The global Fiberglass Market size is projected to reach a CAGR of 6.50% from 2023-2030.
Fiberglass is a material made from small threads of plastic glass. It is a form of fiber-reinforced plastic where glass fiber is in the reinforced plastic. It is also known as glass-reinforced plastic or glass fiber-reinforced plastic. The glass is usually flattened into a sheet randomly arranged or woven into a fabric. It is lightweight, strong, and less brittle. It is also flexible enough to be able to get molded into various shapes. It is one of the widely preferred materials used in industrial gaskets as it provides better insulation and protects the machinery as well. It is also used in the brewery industry for bottling lines and brewhouses.
The rise in the use of fiberglass composites in the automotive industry is a major driving factor for this market. It has a higher strength-to-weight ratio which plays an essential role in automobile manufacturing. Strict regulations force the automotive industry to minimize carbon emissions. This has motivated the industry to introduce fuel-efficient lightweight vehicles to help reduce greenhouse gas emissions.
On the other hand, high manufacturing and non-recurring development costs impact the penetration of fiberglass composites in a wide range of applications including marine, and other consumer goods. Process standardization, design consistency, and maintenance technology are the major issues of concern and will hamper the growth of the market.
Due to the spread of COVID-19, the fiberglass market witnessed a 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 supply 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.
The growing need for lightweight and high-strength materials across a range of end-use sectors is anticipated to fuel the growth of the fiberglass market in the upcoming years. Because these sectors demand strong, lightweight materials with high thermal and electrical qualities, the automotive, aerospace, and construction industries are anticipated to contribute significantly to the growth of the fiberglass market. The desire for electric automobiles and more energy-efficient structures is also anticipated to fuel the expansion of the fiberglass industry. The market may encounter difficulties, nevertheless, as a result of the availability of substitute products and the shifting cost of raw resources. Overall, the fiberglass market is expected to develop over the next several years, and businesses in the sector must prioritize innovation and cost reduction to remain competitive.
Asia Pacific to Dominate the Market
