Fiberglass Market will expand at a CAGR of 4.7% from 2017 to 2025

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Global Fiberglass Market: Snapshot

The significant rise in the automotive industry has influenced the global market for fiberglass substantially. With the increasing number of passenger cars, on account of the rise in touring and traveling, and the augmenting interest of people in owing a car, thanks to the surge in their purchasing power, the demand for fiberglass, which is an important part of a vehicle’s body, is rocketing across the world. In 2016, the total opportunity in the worldwide market for fiberglass was US$7.21 bn in 2016. According to the estimation of analysts at Transparency Market Research (TMR), the market will expand at a CAGR of 4.7% from 2017 to 2025 and reach US$10.8 bn by the end of 2025.

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E-glass and S-glass to Remain Most Valued in Global Fiberglass Market

The global market for fiberglass is broadly assessed on the basis of the type of glass, type of fiber used to produce fiberglass, technology, and application. Based on the type of glass, the market is categorized into S-Glass, C-Glass, E-Glass, ECR-Glass, and several other types of glass. Among these, the E-glass and the S-glass segments, collectively held over 60% of the overall market in 2016 and are expected maintain it over the next few years. By type of fiber used to produce fiberglass, the market is classified into strands, rovings, yarn, mats, and fabric. Of these, roving fiberglass is more demanded than other types of fiberglass.

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In terms of technology, layup, pultrusion, compression molding, resin transfer molding, filament winding, and injection molding are the prominent segments of this market, among which, the layup technology is enjoying a comparatively higher demand. The construction, wind energy, aerospace and defense, sports and leisure, automotive, marine, and the pipes and tanks industries have surfaced as the key application areas of fiberglass across the world. With a share of over 25%, the automotive industry occupied the position of the leading consumer of fiberglass in 2016 and is expected to remain seating in this position over the forthcoming years.

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