market over the forthcoming period. Furthermore, the rising automobile and construction segments in the region, particularly in India and China are estimated to drive the market.
Some of the key players that fuel the growth of the Fiberglass industry comprise Jushi Group Co. Ltd., Corning, Taishan Fiberglass Inc., Zibo Zhuoyi Fiberglass Material Co. Ltd., Chongqing Polycomp International Corp., Johns Manville, Shandong Fiberglass Group Co. Ltd., XingtaiJinniu Fiberglass Co. Ltd., CPIC Abahsain Fiberglass M.E., W.L.L., and Glasstex Fiberglass Materials Corp. The leading companies are taking up mergers, acquisitions, partnerships, and joint ventures to boost the inorganic growth of the industry.
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The Fiberglass Market is anticipated to reach USD 21.27 billion by 2025. Fiberglass implies fiber-reinforced plastic whereas the reinforcement fiber is mainly glass fiber. It is developed by pouring molten glass via superfine holes. The factors that drive the growth of the fiberglass industry include an increasing number of wind turbine installations, the use of fiberglass…
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