Fiberglass Market to Reach Value of USD 15.79 Billion by 2027 | Increasing Utilization of Fiberglass in the Manufacture of Water Storage Systems, Automobiles and Wind Turbines ss Driving Industry Growth, says Emergen Research
Vancouver, British Columbia, April 15, 2021 (GLOBE NEWSWIRE) — The global fiberglass market is likely to reach value of USD 15.79 Billion by 2027, according to a current analysis by Emergen Research. This growth of the market can be attributed to light weight and high strength properties of fiberglass, which have increased use of fiberglass in the manufacture of automobile parts, which has driven the fiberglass marketduring the forecast period. Rising awareness regarding renewable energy sources has increased the number of installations of wind turbines all over the world, which has driven use of fiberglass in the manufacture of blades of wind turbines.
The high cost of repair of fiberglass if they get cracked and the need for fiberglass to be re-gel-coated in every five years have hampered the increasing demand for fiberglass materialsduring the forecast period.
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Key Highlights of Report
- In July 2019, Knauf Insulation North America, Inc., a subsidiary of Knauf Insulation GmbH, a Germany-based multinational producer of building materials and construction systems, expanded its facility in Albion, Michigan. Increasing demand for construction of energy-efficient homes experienced by the company has led to increase in its production capacity by more than 30%.
- The glass wool segment held the largest market share of 33.5% in 2019. Increasing need for thermal as well as electric insulation in the building & construction sector has fueled the glass wool segment.
- The composites segment is expected to expand at the most rapid CAGR of 5.0% during the forecast period. Light weight and high strength of fiberglass have driven its use in the manufacture of automobile parts.
- The automobile segment is projected to expand at the most rapid rate during the forecast period. Strict emission standards by regulatory authorities have increased the use of fiberglass in the manufacture of automobile parts.
- Asia Pacific accounted for the largest share of the global fiberglass market in 2019. Stringent emission control policies in the region have increased the demand for fiberglass material in Asia Pacific, owing to the eco-friendly nature of fiberglass material.
- Key market participants include TAISHAN FIBERGLASS INC. (CTG), Owens Corning, Nippon Electric Glass Co., LTD., Binani 3B-The Fibreglass Company, China Jushi Co., Ltd., Taiwan Glass Ind Corp., PFG Fiber Glass (Kunshan) Co., Ltd., Johns Manville Corp., Knauf Insulation, and AGY Holding Corp.
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Emergen Research has segmented the global fiberglass market on the basis of type, application, end-use, and region:
- Type Outlook (Revenue, USD Billion; 2017–2027)
- Glass Wool
- Chopped Strands
- Application Outlook (Revenue, USD Billion; 2017–2027)
- End-use Outlook (Revenue, USD Billion; 2017–2027)
- Wind Energy
- Building & Construction
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- Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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