The global fiberglass market value stands at an estimated USD 30.1 billion in 2023, which is expected to reach USD 49.1 billion by 2030, progressing with a CAGR of 7.3% during 2024–2030. This is attributed to the special properties of fiberglass, such as strong resistance to bending and high temperatures, high tensile strength, ability to be compressed, and non-flammable nature.
The application of this material is also increasing in various fields due to its low maintenance. Buildings, boat hulls, parts of racing cars, bathtubs, and storage tanks are the key applications of these composites. The material is also used in the wind energy, aerospace, and automotive industries. The utilization of fiberglass in these industries has been growing at the expense of metals and other traditional materials for the past few years.
E glass holds the largest share in the market, under segmentation by glass type. This is because E-glass fibers are popular synthetic composite reinforcements and were originally made for electrical insulation applications. Apart from their earlier development, this material is widely used because of its low cost.
HR glass also holds a significant share in the market. This variant has more silicon dioxide or silica than other types, especially E glass, which gives a higher melting point and higher tensile strength.
Glass wool holds the largest share in the market in 2023, based on product, because of its extensive usage in the construction industry for thermal insulation purposes. Moreover, superfine glass wool is used to make common superfine glass blankets, alkali-free superfine glass blankets, glass wool boards, hyperoxic silica superfine glass blankets, and other products.
The yarn category also witnesses significant revenue generation, because of the increasing demand for this material from the electrical & electronics and automotive industries. Moreover, its increasing usage in the wind energy industry could provide lucrative growth opportunities in the coming years.
By application, composites hold the largest share in the market, attributed to the high strength and low weight of composites made from glass fibers. Their low weight makes these materials important in an evolving automotive industry, which prizes good mileage and low fuel expenses. This kind of composite is also widely used in sportscars to enhance their speed.
Fiberglass is widely used in residential construction. This is because the material eliminates fire risks, has poor thermal conductivity, and is stronger than steel, which makes it ideal for roofing. Other advantages of fiberglass roofing over one constructed from traditional materials include enhanced durability and an extended life.
North America is projected to be the significant-growing market, with a CAGR of 7.4%, during the forecast period. This is attributed to the presence of highly developed countries: the U.S. and Canada. Moreover, the increasing manufacturing of automobiles in this region is expected to accelerate the growth of the market in the coming years. For instance, in September 2022, Continental AG announced the opening of its new automotive manufacturing facility in Texas. This new facility is expected to utilize a good amount of fiberglass, thereby driving the growth of the market.
Some of the key players are China Jushi Co. Ltd., Owens Corning, Saint-Gobain Vetrotex, Chongqing Polycomp International Corp., Taiwan Glass Industry Corporation, Knauf Insulation, Nippon Electric Glass Co. Ltd., Asahi Fiber Glass Co. Ltd., and PFG FIBER GLASS CORPORATION.