Selbyville, Delaware, May 22, 2024 (GLOBE NEWSWIRE) -- Fiberglass Market is estimated to be valued at USD 47.5 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
Rising demand for lightweight, durable, and excellent thermal insulation materials among several sectors like marine, automotive, construction, and wind will play an ideal role in the market growth. To cater to these surging end-user requirements, the rapid rise in R&D efforts are leading to technological advances and material innovations in fiberglass.
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Of late, there has been significant development of high-performance fiberglass composites with enhanced properties like higher strength, better fire resistance, and improved recyclability. For example, in March 2024, Europe’s leading access solutions specialist WernerCo launched its new work platform constructed using durable and non-conductive fiberglass legs that are highly resistant to weathering to ensure safety while working around electricity. Innovations in manufacturing processes for driving down production costs will also prove beneficial for the market growth.
Rising preference for AR glass
The AR glass type segment in the fiberglass market is likely to grow at a robust pace between 2024 and 2032. The growth can be attributed to the rapid growth of the construction sector across the globe and the strong demand for high-performance building materials. AR fiberglass reinforcement when used in concrete contributes to sustainability efforts as it helps limit the need for maintenance, repair as well as replacement of concrete structures. It also records significant application in sewage systems, wastewater treatment plants and marine structures due to its alkali-resistant properties. Surging construction and civil engineering projects will also favour the product uptake.
Growing presence in marine industry
Fiberglass market from the marine end-use industry segment is expected to witness lucrative expansion from 2024 to 2032. Due to its high resistance to corrosion, fiberglass has emerged ideal for marine applications to meet the exposure to saltwater and harsh environmental conditions. Fiberglass also contributes to improved fuel efficiency in boats and ships while reducing operational costs over the lifespan of the vessel on account of its lightweight compared to metals, such as steel and aluminum. Advantages like minimal maintenance and ease of moulding into complex shapes and designs during the production of sleek and aerodynamic boat hulls will add to the segment growth.
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Europe to emerge as a profitable revenue hub
Europe fiberglass market is estimated to record substantial revenue share by 2032, led by the rising compliance with regulations for chemicals, waste management, and emissions associated with fiberglass manufacturing in the region. The strong focus on sustainability and the subsequent efforts to enhance energy efficiency and reduce emissions are driving the demand for bio-based and recycled materials for fiberglass production. For example, in January 2023, the German Institutes of Textile and Fiber Research (DITF) teamed up with Arburg GmbH to develop an energy and material-efficient 3D printing process used in the production of lightweight bio-based fiber composites. The ease of access to manufacturing technologies like automation, robotics, and digital tools will also favor the regional market growth.
Fiberglass Market Participants
Some of the prominent fiberglass firms include Owens Corning, PPG Industries, Nippon Electric Glass (NEG), Saint-Gobain, Johns Manville, and Ashland Global Holdings Inc. among others. These industry players are working on product developments, mergers & acquisition strategies and R&D investments to proliferate their offerings and customer base. For instance, in January 2023, Saint-Gobain completed the ₹400-crore acquisition of India-based Twiga Fiberglass Ltd. in a bid to reinforce its position within the insulation business in the country.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
