The Fiberglass Market will grow at highest pace owing to increasing demand from construction industry
Fiberglass or glass-reinforced plastic is a synthetic polymeric composite material made of glass fibers that are bonded in a matrix of plastic resin such as polyester, vinyl ester or epoxy. It is used as a structural material and reinforcement. It is found in products like boats, corrosion-resistant chemical equipment, piping, concrete reinforcement, bathtubs,hot tubs, swimming pools and spas. Fiberglass is corrosion resistant, durable, light weight and low maintenance. It does not corrode, rot, or dent easily and has high durability. The reinforced plastic matrix protects the glass fibers from damage and the fibers greatly increase the material's strength and decrease its weight.
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 Owens Corning, Jushi Group Co. Ltd., China Jushi Co. Ltd., Taishan Fiberglass Inc. (CTG), Johns Manville Corporation, Chongqing Polycomp International Corporation.
The increasing demand from construction and infrastructure industries due to its properties such as lightweight, high tensile strength and durability is expected to drive the Fiberglass market. Technological advancements in production techniques have made fiberglass a cost-effective material for various end use industries.
The construction industry is one of the major consumers of fiberglass, accounting for over 30% of overall demand. Growing construction activities globally particularly in Asia Pacific driven by rapid urbanization and industrialization will boost fiberglass consumption. Technological advancements are focusing on developing cost-effective and light-weight fiberglass composites for applications such as wind energy and transportation industries. New production processes help reduce material consumption while maintaining quality and mechanical properties.
Market Trends
Increasing adoption of fiberglass composites in wind energy industry owing to light weight and high strength properties essential for turbine blades. Composite materials make blades extremely durable and enable production of extra-large blades required for high-capacity wind turbines. Growing installation of off-shore wind farms further creates opportunities. Rising consumption of fiberglass in pipes and tubing industry due to excellent corrosion resistance properties and durability. Fiberglass have completely replaced traditional materials for applications in chemical plants, sewage systems and salt water environments.
Market Opportunities
Growing demand for recycled fiberglass as a sustainable construction material presents new opportunities. Recycled fiberglass uses reclaimed material from manufacturing waste and end-of-life products giving it an edge over virgin fiberglass.
Rising focus on development of bio-based resins as an alternative to petroleum-based resin matrices used in fiberglass composites. Bio-resins from renewable resources have potential to make fiberglass industry more environmentally sustainable without compromising on mechanical performance.
Impact of COVID-19 on Fiberglass Market Growth
The COVID-19 pandemic has impacted the growth of the fiberglass market. During the initial phases of the pandemic when lockdowns were imposed, manufacturing facilities were closed which disrupted the supply chain. This led to lowered demand as end-use industries like construction, transportation, wind energy were at a standstill. The decline in construction activities majorly affected the demand for fiberglass from the building & construction sector.
As lockdowns eased, economic activities resumed gradually. However, the demand is yet to recover to the pre-pandemic levels. Factors such as reduced discretionary spending, job losses impacted the growth. Project delays and cancellation in the initial phase further added to the slowdown. Companies faced issues related to labor shortage, raw material unavailability. Though production has resumed, the operating costs have increased due to safety protocols and limited workforce utilization impacting profit margins.
Going forward, mass vaccination drives and relaxed norms are expected to help restore consumer confidence and revive demand. Focus on infrastructure projects, renewable energy especially offshore wind, will drive the consumption of fiberglass. Adoption of fiberglass composites in electric vehicles presents lucrative opportunities. Industry players need to ensure workforce safety, optimize supply chain and production planning, focus on cost optimization to compete in the market undergoing transformation. Technology upgradation, new product developments aligned with sustainability will help gain market share in the coming years.
Regional Concentration of Fiberglass Market
In terms of value, the fiberglass market is highly concentrated in Asia Pacific region. This is majorly due to large presence of end-use industries like construction, transportation, pipe & tank, wind energy in the region. Countries like China, India, Japan are key manufacturing hubs. Strong domestic demand from construction sector coupled with export opportunities have benefited the regional market.
The market is also prominently present in North America & European countries. USA and Germany accounts for major share where fiberglass finds applications in wind blades, marine components, FRP products. Growing offshore and onshore wind energy projects in Europe drives the demand. Presence of prominent players and technology leadership positions these regions among top revenue generators.
Fastest Growing Region - Latin America
Emerging economies of Latin America provides ample growth opportunities for fiberglass market. Countries like Brazil, Mexico exhibit high potential owing to public & private investments in infrastructure development, renewable projects. Sustained economic growth, urbanization trends increases construction activities where fiberglass reinforced plastic (FRP) products sees rising adoption. initiatives towards cleaner sources of energy augments demand from wind farms. Moreover, attractive incentives for foreign players to set up manufacturing boost regional market. It is expected to showcase highest CAGR during the forecast period driven by numerous triggers of growth across end-use verticals.
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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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