The global fiberglass market size was valued at USD 15.7 billion in 2021. The market is projected to grow from USD 15.7 billion in 2021 to USD 19.9 billion by 2028, exhibiting a CAGR of 4.10% during the forecast period.
 
The most popular form of glass fiber-reinforced plastic is fiberglass. The fibers can be woven into glass cloth, flattened into a sheet, or arranged randomly. Except for transparent FRP panel applications, ECR is a type of electronic glass suitable for all e-glass applications. The global fiberglass market is expanding due to factors that favor fiberglass over other materials, including an increase in the use of fiberglass composite in the construction and automotive industries, increased demand for composite components, and strict emission control regulations.

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Expanding the construction and automotive industries' use of fiberglass will significantly impact the industry. A vehicle's mileage and fuel efficiency can be increased by using lightweight, high-strength materials. Additionally, the automotive, aerospace, and wind power industries will likely see a surge in demand for important composites because of aspects like cheap cost, lightweight, corrosion resistance, high strength, and the simple availability of key compounds.
 
COVID-19 IMPACT

As COVID-19 spreads, governments worldwide have decided to stop it by imposing temporary quarantine and lockdown measures. A wide range of markets and industries have been impacted. One such market is the fiberglass market. Many fiberglass manufacturers have been forced to close or significantly slow production due to the global shutdown. Because fiberglass became scarce, its price skyrocketed. Industries that use fiberglass in their manufacturing experience significant increases in production costs.
 
DRIVING FACTORS

Increasing Demand from Aerospace Industry to Drive the Growth

Fiberglass for A-Glass, E-Glass, C-Glass, S-Glass, and other materials are primarily used in the aerospace industry for various applications, including aircraft insulation, closets, air ducts, flooring, seating, and various other interior aircraft components. The aircraft industry uses fiberglass cloth because of its high tensile strength, stiffness, lightweight, and great fire resistance. The Federal Aviation Administration (FAA) estimates that expanding air freight operations would result in a total output of 8,270 commercial aircraft by the end of 2037. Furthermore, the Indian Air Force (IAF) has declared plans to supply 73 Tejas Mark-1A fighter jets between 2024 and 2028. As a result of the qualities mentioned above, such increased aircraft manufacturing is predicted to enhance demand for fiberglass for usage in various aircraft interior components. This is projected to propel the fiberglass market further in the future years.

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 RESTRAINING FACTORS

Environmental Substance Emissions Could Hinder Market Expansion

The processing of glass fiber uses a lot of energy and resources. One kilogram of carbon dioxide (CO2) is emitted into the environment for every kg of molten glass, in addition to fluoride, nitrogen oxide and dioxide (NOx), volatile organic compounds (VOC), sulfur dioxide (SO2), chlorine, and particulates. As a result, there is a large reduction in landfill space and material emissions into the environment. Because of its qualities, GFRP is frequently used. Due to the polymeric component's thermoset nature, they are neither fusible nor soluble, which prevents direct remelting or remolding. In addition to glass and polymeric matrix, these fabrics frequently contain a sizeable amount of inorganic fillers, making them challenging to recycle. For the industry to grow sustainably, developing acceptable recycling solutions for glass wool and other composite materials is becoming crucial.

LIST OF KEY COMPANIES PROFILED:

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.

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