Fiberglass Market worth $26.76 billion by 2028

(EstateNewsWire.com, July 10, 2019 ) The report "Fiberglass Market by Type (Glass Wool, Direct & Assembled Roving, Chopped Strand, Yarn), Application (Composites, Construction & Infrastructure, Automotive, Glass Wool Insulation Residential, Industrial), and Region–Global Forecast to 2028" The fiberglass market was valued at USD 13.95 billion in 2017 and is projected to reach USD 26.76 billion by 2028, at a CAGR of 6.1% between 2017 and 2028. The growth of the fiberglass market is primarily triggered by the extensive use of fiberglass in the construction industry, use of fiberglass composites by the automotive industry for increased performance, and increasing number of wind turbine installations.

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Chopped Strand is projected to be the fastest-growing type segment of the global fiberglass market during the forecast period.

Chopped strands are fiberglass strands that are used to provide reinforcement in the automotive and construction applications. It can be mixed with resin to produce a reinforcing gap filler in construction activities. Chopped strands used with polyester resin produces strong, stiff and tough laminates that are used in water tanks, boats, and industrial applications. They are suitable for hand lay-up process using thermoset resin systems in automobile, re-creation, chemical industries. Rising automotive production in Asia-Pacific and Europe is expected to drive the demand of the chopped strand type segment.

Composites is projected to be the fastest-growing application segment of the global fiberglass market during the forecast period.

Composites is projected to be the fastest-growing application during the forecast period. The strength-to-weight ratio of fiberglass is higher than steel and aluminum. The reduction in weight for a given level of strength makes fiberglass vital in the automotive industry. Fiberglass applications market for the automotive industry is in a developing stage, with the key drivers being low processing time and cost. A number of car manufacturers, along with glass fiber producers, are slowly venturing into the mass production of glass fiber rich automotive parts. Trends such as weight reduction, increased processing speed, and lower VOC emissions are driving fiberglass in automotive applications. Fiberglass enables automotive manufacturers to produce structural components to substitute conventional metal solutions. The applications include bumper beams, under hood applications, exterior panels, and interiors of cars and trains.

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Browse in-depth TOC on "Fiberglass Market
244 - Market Data Tables
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The Asia-Pacific region was the largest market for fiberglass in 2017.

Asia-Pacific was the largest market for fiberglass in 2017. The increasing demand for fiberglass composites for manufacturing lightweight vehicles is driving the Asia-Pacific fiberglass market. Europe was the second largest market of fiberglass. The European Fiberglass market is mainly driven by the growing demand from the fast-growing transportation, marine, aerospace and defense, and wind energy applications. The increasing demand for fiberglass composites for manufacturing lightweight vehicles is driving the Fiberglass market.

Key players operational in the fiberglass market include China Jushi Co. Ltd (China), Owens Corning (US), PPG Industries, Inc. (US), Taishan Fiberglass Inc. (China), Chongqing Polycomp International Corp. (China), Nippon Electric Glass Co., Ltd. (Japan), and Binani 3B-The Fibreglass Company (India), Johns Manville Corp. (US), among others.

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