Fiberglass market catches momentum riding on rising infrastructural developments

The fiberglass market is one that can be described as an indispensable material used in a myriad of industries due to its versatility and advantageous qualities. Fiberglass is a lightweight yet durable material produced from extremely fine fibers of glass. It possesses properties such as high tensile strength, resistance to heat and chemicals, and is non-conductive in nature. Its versatility has led to widespread applications ranging from construction such as insulation, piping, siding, roofing to automotive, aerospace industries and sports & leisure goods. Fiberglass has also emerged as a cheaper and sturdier alternative to carbon fibers in recent times.

The fiberglass market is estimated to be valued at USD 29.01 Bn in 2024 and is expected to reach USD 45.16 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.53% from 2024 to 2031.

Key Takeaways
Key players operating in the fiberglass market are China Jushi Co., Ltd., Owens Corning, Nippon Electric Glass Co., Ltd., Taishan Fiberglass Inc., Johns Manville Corporation.

The construction industry remains the largest end-user of fiberglass accounting for over 30% of global demand. Rapid infrastructure development projects across Asia Pacific and Middle East is driving fiberglass consumption upwards.

Leading Fiberglass market manufacturers are focusing on global expansion plans especially in high growth regions of Asia Pacific and Middle East & Africa to capture larger market share.

Market key trends
One of the prominent trends witnessed in the fiberglass market is the increasing demand from the wind energy industry. Massive investments in grid-connected and off-grid wind farm projects globally is propelling the need for sturdy yet lightweight rotor blades, nacelle covers and spinners which fiberglass possesses in abundance. Its demand from the wind energy segment is anticipated to rise at a healthy 7-8% annually through 2030.
Porter's Analysis

Threat of new entrants: Establishing manufacturing facilities and global supply chain for fiberglass requires huge capital investments acting as entry barriers for new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute materials and products. However, switching costs limits bargaining power.

Bargaining power of suppliers: Suppliers of raw materials like glass have moderate bargaining power due to availability of alternatives and established supply chain of major players.

Threat of new substitutes: Substitutes like carbon fiber and metals pose threat, but fiberglass still holds advantage of price, weight and corrosion resistance in many applications.

Competitive rivalry: Global players compete intensely on pricing, product differentiation and expansion. Small local players co-exist serving niche applications.

Geographical Regions

North America accounts for over 35% of the global fiberglass market value led by vehicle manufacturing, construction and wind energy industries. Strong economy, manufacturing base and government incentives continue to support market growth.

Asia Pacific region is growing at fastest pace of over 8% annually mainly attributed to increasing manufacturing industries, construction activities and investments in wind energy in China, India. Relocation of production facilities from developed markets to Asia further propels regional market.

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.

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