Pune, India, Nov. 14, 2022 (GLOBE NEWSWIRE) — The world fiberglass market size was rated at USD 15.97 billion in 2021. The market is expected to grow from USD 16.72 billion in 2022 at USD 22.48 billion by 2029, posting a CAGR of 4.3% during the forecast period.
This information is presented by Fortune Business Insightsin its report entitled “Fiberglass Market, 2022-2029.”
Impact of COVID-19
Rising demand from biomedical industry will drive market expansion
The negative influence of the COVID-19 pandemic on automobile sales has had a significant negative impact on the growth of the global market. Its price has also changed accordingly. The suspension of production activities and the limited availability of auto parts have impacted demand from manufacturers. There was a decline in auto sales and working capital on the supply side.
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List of Key Players Covered in the Report
- LANXESS (Germany)
- Owens Corning (USA)
- 3B – The Fiberglass Comp (Belgium)
- Shandong Fiberglass Group Corp (China)
- Nippon Electric Glass Co., Ltd (Japan)
- Taishan Fiberglass Inc.(CTG) (China)
- Chongqing Polycomp International Corp. (China)
- Johns Manville (USA)
- Saint-Gobain Vetrotex (France)
- China Jushi Co.,Ltd. (China)
- Taiwan Glass Industry Corporation (Taiwan)
- PFG Fiber Glass Corporation (Taiwan)
- Asahi Fiber Glass Co., Ltd. (Japan)
- Knauf Insulation (USA)
- KCC Corporation (South Korea)
Report Scope and Segmentation:
|2029 value projection||$22.48 billion|
|Year of reference||2021|
|Fiberglass market size in 2021||$15.97 billion|
|Number of pages||303|
|Segments Covered||By form, by product and by region|
|Fiberglass Market Growth Factors||Increased demand from transportation industry to drive growth|
|Emission of substances into the environment may hinder the growth of the market|
E-glass segment is set to gain momentum due to increase in fiberglass applications from various end-use industries
By type of glass, the market is segmented into E-glass and specialty. The E-glass segment held the major share of the fiberglass market and is expected to maintain this trend during the forecast period.
E-glass is also known as electric glass. E-glass is produced from oxides of magnesium, silicon, calcium, aluminum and boron.
E-glass segment is set to gain momentum due to increase in applications of various end-use industries
On the basis of product, the market is segmented into glass wool, yarn, rovings, cut strands and others. The glass wool segment held the major share of the market in 2021. As an indoor thermal and sound insulation material, glass wool is particularly used.
The transportation segment will hold a large share owing to the mass adoption of hardware
Based on application, the market is segmented into transportation, building & construction, electrical & electronics, pipes & tanks, consumer goods, wind energy and others.
Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
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The report offers a detailed study of the market and an in-depth examination of the main segments of the market. It provides an in-depth analysis of key players and their insightful strategies to drive the growth of the Fiberglass market for monetary gains. He also shares tangible information that guides business owners in their investment perspective.
Growing demand from the transport sector will fuel growth
Because they are light, strong, rigid and offer good protection against several elements, fiberglass materials are ideal for transport applications. They can also be molded into any size or shape and have a nice finish. Because it is lightweight, has a high strength-to-weight ratio, and has a long service life, it is used in the automotive and wind power industries.
The maritime and automotive industries are among the main users of these glass fibers because they require lightweight and impact-resistant materials.
Asia-Pacific will prevail Buoyed by growing demand from the construction industry
The largest share of the global market was accounted for by Asia-Pacific. The market is expected to grow due to growing demand in the construction industry in developing countries like India, Indonesia, and Thailand.
The market is expected to be boosted by the expansion of the construction sector in North America. This fiber is typically used as a raw material for roofing, sheathing, surfacing and insulation in the building and construction industries.
In Europe, the consumer electronics sector has reached a stage of maturity and relies on a high-tech connection environment.
Browse Detailed Abstract of Research Report with TOC:
Detailed Table of Contents:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Emerging trends
- key ideas
- Main emerging trends – for main countries
- Industry SWOT Analysis
- Regulatory analysis
- Recent Industry Developments – Policies, Partnerships, Launches of New Types of Glass and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on the Global Fiberglass Market
- Supply chain challenges
- Measures taken by government/companies to overcome this impact
- Potential opportunities due to the COVID-19 outbreak
Announcement of Innovative Product Launch by Key Players to Support Market Growth
The prominent players are adopting several strategies to strengthen their position in the market as leading companies. One of these key strategies is to acquire businesses to build brand value among users. Another essential strategy is to periodically launch innovative products with a detailed study of the market and its target audience.
Development of key industry
August 2022– New Next Gen Fiberglass Insulation in PINK has been introduced by Owens Corning. Compared to their current solutions, this innovative insulating solution allows installations to be completed up to 23% faster. An insulating micro-pocket blanket is formed by a tightly woven network of soft, fine fibers created by the latest advancements in fiber technology.
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