With the emergence and long-term Impact of COVID-19, the Global Fiberglass Market is to reach USD 18.26 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Fiberglass Market is poised to raise up to USD 18.26 Billion by 2030. The global fiberglass market refers to the industry involved in the production, distribution, and use of fiberglass, which is a reinforced plastic material made from fine fibers of glass. The major driving factors for the market are rising construction industry and the growing automotive industry. Moreover, rising technological advancements and high government support for the market are creating lucrative growth opportunities for the market over the forecast period 2023-2030.
Rise in number of connected cars worldwide is driving the market growth. Connected cars often feature advanced electronic systems and sensors that require lightweight materials to improve fuel efficiency and reduce emissions. Fiberglass is known for its high strength-to-weight ratio, making it an attractive choice for components like body panels, bumpers, and interior parts. For instance, according to Statista, in 2021 there was 237 million connected cars which is predicted to increase up to 400 million in 2025. Along with this, the global automotive manufacturing industry, due to pandemic the faced decline in revenue.
Yet, the market is recovering slowly and in 2022 the market would lift up to USD 2.95 trillion from USD 2.71 trillion in 2020 according to Statista. Along with this, according to the same source, by year 2030, 58 million new self-driving cars are anticipated to be added on road across the globe, which would directly increase the adoption of 5G in automotive. Additionally, around 26% of all new car sales are anticipated to be electric vehicles. However, the high cost of Fiberglass stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Fiberglass Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is a dominating market for fiberglass, driven by the presence of various industries such as construction, automotive, aerospace, and wind energy. The region has a mature fiberglass market, with established manufacturers and high demand for fiberglass products. The construction sector contributes to the growth of the fiberglass market due to the use of fiberglass in applications such as insulation, roofing, and composite materials.
The Asia-Pacific region is experiencing significant growth in the fiberglass market due to rapid industrialization, urbanization, and infrastructure development. Countries such as China, India, and Japan have a high demand for fiberglass products, particularly in the construction, automotive, and electronics industries. The region is also witnessing a surge in wind energy projects, contributing to the demand for fiberglass in wind turbine components.
The global Fiberglass Market is highly competitive owing to the presence of several key manufacturers such as LANXESS (Germany), Owens Corning (U.S.), 3B – The Fiberglass Comp (Belgium), Shandong Fiberglass Group Corp (China), Nippon Electric Glass Co., Ltd (Japan), Taishan Fiberglass Inc. (CTG) (China), Chongqing Polycomp International Corp. (China), and others.
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Key findings of the study suggest:
- Global Fiberglass Market is anticipated to grow with a healthy growth rate of more than 4.8% over the forecast period 2023-2030.
- In the Product segment, yarn emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to presence of various industries such as construction, automotive, aerospace, and wind energy.
- Asia-Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Glass Type:
- E-Glass
- Specialty
By Product:
- Glass Wood
- Yarn
- Roving
- Chopped Strands
- Others
By Application:
- Transportation
- Building & Construction
- Electrical & Electronics
- Pipe & Tank
- Consumer Goods
- Wind Energy
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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