As on date of publishing, this report will capture the impact assessment of COVID-19 on this market and the same will be considered in our market forecast model. Clients purchasing this report between April and June 2020 will be getting a ‘free’ updated market data excel sheet between July and September 2020 accounting for the impact of COVID-19 on the market in the current year 2020 and forecast.
Increasing demand from automotive industry is expected to drive the growth of global fiberglass market.
Global fiberglass market is expected to grow at a steady rate during the forecast period. The global fiberglass market is driven by the growing demand for cleaner forms of energy. This has increased the installation of wind turbines to generate electricity. Fiberglass is extensively being used in making wind turbine blades. This in turn is expected to positively influence the market growth through 2025. Additionally, properties such as high tensile strength, light weight, corrosion resistant properties, aesthetic value, among others of fiberglass are further expected to increase in the demand through 2025. These properties have increased the use of fiberglass in various end user industries such as automotive, aerospace, building & construction, oil & gas, water & wastewater, among others. However, high cost of fiberglass can hamper the market growth during the forecast period. Also, availability of substitutes such as carbon fiber and aluminium can further restrict the market growth over the next few years. Furthermore, the sudden outbreak and spread of pandemic COVID-19 has led to the shortage in supply of raw material from Chinese manufacturers which has led to a demand-supply gap. Manufacturers are further expected to be stranded on raw material orders since the logistic industry is significantly impacted by the lockdown. This in turn is expected to negatively impact the market growth.
The global fiberglass market is segmented based on type, glass fiber type, resin, application, end user industry, company and region. Based on type, the market can be categorized into glass wool, direct & assembled roving, yarn, chopped strand and others. The glass wool segment is expected to dominate the market owing the extensive use of glass wool for thermal and electrical insulation purposes in the building & construction industry. Glass wool helps in maintaining temperature inside the buildings. Based on application, the market can be split into composites and glass wool insulation. The composites segment is expected to dominate the market owing to their extensive use in various end user industries such as automotive, building & construction, consumer durables, among others. This can be ascribed to the light weight, high strength to weight ratio and aesthetic properties of fiberglass.
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Regionally, the fiberglass market has been segmented into various regions including Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Among these regions, Asia Pacific is expected to dominate the market share in the overall fiberglass market owing to the well established automotive industry in the region especially in countries like India and China. While North America is expected to hold a significantly large market share owing to the extensive use of fiberglass in building insulation. Additionally, increasing automotive sales in the region further drive the market.
The major players operating in the fiberglass market are Binani 3B-the Fibreglass Company, Owens Corning, Johns Manville GmbH, Nippon Electric Glass Co., Ltd., Saint Gobain, China Jushi Co., Ltd., Asahi Fiberglass Co. Ltd., CertainTeed Corporation, Taishan Fiberglass Inc., PFG Fiber Glass (Kunshan) Co. Ltd. and others. Major companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
Years considered for this report:
Historical Years: 2015-2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021–2025
Objective of the Study:
- To analyze and estimate the market size of global fiberglass market from 2015 to 2018.
- To estimate and forecast the market size of global fiberglass market from 2019 to 2025 and growth rate until 2025.
- To classify and forecast global fiberglass market based on type, glass fiber type, resin, application, end user industry, company and regional distribution.
- To identify dominant region or segment in the global fiberglass market.
- To identify drivers and challenges for global fiberglass market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global fiberglass market.
- To identify and analyze the profile of leading players operating in global fiberglass market.
- To identify key sustainable strategies adopted by market players in global fiberglass market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the globe.
TechSci Research calculated the market size of global fiberglass market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Fiberglass manufacturers/ suppliers/ distributors
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to fiberglass
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global fiberglass market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Global Fiberglass Market, By Type:
- Glass Wool
- Direct & Assembled Roving
- Chopped Strand
- Global Fiberglass Market, By Glass Fiber Type:
- C- Glass
- Global Fiberglass Market, By Resin:
- Thermoset Resins
- Thermoplastic Resins
- Global Fiberglass Market, By Application:
- Glass Wool Insulation
- Global Fiberglass Market, By End User Industry:
- Construction & Infrastructure
- Wind Energy
- Aerospace & Defense
- Global Fiberglass Market, By Region:
- North America
- United States
- United Kingdom
- South Korea
- Middle East & Africa
- South Africa
- Saudi Arabia
- South America
- North America
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