Fiberglass Market Size, Share, Growth and Forecast

Fiberglass is a composite material composed of tiny glass fibers that are woven, randomly arranged, or mixed with plastic resin. The tensile strength of the glass fibers and the compressive strength of the resin combine to produce a robust, lightweight material that is resistant to tension and compression. Its constituents work in concert, with the plastic holding the glass fibers together to create what is known as glass-reinforced plastic (GRP), a material that is both adaptable and strong. 

According to SPER market research, ‘Global Fiberglass Market Growth, Size, Trends Analysis - By Glass Type, By Product Type, By Application, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ states that the Global Fiberglass Market is estimated to reach USD 66.34 billion by 2034 with a CAGR of 7.55%. 

Drivers: 

The building and construction sector is expanding significantly in the Middle East and Africa, North America, Europe, and the Asia Pacific. Fiberglass in composites and insulation in construction are expanding quickly due to the growing need for high-strength and corrosion-resistant building materials in both residential and commercial applications. Fiberglass is frequently used in construction for roof coverings, surface coatings, cladding, and insulation. The demand for fiberglass is growing in the residential, commercial, and industrial markets because of its inherent qualities, which include low weight, high strength, resistance to water and corrosion, smooth surface finish, and ease of processing when compared to conventional materials. Fiberglass composites are less maintenance-intensive than conventional timber railing and decking. Compared to traditional building materials, they also provide greater resistance to deterioration, splinters, fading, rotting, and slippery and wet surfaces. 

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Restraints: 

Glass wool works well as insulation and is reasonably priced. However, recycling it is challenging, which poses major issues for the insulation industry. Smaller economies are unable to properly dispose of glass wool and must instead wait for better recycling and disposal methods. They can, at most, record on the map where they store their glass wool waste. The production of fiberglass uses a lot of resources and energy. In addition to nitrogen oxide (NOx), sulfur dioxide (SO2), chlorine, fluoride, volatile organic compounds (VOCs), and particles, one kilogram of carbon dioxide (CO2) is released into the environment for every kilogram of molten glass. These textiles are challenging to recycle because they usually include a large amount of inorganic fillers in addition to glass and polymeric matrix. After that, GFRPs usually wind up in landfills or incinerators, where they negatively affect the environment. Asia Pacific is the market leader for fiberglass, holding the biggest share because of the region's fast industrialization, urbanization, and notable expansion in the building, automotive, and renewable energy industries. Some of the key market players are: Advanced Fiber Products, Ashland Global Holdings, BLG Fiberglass, Johns Manville, Nihon Glass Fiber Industrial, Nippon Electric Glass (NEG).a 

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Fiberglass Market Share

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