Fiberglass Market Size, Share, Growth Analysis, By Product(Glass wool, direct and assembled roving), By Application(Transportation, building & construction) - Industry Forecast 2024-2031

Fiberglass Market size was valued at USD 16.09 billion in 2019 and is poised to grow from USD 16.77 billion in 2023 to USD 23.29 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).

The fiberglass market is fragmented and highly competitive. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share. 'Owens Corning', 'Saint-Gobain', 'PPG Industries', 'Jushi Group', 'Chongqing Polycomp International Corp. (CPIC)', 'Taishan Fiberglass Inc.', 'Nippon Electric Glass Co., Ltd. (NEG)', 'Johns Manville', 'China Beihai Fiberglass Co., Ltd.', 'Knauf Insulation', 'AGY Holding Corp.', 'Binani 3B-The Fibreglass Company', 'Taiwan Glass Industry Corp.', 'Fiberglass Coatings Inc.', 'Fulltech Fiber Glass Corp.', 'Sichuan Weibo New Material Group Co., Ltd.', 'BGF Industries Inc.', 'Lanxess AG', 'China National Materials Group Corp. Ltd. (Sinoma)', 'Chomarat Group', ' In August 2022, Owens Corning and Pultron Composites announced their collaboration to produce fiberglass rebar. The collaboration between the companies will enable them to offer more environmentally friendly product solutions and create PINKBAR. Fiber glasses rebar for flatwork and residential applications, as well as MATEENBAR In emerging markets, fiberglass rebar is employed in heavy-load structural applications.', 'In February 2022, China Jushi Co., Ltd. announced that it would begin construction on a new fiberglass manufacturing facility in Egypt after terminating its 100,000 tpy alkali-free glass fiber pool kiln wire drawing production line in India. The new factory will have a production capacity of 120,000 tons per year.', 'In October 2022, Trinseo, a specialized material solutions supplier, and Japan Steel Works Europe GmbH (JSW EU), a group business of The Japan Steel Works, Ltd. (JSW), a manufacturer of industrial and plastics machinery, launched a cooperation endeavor on Polymethyl Methacrylate Chemical Recycling (PMMA). As part of this agreement, JSW and JSW EU will provide Trinseo with a depolymerization extruder and technologies, as well as technical assistance.', 'In November 2021, Owens Corning completed the acquisition of Saint-Gobain's reinforcements and composite fabrics businesses for $640 million, following approval from regulatory authorities in Europe and the United States. The acquisition accelerates Owens Corning's growth strategy and strengthens its position as a market leader in glass reinforcement and composites.'

Because higher strength-to-weight ratio is a significant component in automotive manufacture, fiberglass products are widely used in a variety of applications. Materials with great strength and low weight are used in car manufacturing to provide high mileage and improved fuel efficiency. Many countries are focusing on lightweight vehicle production in order to fulfill CAFÉ (Corporate Average Fuel Economy), which is boosting the use of glass fiber composites in the automotive sector. As a result, one of the primary forces driving the growth of the fiberglass market is the growing preference for lightweight and fuel-efficient automobiles.

With rising environmental concerns, there is a growing need for lightweight composite materials in a variety of industries to help reduce carbon footprints. Also, the increasing building of smart infrastructure is driving the use of fiberglass for regulating overheating and maintaining room temperature. In accordance with this, a growing number of governments throughout the world are investing in the long-term development of green and energy-efficient buildings, consequently driving demand for fiberglass. Furthermore, the increasing number of refurbishment and renovation operations has resulted in the use of fiberglass in floor coverings, walls, windows, panels, and other areas to give improved insulation and structural stability. Aside from that, significant expansion in the renewable energy sector is driving up product demand for various electrical equipment used to capture clean and safe energy sources such as wind and tidal. Also, the growing automotive sector, as well as the growing need for fuel-efficient vehicles, is boosting the use of fiberglass in body panels, panel assemblies, wheelhouse assemblies, battery boxes, front fascia, and other areas. Aside from that, fiberglass is an efficient solution for metal-based alternatives in pipes, tanks, subsea systems, and other applications in the water treatment and oil and gas industries.

In 2021, the North America market had the largest revenue share. Major companies are producing revolutionary fiberglass products and expanding their industrial operating capacity, which is considerably contributing to the fiberglass market's revenue growth in this area. For example, on February 2, 2022, Latham Group Inc., a corporation and producer of in-ground home swimming pools in North America, Australia, and New Zealand, announced the construction of a 148-acre fiberglass manufacturing plant in Loyalist Township, Ontario, Canada, west of Kingston. With the new factory, Latham is also supplying markets in the eastern half of Canada as well as the northeast and upper Midwest of the United States, creating pools for the company's fiberglass brands, including Latham and Narellan Pools. Furthermore, various firm investments, mergers, and collaborations are adding to the revenue growth of this region's fiberglass market. For example, on 14 February 2022, Brunswick Corporation announced collaboration with Arkema, a pioneer in high-quality materials, to produce a 100% recyclable fiberglass boat that will use Arkema's Elium liquid thermoplastic resin on all composite parts, core, and adhesives. The project is part of Brunswick's enterprise-wide sustainability policy, and it enables the entire recycling and reintroduction of hull and structural components into production processes, eliminating waste and obtaining virgin raw materials.