Energy Industry News Releases
(EnergyIndustry.Net, April 23, 2020 ) Market Overview
• Global Fiberglass market is expected to grow at a CAGR of 7.40% during the forecasting period (2019-2026). Fiberglass is a common type of fiber-reinforced plastic using glass fiber. The fibers may be randomly arranged, flattened into a sheet (called a chopped strand mat), or woven into the fabric.
• Cheaper and more flexible than carbon fiber, it is stronger than many metals by weight and can be molded into complex shapes. Applications include aircraft, boats, automobiles, bathtubs and enclosures, swimming pools, hot tubs, septic tanks, water tanks, roofing, pipes, cladding, casts, surfboards, and external door skins.
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Market Drivers and Restraints
• The market for Fiberglass is primarily driven by the extensive use of fiberglass in the construction industry, the use of fiberglass composites in the automotive industry, and the rising number of wind turbine installations. Fiberglass is increasingly being utilized in the construction sector, particularly in structural engineering applications, owing to its superior properties like high tensile strength, high stiffness, low weight, and high chemical resistance.
• Its applications in structural engineering include strengthening structures made of steel, concrete, timber, and cast iron. It is also used in retrofitting of old concrete structures to increase the load capacity and flexure of the structure. The concrete structures with fiberglass have more lifespan and less maintenance cost as compared to the conventional materials. With the growing competitiveness in the industry and decreasing profit margins, the use of fiberglass is becoming common in the construction sector, which is boosting the market.
• The Global Fiberglass Market report segments the market by product type, glass type, application, end-user, and resin. Product type segment includes Glass Wool, Roving, Yarn, Chopped Strand, and others. Glass Wool is the largest type segment in the fiberglass market. It is mostly used in residential construction.
• The rapid urbanization in the developing regions like Asia-Pacific and an increasing number of building codes in the developed regions is boosting the demand for glass wool insulation. The insulation by glass wool maintains a consistent temperature and also improves comfort & air quality in buildings. It also reduces energy consumption, provides protection from fire, and prevents unwanted noise.
• Based on the glass type, the market can be segmented as S-Glass, E-Glass, C-Glass, ECR-Glass, Ar-Glass, A-Glass, and Others. Further, the market can be classified on the basis of application as composites and glass wool insulation. On the basis of resin type, the report segments the market as thermoset resins and thermoplastic resins.
• The report segments the market by geographic region which includes North America, South America, Europe, Asia-Pacific, and Others. Asia-Pacific held the largest market share in 2017. The developing countries like India and China are the major contributors to the large market share of Asia-Pacific. The rapid industrialization & urbanization, global connectivity, increasing investments, and favorable government policies are the primary factors fuelling the growth of the market in these countries.
• Key players are investing highly in these regions and establishing their manufacturing plants because of the easy availability of low-cost labor and raw materials. Major manufacturers like Saertex Group and Owens Corning have already established their manufacturing facilities in India. Fiberglass in India are primarily used in housing, pipes, bridge, and water purification plants construction, road & rail transport, chemical plants, sewage disposal, electrical installations, marine vessels, and building applications.
• The report profiles the following companies
• China Jushi Co., Ltd., Owens Corning, PPG Industries, Inc., Chongqing Polycomp International Corp. (CPIC), Nippon Electric Glass Co., Ltd., Binani 3B-The Fibreglass Company, Taiwan Glass Ind. Corp., Johns Manville Corp., PFG Fiber Glass (Kunshan) Co., Ltd., Asahi Fiberglass Co., Ltd., Knauf, Insulation Saint-Gobain Vetrotex, CertainTeed Corporation, Agy Holding Corp.
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