The accelerating growth rate of Fiberglass Market is mainly running because of increasing consumption in end user industry such as automotive, aerospace, and electrical industry in various developed regions. In addition, rising consumption of fiberglass composites and insulation has been perceived in Asia Pacific region due to increasing in various end user industrial application such as in construction, automotive, and others. The major driver of fiberglass market is rising demand of composite fiberglass in various end user industry such as automotive and aerospace. On the other hand unstable prices of raw materials is major restraining factor of the fiberglass market which can restrain the growth of Fiberglass Market.
Globally the fiberglass market is estimated to escalate at a higher growth rate which is supported by the rising consumption in various industrial applications. The developing economic conditions of various regions and growth in industrial production and construction are increasing the market demand for fiberglass uses.
All these factors contribute to the calculated CAGR of 9.2% of Fiberglass Market during 2016-2023.
Key players of the Fiberglass Market are Jushi Group Co. Ltd (China), AGY Holding Corp. (U.S.), Saint-Gobain Vetrotex (Europe), PPG Industries Inc. (US), Owens Corning (US), Taiwan Glass Industry Corporation (Taiwan), Taishan Fiberglass Inc (China), PFG FIBER GLASS CORPORATION (Taiwan), Fiber Glass Industries Inc (US), W. L. Gore & Associates, Inc (US), and Others.
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The Global Fiberglass Market has been segmented into types, application, and end use industries. On the basis of types, the market has been divided into A-glass, C-glass, D-glass, E-glass, R-glass, S-glass, and others (AR-glass, ECR-glass, etc.). Among all these types A- glass, D-glass, E-glass, ECR-glass especially used in electrical industry. A- glass or alkali glass made with soda lime silicate which is the dominate glass used for containers and windowpanes. D-glass offers a low dielectric constant which is made by borosilicates. Whereas, E- glass with higher acid corrosion resistance made with calcium aluminosilicates, is used industrial applications on the requirement of electrical conductivity, strength, and acid corrosion resistance. On the other hand, R-glass reinforcement glass fiber made by calcium aluminosilicates, and used when higher strength and acid corrosion resistance is required. S glass fiberglass which is a high strength glass made from magnesium aluminosilicates and applicable when high temperature resistance, high stiffness, high strength, and corrosive resistance is required.
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On the other hand, on the basis of application the global fiberglass market is segmented into composite and insulation. In the composite fiberglass dominate the automotive, defense, energy, and aerospace industry. Composite fiberglass also recognized as glass-fiber reinforced plastic (GFRP), and is produced in various forms for specific properties for different industries such as compression strength tenacity, tensile strength, and thermal expansion. Whereas the second application of fiberglass given as insulation, which is a building material made from tightly-woven glass fibers. It is lightweight, strong, cost-effective, and has numerous industrial applications. These characteristics have made fiberglass a best choice in the insulation world housing and industrial applications.
Finally, on the basis of end use fiberglass is segmented into aerospace, automotive, construction, electrical, pharmaceutical, industrial, and others (wind energy, petrochemicals, etc.). It is highly applicable in automobile sector has resulted in the growth of the Global Fiberglass Market. Fiberglass are used in automotive applications for their temperature resistance, tensile strength, and dimensional stability. The growing demand from end use industries such as automotive, aerospace, and electrical industry have increased the market for fiberglass which will further have a positive impact during the forecast period.
Presently, Asia Pacific region is the major market of fiberglass due to demand in various applications such as automotive and electrical industry especially in China, India followed by Japan. Whereas, increasing demand in construction industry in developing countries such as India, Indonesia, and Thailand made Asia Pacific largest consumer of the Global Fiberglass Market followed by increasing in the consumption of Fiberglass Market in North America region. Furthermore, Europe region hold third position for the global Fiberglass Market due to large consumption in pharmaceutical, construction, and electrical industry. In addition, Latin America and Middle East also witnessed in growth of Fiberglass Market due to various end user industry such as aerospace, automotive, construction, electrical, pharmaceutical, industrial, and others.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of key vendors.
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