Pune, India, Nov. 14, 2022 (GLOBE NEWSWIRE) -- The global fiberglass market size was valued at USD 15.97 billion in 2021. The market is projected to grow from USD 16.72 billion in 2022 to USD 22.48 billion by 2029, exhibiting a CAGR of 4.3% during the forecast period.
This information is presented by Fortune Business Insights, in its report titled, "Fiberglass Market, 2022-2029."
Increase in Demand from the Biomedical Industry will Boost Market Expansion
The COVID-19 pandemic's negative influence on auto sales had a significant negative impact on the growth of the global market. Its pricing also changed as a result of this. The suspension of production activities and the constrained availability of vehicle parts had an impact on demand from manufacturers. There was a decrease in auto sales and working capital on the supply side.
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List of Key Players Covered in the Report
Report Scope & Segmentation:
E-glass Segment to Gain Momentum due to Increasing Applications of Fiberglass from Various End-use Industries
By glass type, the market is segmented into E-glass and specialty. The E-glass segment held the major fiberglass market share and is likely to maintain this trend during the forecast period. E-glass is also known as electrical glass. E-glass is produced from the oxides of magnesium, silicon, calcium, aluminum, and boron.
E-glass Segment to Gain Momentum due to Increasing Applications from Various End-Use Industries
Based on product, the market is segmented into glass wool, yarn, roving, chopped strands, and others. Glass wool segment held the prime share of the market in 2021. As an indoor thermal and acoustic insulation material, glass wool is particularly used.
Transportation Segment to Hold Significant Share Owing to Extensive Adoption of Material
Based on application, the market is segmented into transportation, building & construction, electrical & electronics, pipe & tank, consumer goods, wind energy, and others.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the fiberglass market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective.
Growing Demand from Transportation Sector Will Fuel Growth
As they are lightweight, sturdy, stiff, and provide good protection from several elements, fiberglass materials are perfect for transportation applications. They can also be molded into any size or shape and have a beautiful finish. Since it is lightweight, has a high strength-to-weight ratio, and has a long lifespan, it is employed in the automotive and wind energy industries.
The maritime and automotive industries are among the principal users of these glass fibers as they require materials that are lightweight and impact-resistant.
Asia Pacific will prevail Supported by Rising Construction Industry Demand
The highest portion of the global market was accounted for by Asia Pacific. The market is expected to grow as a result of rising demand in the construction sector in developing nations such as India, Indonesia, and Thailand.
The market is anticipated to be driven by North America's expanding construction sector. This fiber is generally utilized as raw material for roofing, cladding, surface coating, and insulation in the building and construction sectors.
In Europe, the consumer electronics sector has reached a mature stage and is backed by a high-tech connection environment.
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Innovative Product Launch Announcement by Key Players to Bolster Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
August 2022- New Next Gen Fiberglas insulation in PINK was introduced by Owens Corning. Compared to their current solutions, this innovative insulating solution enables installations to be completed up to 23% faster. A blanket of insulating micro-pockets is formed by a tightly woven network of soft and fine fibers created by the latest advancement in fiber technology.
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