Global Fiberglass Market Size, Market 2023 Analysis of Rising Business Opportunities with Prominent Investment, Forecast to 2028
The global fiberglass market is expected to exhibit strong growth, reaching USD 19.9 billion by 2028. As per the report titled “Fiberglass Market Size, Share & COVID-19 Impact Analysis, By Glass Type (E-Glass, ECR Glass, H-Glass, AR-Glass, S-Glass and Others), By Product Type (Glass Wool, Direct and Assembled Roving, Chopped Strand, Yarn and Others), By Application (Composites and Insulation) and Regional Forecasts, 2022-2028″ observes that the market size in 2021 stood at USD 15.7 billion and USD 19.9 billion in 2028. The market is expected to exhibit a CAGR of 4.10% during the forecast period.
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Owens Corning Announced a Joint Venture Partnership with Pultron Composites to Manufacture Fibreglass Rebar
In June 2022, a joint venture between Pultron Composites and Owens Corning to produce fiberglass rebar was announced to have been formed. The agreement strengthens the business' commitment to sustainably offering higher-performance concrete reinforcement products.
Increased Use of Fibreglass Composites in Automotive Industry to Fuel the Market Growth
Fiberglass products are widely used in various applications due to their higher strength-to-weight ratio; a crucial factor considered when making automobiles. High-strength, lightweight materials are used in the manufacturing process to help vehicles achieve high mileage and improved fuel efficiency. Many nations are concentrating on producing lightweight vehicles to achieve CAFÉ (Corporate Average Fuel Economy), which motivates the use of glass fiber composites in the automotive industry. As a result, one of the major factors fueling the growth of the fiberglass market is the increasing trend toward lightweight and fuel-efficient vehicles.
Various Problems in the Recycling of Glass Wool May Hinder Market Growth
A cheap and effective kind of insulation is glass wool. The insulation business is faced with significant difficulty because recycling is difficult. For the physical safety of the individuals participating in the disposal process, proper disposal techniques, a mask, and protective clothes are essential when disposing of glass wool material. The infrastructure required for the secure disposal of glass wool is lacking in emerging nations. Additionally, they don't use suitable recycling and disposal methods, which contributes to the accumulation of glass wool waste. Given that the Asia Pacific area has the largest market for glass wool and that most of the nations there are developing ones, efforts must be made to advance the industry's recycling practices.
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Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the fiberglass market plan acquisitions to improve their brand recognition globally. For instance, in August 2022, Owens Corning unveiled its new Next Gen Fiberglas insulation in PINK. This cutting-edge insulating solution enables installations to be finished up to 23% faster than their current solutions. A tightly woven network of fine, soft fibers produced by the most recent development in fiber technology creates a blanket of insulating micro-pockets.
Notable Industry Development
- February 2021: A new sizing system, the T34, was created by Saint-Gobain Vetrotex as a replacement for their T30 product. The new T34 sizing system was created to make heat-cleaning operations possible without compromising the fabric's characteristics. According to the company, the new sizing system has produced excellent results without broken filaments during the weaving processes.
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List of Key Players Profiled in the Report
- Owens Corning
- Jushi Group Co., Ltd
- Taishan Fiberglass Inc.
- Johns Manville
- Chongqing Polycomp International Corp.
- Xingtai Jinniu Fiberglass Co., Ltd
- Shandong Fiberglass Group Co., Ltd
- Glasstex Fiberglass Materials Corp.
Further Report Findings
- The market in Asia Pacific is expected to gain a huge portion of the global fiberglass market share in the coming years. The area's high population and rising industrialization are to blame for the enormous consumption.
- The region's expanding automotive and construction industries, particularly those in China and India, are expected to fuel market growth.
- In North America, the growth in this region is primarily driven by the region's expanding auto sales and widespread usage of fiberglass insulation in construction.
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