Global fiberglass market is estimated to grow at a CAGR of around 10% during the forecast period (2024-2031). The market growth is driven by the extensive use of fiberglass for manufacturing applications in the construction and automobile industries. Additionally, fiberglass is used across various other industries such as aerospace & defense, marine, food, electronics body parts, and more, to produce lightweight body parts. Furthermore, fiberglass has applications in the construction sector in commercial, industrial as well as in residential construction for exterior and interior components. The stringent government regulations are also bolstering the global fiberglass market. The growing market for electric cars is significantly contributing to the market growth attributing to the rising demand for lightweight material. Additionally, as fiberglass is lightweight and hard it is used in the manufacturing of wind turbines and other parts.
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However, the market growth is restrained by the availability of substitutes for fiberglass such as carbon fiber and aluminum. The carbon fiber is stronger and lighter, however more expensive than fiberglass, and aluminum is easily available. However, fiberglass is preferred over aluminum as it is more heat resistant and does not react with water.
The global fiberglass market is segmented by glass type (S-glass, E-glass, AR-glass, D-glass, and others), by end-user (automobile, aerospace & defense, food & beverage, energy, construction, and others), and by geographies (North America, Europe, Asia-Pacific, and Rest of the World).
The major players in the global fiberglass market include Owens Corning, Binani Industries Ltd., Compagnie de Saint-Gobain S.A., Nippon Electric Glass Co. Ltd, and Taiwan Glass Industry Corp., among others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.
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Recent Developments
- In May 2024, BASF introduced sustainable glass fibers in its Ultramid®A&B portfolio. The fiberglass is produced by 3B Fiberglass, for the reinforcement of thermoplastic and thermoset polymers. The company uses green electricity in the production process.
- In August 2022, Owens Corning and Pultron Composites announced the signing of a joint venture to manufacture fiberglass rebar. The partnership increases market access to PINKBAR®+ Fiberglas Rebar used for flatwork and residential applications, and MATEENBAR™ Fiberglas™ Rebar used for heavy-load structural applications. The products feature ACI, ASTM, ICC-ES, and CSA Grade III code compliance and are a suitable replacement for steel rebar.
- In August 2021, Owens Corning launched the PINK Next Gen™ Fiberglas™ insulation. The product features advanced fiber technology and enables up to 23% faster installation compared to our existing products. It enables up to 23% faster installation compared to our existing products.
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