Fiberglass Market worth $38.8 billion by 2027-At a CAGR of 7.1%

According to a new market research report, the “Fiberglass Market by Glass Type (E-Glass, ECR-Glass, H-Glass, AR-Glass, S-Glass), Product Type (Glass Wool, Direct and Assembled Roving, Yarn, Chopped Strand), Application (Composites, Insulation) and Region – Global Forecast 2027″, size is expected to grow from USD 27.5 billion in 2022 to USD 38.8 billion by 2027, at a CAGR of 7.1% during the forecast period. Fiberglass is being used in the construction & infrastructure, aerospace, wind energy, automotive, electronics, and other end-use industries. The increasing wind energy projects and demand of lightweight material from automotive industry support the demand for fiberglass in the wind energy and automotive end-use industry.

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Impact of COVID-19

In 2020, due to spread of COVID-19, fiberglass market witnessed decline across the world. The raw materials used in making fiberglass are soda ash, lime, and silica. China is a hub of fiberglass manufacturing and a major supplier of raw materials for manufacturing fiberglass. The outbreak of COVID-19 has affected the supplies of these raw materials in China. The country is a major supplier of soda ash. The break in the supplies of such raw materials has reduced the production of fiberglass and fiberglass composites. Owing to lockdowns globally, the production and transportation of fiberglass have significantly declined, affecting the business of fiber as well as prepreg and composites manufacturers.

E-glass type comprises a major share of the fiberglass market in terms of value.

E-glass, also known as an electrical grade glass, has electrical insulation property. E-glass was initially developed for electrical wiring applications. However, technological advancements in the field of E-glass have widened its applicability across various sectors, such as wind energy, marine, and electrical & electronics. E-glass is cost-efficient, corrosion-resistant, and lightweight. Owing to its wide-ranging applications, it is considered to be the most widely used glass fiber around the world during the forecast period.

APAC is expected to account for the largest market share in the fiberglass market during the forecast period.

APAC is the largest fiberglass market in terms of volume and is expected to maintain its lead during the forecast period. The remarkable growth in various end-use industries such as construction & infrastructure, wind energy, automotive, and electrical & electronics are driving the demand for fiberglass products from the region. Europe is the second major consumer of fiberglass aerospace, and wind energy are the major industries fueling the growth of the fiberglass market in this region.