The most popular form of glass fiber-reinforced plastic is fiberglass. The fibers can be woven into glass cloth, flattened into a sheet, or arranged randomly. Except for transparent FRP panel applications, ECR is a type of electronic glass suitable for all e-glass applications. The global fiberglass market is expanding due to factors that favor fiberglass over other materials, including an increase in the use of fiberglass composite in the construction and automotive industries, increased demand for composite components, and strict emission control regulations. Expanding the construction and automotive industries' use of fiberglass will significantly impact the industry. A vehicle's mileage and fuel efficiency can be increased by using lightweight, high-strength materials. Additionally, the automotive, aerospace, and wind power industries will likely see a surge in demand for important composites because of aspects like cheap cost, lightweight, corrosion resistance, high strength, and the simple availability of key compounds.
COVID-19 IMPACT
As COVID-19 spreads, governments worldwide have decided to stop it by imposing temporary quarantine and lockdown measures. A wide range of markets and industries have been impacted. One such market is the fiberglass market. Many fiberglass manufacturers have been forced to close or significantly slow production due to the global shutdown. Because fiberglass became scarce, its price skyrocketed. Industries that use fiberglass in their manufacturing experience significant increases in production costs.
DRIVING FACTORS
Increasing Demand from Aerospace Industry to Drive the Growth
Fiberglass for A-Glass, E-Glass, C-Glass, S-Glass, and other materials are primarily used in the aerospace industry for various applications, including aircraft insulation, closets, air ducts, flooring, seating, and various other interior aircraft components. The aircraft industry uses fiberglass cloth because of its high tensile strength, stiffness, lightweight, and great fire resistance. The Federal Aviation Administration (FAA) estimates that expanding air freight operations would result in a total output of 8,270 commercial aircraft by the end of 2037. Furthermore, the Indian Air Force (IAF) has declared plans to supply 73 Tejas Mark-1A fighter jets between 2024 and 2028. As a result of the qualities mentioned above, such increased aircraft manufacturing is predicted to enhance demand for fiberglass for usage in various aircraft interior components. This is projected to propel the fiberglass market further in the future years.
RESTRAINING FACTORS
Environmental Substance Emissions Could Hinder Market Expansion
The processing of glass fiber uses a lot of energy and resources. One kilogram of carbon dioxide (CO2) is emitted into the environment for every kg of molten glass, in addition to fluoride, nitrogen oxide and dioxide (NOx), volatile organic compounds (VOC), sulfur dioxide (SO2), chlorine, and particulates. As a result, there is a large reduction in landfill space and material emissions into the environment. Because of its qualities, GFRP is frequently used. Due to the polymeric component's thermoset nature, they are neither fusible nor soluble, which prevents direct remelting or remolding. In addition to glass and polymeric matrix, these fabrics frequently contain a sizeable amount of inorganic fillers, making them challenging to recycle. For the industry to grow sustainably, developing acceptable recycling solutions for glass wool and other composite materials is becoming crucial.
SEGMENTATION
By Glass Type
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Based on glass type, the fiberglass market is segmented into E-glass, ECR glass, H-glass, AR-glass, S-glass and others. The S-glass category dominated the market in 2021. Electrical glass is another name for e-glass. The oxides of magnesium, calcium, aluminum, silicon, and boron are used to make e-glass. E-glass products offer exceptional flexibility and are highly resilient to abrasion and vibration. This lightweight woven plastic fabric is popular for maritime, industrial, and aerospace applications.
Besides, the E-glass category is anticipated to grow significantly over the forecast period. Magnesium aluminum silicate is used to make high-strength S-glass. High strength and stability are required in applications functioning well in corrosive environments and high temperatures; s-glass fiber provides these qualities.
By Product Type
By product type, the market is segmented into glass wool, direct and assembled roving, chopped strand, yarn and others. The glass wool category dominated the market in 2021. Glass wool is commonly used as an indoor thermal and acoustic insulation material. They are most commonly used under pitched roofs, wooden floors, and inner walls. Glass wool is mostly found inside houses because it quickly loses its insulation value when damp.
Besides, the chopped strands category is anticipated to grow significantly over the forecast period. For automotive and electronics, chopped strands are used as reinforcement materials in fiber reinforced thermoplastics (FRTP) and fiber reinforced plastics (FRP).
REGIONAL INSIGHTS
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Asia Pacific is projected to hold the largest share of the fiberglass market over the forecast period. Technology improvements in the composites industry result from the increased attention on emission control regulations and the rising demand for environmentally friendly products. The expansion of the fiberglass market in Asia is facilitated by substituting conventional materials like steel and aluminum with fiberglass. The region's fiberglass market is anticipated to increase due to the rising demand for fiberglass from various industries, including construction, transportation, automotive, and electronics.
On the other hand, the North American fiberglass market is anticipated to grow significantly over the forecast period. The rising construction industry in North America is expected to drive the market. This fiber is typically used for roofing, cladding, surface coating, and insulation in the building and construction industries. The year 2018 saw a sharp increase in building growth across the United States and Canada, with the residential sector serving as a key driver of the upturn and low-interest rates and wage increases contributing to increased demand for more housing units. From 2021 on, the development rate increased again as the region's construction industry gained momentum thanks to ongoing investments in infrastructure and smart city initiatives.
LIST OF KEY COMPANIES PROFILED:
- Owens Corning
- Jushi Group Co., Ltd
- Taishan Fiberglass Inc.
- Johns Manville
- Chongqing Polycomp International Corp.
- Xingtai Jinniu Fiberglass Co., Ltd
- Shandong Fiberglass Group Co., Ltd
- Glasstex Fiberglass Materials Corp.
KEY INDUSTRY DEVELOPMENTS:
- November 2021: With the intention of serving India and the Middle East markets, Taishan Fiberglass Inc. (CTG) announced an investment of USD 250 million to build a greenfield fiber manufacturing plant in Gujarat (India).
- July 2021: To expand its non-woven product line and better serve the building and construction industry in Europe, Owens Corning acquired Vliepa GmbH.
REPORT SCOPE AND SEGMENTATION
| Attributes | Details |
| Study Period | 2016-2028 |
| Base Year | 2021 |
| Estimated Year | 2022 |
| Forecast Period | 2022-2028 |
| Historical Period | 2016-2020 |
| Unit | Revenue (USD Million) and Volume (Kilo Tons) |
| Segmentation | By Glass Type, By Product Type, By Application, and By Geography |
| By Glass Type |
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| By Product Type |
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| By Application |
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| By Region |
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