October 17, 2022 04:58 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Oct. 17, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, The global fiberglass market size is expected to reach USD 25,525.9 million by 2028, exhibiting a CAGR of 4.9% during the forecast period. The increasing application of fiberglass composites in the automotive industry will accelerate the fiberglass market growth during the forecast period, “Fiberglass Market Size, Share & Industry Analysis, and Regional Forecast, 2021-2028.” The market size stood at USD 17,316.8 million in 2020. As the chemical industry moves into 2022, strong demand for both commodity and specialty chemicals should keep prices robust throughout the year. However, the industry could face margin pressures amid raw material cost inflation, which will likely remain high through the first half of 2022. Transparent Fiberglass Sheet
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Delayed Shipments to Diminish Market amid Coronavirus
The COVID-19 pandemic had a severe impact on the automotive and construction industry. The temporary shutdown of manufacturing facilities and delayed shipments of materials have disrupted the supply chain and caused enormous losses. The restriction on the import and export of construction materials and automotive components has negatively affected the fiberglass market. An indicator of current and planned construction market conditions for construction professionals, the RICS’ Global Construction Activity Index read -24 in Q2, reflecting both the effect on activity and a subdued outlook. While this metric was pessimistic across continents, it was the lowest (-40) in the Middle East and Africa, and in the Americas, it was the highest (-14). However, the government's lockdown lifts and ease of operations will aid in the recovery of the market.
E-glass to Hold the Largest Share in the Global Market
Based on product, the market is divided into E-glass and specialty. E-glass is expected to account for a major share during the forecast period. E-glass offers exceptional performance qualities. The increasing use of environmentally friendly boron-free E-glass fiber is expected to bolster the segment's healthy growth. Based on the product, the market is classified into glass wool, yarn, roving, chopped strands, and others. Glass wool is expected to hold a significant share. Based on application analysis, the market is divided into transportation, building & construction, electrical & electronics, pipe & tank, consumer goods, wind energy, and others. Transportation is expected to account for a high share due to government regulations, such as U.S. CAFE standards and carbon emission targets in Europe.
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Surging Transportation Industry to Aid Market
The stringent regulation by governments to reduce carbon emissions will create demand for low-emission lightweight vehicles, which, in turn, will enable speedy expansion of the market. Composite fiberglass is widely used to produce lightweight cars as a substitute for aluminum and steel in the automotive industry. For instance, Weber Aircraft, a leader who designs and manufactures the aircraft seating system, California, and Strongwell produced fiberglass pultrusion, marking the first development of fiberglass pultrusion for commercial aircraft applications. The parts of the aircraft are unusually complicated and geometric shapes. These 18 distinct shapes are door framing, and panel joiners deployed onboard commercial Boeing 737 aircraft for modular lavatories. Both E Glass and S-2 glass fibers offer special reinforcing properties that are important in these high-performance aerospace applications, including a combination of weight, fiber strength, tensile and compressive modulus, and impact resistance. Similarly, Moi Composites, a tech start-up that 3D printers personalized goods using innovative composite materials, unveiled MAMBO (Motor Additive Manufacturing Boat), a 3D printed fiberglass boat at the Genova Boat Show 2020.
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Increasing Industrialization to Intensify Market in Asia Pacific
Asia Pacific is expected to account for a high fiberglass market share during the forecast period due to the flourishing construction industry in developing countries such as India, Indonesia, and Thailand. The rising use of fiber glass in electrical and thermal insulation is expected to enable the market's speedy expansion in the region. Moreover, the growing demand for electric vehicles in China will contribute positively to the market growth in Asia Pacific. The increasing demand for more housing units in the U.S. and Canada will aid development in North America. The ongoing investment in infrastructure and smart city schemes will further create opportunities for North America. The demand for glass fiber for insulation, cladding, surface coating, and roofing raw material in the construction industry will boost the region's growth.
January 2021: Johns Manville introduced a thermal recycling unit for waste glass fibers at its Engineered Materials plant in Trnava, Slovakia.
Frequently Asked Questions (FAQs): 1. Is the Impact of COVID-19 on the fiberglass industry growing?
Answer: Global fiberglass market size is expected to reach USD 25,525.9 million by 2028 2. Who are the key players in the Impact of COVID-19 on the fiberglass Market? Answer: 3B - LANXESS, Owens Corning, IMERYS GROUP, China Jushi Co., Ltd., CTG Group
3. What are the challenges in the fiberglass market? Answer: E-glass Segment to Generate High Revenue
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