The global fiberglass market size was estimated valued at USD 12.7 billion in 2023 and is forecast to register a CAGR of 5.4% during 2024-2036. The strong growth in demand can be attributed to the announced investment in the downstream application of application mainly automotive, renewable and aerospace industry.
Fiberglass also known as glass fibre is a common type of fibre-reinforced plastic which is commonly used in insulation, composites for construction and manufacturing products ranging from boats to automobile parts. It consists of fine fibres made from molten glass drawn into a thin strand, like how wool is spun from molten metal. Fiberglass is the most common of all the reinforcing fibres for polymer matrix composites and the principal advantages of Fiberglass are the low cost and high strength. However, Fiberglass has poor abrasion resistance, which reduces their usable strength.
The global fiberglass capacity was estimated to be more than 10,500 kilo tons in 2023, with Jushi, Chongqing Polycomp International Corp. (CPIC), Owens Corning, Nippon Electric Glass (PPG Fiber Glass, John Manville (JM) Fiber Glass Corp and Taijia Fiberglass being the major fiberglass manufacturers in the world.
Asia Pacific, North America and Europe are the largest fiberglass producer together accounting for over 90% of the global capacity. China on the back of major fiberglass producers such as Jushi Fiberglass, Chongqing Polycomp International Corp. (CPIC), Jiangsu Changhai Composite Materials (Changzhou Tianma), Sichuan Glass Fiber (Sichuan Weibo), and PFG Fiber Glass (PPG and Nan Ya/Formosa JV) dominates the global fiberglass capacity.
North America accounts for around 14% of the global fiberglass capacity which translates to around 1400 kilo tons in 2023. Owens Corning, Nippon Electric Glass (PPG Fibre Glass), John Manville (JM) Fibre Glass Corp, and Jushi Corporation are the Fiberglass producers in the region, with Owens Corning dominating the regional fiberglass capacity. Jushi Group started a Fiberglass production facility in mid-2019 with a capacity of around 96 kilo tons. In the forecast period, the regional capacity (including speculative) is projected to cross 1700 kilo tons.
Europe fiberglass capacity was estimated to be around 1250 kilo tons in 2023, with major fiberglass fibreglass manufacturing facilities located in Germany, France, Belgium, Turkey and Russia. Cam Elyaf Sanayii AS (Sisecam/ÅžiÅŸecam Group) is a sole producer of fiberglass in Turkey with installed capacity if around 135 kilo tons in 2023.
Middle East & Africa accounted for around 7% of the global fiberglass capacity with Jushi Fiberglass (Egypt), Chinese Chongqing International Corporation (Bahrain) and Arabian Fiberglass Insulation Co. Ltd. (Saudi Arabia) being the major fiberglass suppliers
Global fiberglass demand is projected to register a CAGR of 6.0% during 2024-2036 to cross 18,000 kilo tons by end of 2036. Fiberglass is lightweight and durable material made from fine glass fibers, and it has emerged as a critical component in various industries, such as construction, electronics, automotive, and renewable energy. Its excellent properties such as high strength-to-weight ratio, thermal insulation and corrosion resistance makes it an important material in modern manufacturing.
Asia Pacific, North America and Europe are the leading consumer, together accounting for over 90% of global fiberglass market. North America's Fiberglass demand has grown at an annual average rate of 1.6% in the last seven years, and in the forecast period, the demand is projected to cross 2050 kilo tons by 2036, registering a CAGR of 2.8% between 2024-2034. The Fiberglass demand has grown at an annual average rate of around 1% in the between 2019-2023 owing to a slowdown in the economy, a decline in automotive and construction activity, and rising inflation in the region.
Asia-Pacific is the fastest-growing fiberglass market, accounting for more than 50% of the global market. China dominates this region, on the back of to its massive manufacturing base and extensive use of fiberglass in various industries such as construction, automotive, and consumer goods. The government’s emphasis on urbanization and infrastructure development has resulted in high consumption of fiberglass in building materials and transportation end use industries.
India is another major player in the Asia-Pacific, where rapid industrialization and urbanization are driving fiberglass demand. The construction of smart cities, along with government incentives for renewable energy projects, is further driving the use of fiberglass in applications like wind energy and building insulation. Additionally, Southeast Asian countries such as Indonesia, Malaysia and Vietnam are witnessing increased fiberglass demand due to expanding electronics and automotive manufacturing. The low labor costs and favorable government policies in these regions make them attractive for foreign investments, further boosting fiberglass consumption.
The global fiberglass market is segmented into Automotive, Building & Construction, Electrical & Electronics, Aerospace, Wind Energy and Others. In 2023, construction and automotive application. together dominated the global fiberglass market. Other significant applications of Fiberglass include aerospace, wind energy, industrial, and consumer application.
The construction application dominates the global fiberglass market accounting for 40% of the global market. Fiberglass offers excellent strength, resistance to corrosion and thermal insulation, that makes it ideal material for use in construction applications such as roofing, reinforced concrete, insulation, and cladding stems
The growing focus on sustainable and energy-efficient buildings will further drive the fiberglass market during the forecast period. Regulations in regions like Europe and North America require the use of insulation materials, boosting fiberglass demand. Along with rapid urbanization in emerging economies like China, China, and Brazil has led to increased construction activities, further accelerating demand.
In recent years, the push towards renewable energy has accelerated due to the need to reduce dependency on fossil fuels and mitigate climate change. Among various renewable energy sources, wind energy has emerged as one of the fastest-growing industries. Fiberglass has become a material of choice in this market, offering an excellent strength-to-weight ratio, durability, corrosion resistance, and cost effectiveness compared to other composite materials. During the forecast period, Fiberglass demand for wind energy is poised to register robust growth, driven by favourable government policies and the declining cost of wind power.
Need help
How can we help you?
Reach us with your research requirements and we shall provide the optimum solution to suit your needs.