Fiberglass Market - Asia Pacific is projected to be the fastest growing market by 2025

The Fiberglass Market is estimated to grow from USD 11.5 billion in 2020 to USD 14.3 billion by 2025, at a CAGR of 4.5% from 2020 to 2025. Factors such as extensive use of fiberglass in the construction & infrastructure industry and the increased use of fiberglass composites in the automotive industry are driving the growth of fiberglass market.

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The E-glass, in the glass type segment of global fiberglass market, is expected to witness a promising growth potential during 2020-2025. Factors such as, cost-efficiency, corrosion-resistance, and lightweight, as well as wide-ranging applications of E-glass, makes it preferable wind energy, marine, and electrical & electronics industries.

The thermoset resins in fiberglass resin type segment is projected to dominate the global fiberglass market, during 2020-2025. Properties such as excellent resistance to solvents, abrasives, high temperature, and heat, flexibility, excellent adhesion, and high strength, as well as the availability of thermoset resins in various types are increasing the demand for thermoset resins.

The chopped strand, product type segment is projected to record the highest growth in terms of both value and volume during 2020-2025. Chopped strands are fiberglass strands that are used to provide reinforcement to thermoplastic and thermoset composites. The rise in automobile production in Asia Pacific and Europe has contributed to the growing demand for chopped strands.

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The composites application segment is projected to lead the global fiberglass market during 2020-2025. GFRP is a composite material made of polymer reinforced by glass fiber. In recent years, GFRP composites are being widely used in transportation, electrical & electronics, construction & infrastructure, pipes & tanks, marine, wind energy, and other industries. The increasing demand for GFRP composites is supported by its low-cost, lightweight and corrosion resistance properties, high strength, and easy availability. These factors are expected to enhance the demand demand for FRP composites in automotive, aerospace, and wind energy industries.

Asia Pacific is projected to be the fastest growing market for fiberglass during the forecast period. The growing demand for fiberglass is primarily driven by the increasing focus on emission control policies and the growing demand for ecofriendly products have led to technological advancements in the field of composites. The replacement of traditional materials, such as steel and aluminum, with fiberglass is contributing to the growth of the fiberglass market in Asia Pacific.

Companies such as China Jushi Co., Ltd., Owens Corning, Nippon Electric Glass Co., Ltd., Taishan Fiberglass Inc. (CTG), Chongqing Polycomp International Corp. (CPIC), and Johns Manville Corp., fall under the winners’ category. These are leading players in the fiberglass market, globally. These players have adopted the strategies of expansions, new product launches, agreements, acquisitions, investments, new product developments, and partnerships, to increase their presence in the global fiberglass market.

China Jushi Co., Ltd., is the leading player in the global fiberglass market and is estimated to have the highest share in the market. In May 2016, China Jushi Co., Ltd., began the construction of its first fiberglass manufacturing production line in Richland County (US). The production capacity of this production line is 80,000 tons. This expansion helped China Jushi Co., Ltd. enhance its market penetration in the composites material industry in the US.

Another important player in the global fiberglass market is Owens Corning. In April 2018, Owens Corning entered into technology licensing and manufacturing supply agreements with Taiwan Glass Ind. Corp. (Taiwan). The agreements will leverage the manufacturing platform of Taiwan Glass Ind. Corp. to produce a mix of products for thermoplastic and thermoset applications. This agreement expanded the geographic footprint of Owens Corning in the Asia Pacific region as well as increased the fiberglass production capacity to cater to the needs of customers in Europe and North America.

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