Fiberglass Market Size

Fiberglass Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The glass fibre market is expected to grow steadily in the coming years. The market is expected to be worth $18.84 billion in 2024 and $24.68 billion in 2032. The CAGR for this period is 4.2%. The growth is mainly driven by the increasing demand for lightweight and durable materials in various industries, such as the automotive industry, construction industry and aeronautical industry. The development of new glass fibres, such as high-performance composites, is also driving the growth of the market. Several key players, such as Saint-Gobain, Jushi Group and Owens Corning, are actively involved in strategic initiatives to take advantage of the favourable market conditions. These companies are investing in research and development in order to develop new glass fibre products and improve their production processes. Moreover, several companies are entering into joint ventures and other strategic alliances to expand their market share and increase their product range. The industry is also becoming increasingly concerned about sustainability. For example, several companies have launched new glass fibre products that are free of halogens and are therefore completely free of chlorine. In conclusion, the glass fibre market is expected to benefit from the technological developments and strategic initiatives and is therefore expected to grow strongly in the coming years.

Regional Market Size

Regional Deep Dive

The fibreglass market is growing at a fast rate in all regions, driven by the rising demand for the material from the construction, automobile and aeronautics industries. In North America, the market is characterised by its advanced manufacturing capabilities and innovation, while in Europe the emphasis is on compliance with regulations. In Asia-Pacific, the rapid industrialisation and urbanisation is driving demand for fibreglass products. The Middle East and Africa (MEA) region is benefiting from the development of its public works, while Latin America is slowly adopting fibreglass solutions in various sectors, influenced by the economic recovery and the growing investment in the renewable energy sector.

North America

• The use of advanced composites in energy-saving building materials is an additional source of growth for this market.
• The development of the fibre-glass industry in this part of the world has also been influenced by the region’s commitment to sustainable development.
• The automobile industry is using more and more of this material for the manufacture of light components, in the interest of reducing the weight of its vehicles, and in the interest of the reduction of exhaust gases.

Europe

• The European Union’s “green deal” policy is promoting the use of sustainable materials, which is increasing the demand for products made from recyclable fibreglass.
• Companies like Saint-Gobain and BASF are innovating in this field and concentrating on energy-saving solutions for construction and insulation.
• The manufacturers are obliged to improve the insulating qualities of their products to conform with the new regulations.

Asia-Pacific

• The construction of the belt and road will promote the development of China's economy and increase the demand for glass fiber in construction and transportation.
• Jushi Group and Taishan Fiberglass have been expanding their production capacity in the new materials industry. The two companies are expanding their production capacity, mainly in the field of wind energy and automobiles.
• The region has a boom in the production of electric vehicles, which increases the use of light fiber-glass composites in order to improve their efficiency.

MEA

• In the United Arab Emirates, the Vision 2021 programme has brought about an increase in investment in public works, which has led to an increase in demand for glass fibres in the construction industry.
• The products of the companies, like the Saudi Fiber Glass Factory, are being expanded to meet the requirements of the construction and oil industries.
• And in all these countries the regulatory frameworks are developing towards the use of advanced materials, including glass fibre, in various applications, thus enhancing market growth.

Latin America

• Brazil's investments in the production of new energy are a source of opportunity for the wind-turbine industry, and they will help to expand the market for fibreglass.
• Local companies are increasingly adopting fibreglass construction solutions in response to the rising demand for energy-efficient buildings.
• The Government, by a series of measures, has encouraged the use of modern materials, such as glass-fibre, in various branches of industry.

Did You Know?

“Fiberglass is not only used in the building and automobile industries, but also plays an important role in aeronautics, where it is used to produce lighter parts, thus reducing fuel consumption.” — Aerospace Manufacturing and Design

Segmental Market Size

The fibreglass market is currently growing steadily. This is largely due to its extensive applications in various industries, including construction, motor vehicles and aeronautics. In the latter, the fibres are used in the manufacture of hulls, wings, rudders, etc. They are also used in the manufacture of windmills. In addition, the regulations promoting the use of more sustainable materials play a significant role in the fibreglass market.

Today, the use of glass fiber has reached a mature stage, and the leading enterprises in the industry are mainly the American Owens Corning and the Chinese Jushi Group. The main uses are in building materials, automobiles, and wind power blades. In addition, the development of sustainable building materials is also an important trend that drives the growth of the industry, and the automation of fiber placement technology is also an important trend that drives the industry to develop rapidly. It can be seen that glass fiber is a major material for the transition to a more sustainable industry.

Future Outlook

The world fibre-glass market will continue to grow steadily from 2024 to 2032, and is expected to grow from $18.8 billion to $24.68 billion, with a CAGR of 4.2%. The growing demand for lightweight and durable materials from various industries, such as the automobile, construction and aeronautical industry, will be the main driving force for the market to grow. Also, the fibre-glass composites, with their superior strength-to-weight ratio and their corrosion resistance, are very suitable for the production of new energy, such as wind and solar energy.

The fibreglass market is largely based on technological developments, such as the development of advanced manufacturing processes and the integration of smart materials. Government policies that encourage sustainable building practices and the reduction of carbon footprints will also help to boost the fibreglass market. Also, the growing use of fibreglass in the production of electric vehicles and the increasing use of fibreglass in civil engineering projects will contribute to the growth of the market. By 2032, it is expected that fibreglass will represent a significant share of the composite materials market. The use of fibreglass in the main application sectors is expected to grow by more than 20 per cent.