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Key Opportunities and Challenges in Fiberglass Market

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Key Opportunities and Challenges in Fiberglass Market

June 08
19:12 2022
Key Opportunities and Challenges in Fiberglass Market
Browse 493 Market Data Tables and 33 Figures spread through 344 Pages and in-depth TOC on “Fiberglass Market”
Fiberglass Market by Glass Type(E-Glass, ECR-Glass, H-Glass, S-Glass, AR-Glass), Resin Type, Product Type(Glass Wool, Direct & Assembled Roving, Yarn, Chopped Strand), Application(Composites, Insulation) and Region

The fiberglass market is estimated to grow from USD 11.5 billion in 2020 to USD 14.3 billion by 2025, at a CAGR of 4.5% from 2020 to 2025. The key factors for the growth of the fiberglass market such as extensive use of fiberglass in the construction & infrastructure industry and the increased use of fiberglass composites in the automotive industry are driving factors for growth of fiberglass market.

The regulations requiring lightweight vehicle production, like Corporate Average Fuel Economy (CAFE) regulations (36.6 mpg by 2017 and 54.5 mpg by 2025) is expected to enhance the fiberglass market growth during the years 2020-2025. The purpose of CAFE regulations is to reduce energy consumption in cars and other vehicles by increasing their fuel economy. Stringent regulations have been imposed on the automotive industry to reduce carbon dioxide emissions. This has encouraged the industry to introduce fuel-efficient lightweight vehicles to help reduce greenhouse gas emissions. Thus, as a result, fiberglass composite is extensively used as a substitute for aluminum and steel in the automotive industry.

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The E-glass, in the glass type segment of global fiberglass market, is expected to witness a promising growth potential during 2020-2025. Factors such as, cost-efficiency, corrosion-resistance, and lightweight, as well as wide-ranging applications of E-glass,  makes it preferable wind energy, marine, and electrical & electronics industries.

The thermoset resins in fiberglass resin type segment is projected to dominate the global fiberglass market, during 2020-2025. Properties such as excellent resistance to solvents, abrasives, high temperature, and heat, flexibility, excellent adhesion, and high strength, as well as the availability of thermoset resins in various types are increasing the demand for thermoset resins.

The chopped strand, product type segment is projected to record the highest growth in terms of both value and volume during 2020-2025. Chopped strands are fiberglass strands that are used to provide reinforcement to thermoplastic and thermoset composites. The rise in automobile production in Asia Pacific and Europe has contributed to the growing demand for chopped strands.

The composites application segment is projected to lead the global fiberglass market during 2020-2025. GFRP is a composite material made of polymer reinforced by glass fiber. In recent years, GFRP composites are being widely used in transportation, electrical & electronics, construction & infrastructure, pipes & tanks, marine, wind energy, and other industries. The increasing demand for GFRP composites is supported by its low-cost, lightweight and corrosion resistance properties, high strength, and easy availability. These factors are expected to enhance the demand demand for FRP composites in automotive, aerospace, and wind energy industries.

Asia Pacific is projected to be the fastest growing market for fiberglass during the forecast period. The growing demand for fiberglass is primarily driven by the increasing focus on emission control policies and the growing demand for ecofriendly products have led to technological advancements in the field of composites. The replacement of traditional materials, such as steel and aluminum, with fiberglass is contributing to the growth of the fiberglass market in Asia Pacific.

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