NEW YORK, April 30, 2024 /PRNewswire/ — The global fiberglass market size is estimated to grow by USD 4.74 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 6.59% during the forecast period.
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Technavio has announced its latest market research report titled Global Fiberglass Market 2023-2027
Key Trends Fueling Growth
Rising preference for lightweight materials:
The construction, car, and wind energy businesses are growing, needing materials that are both light and strong. These materials are important for companies to get more customers. They’re used a lot in making cars and wind turbines. This helps cut down on pollution and makes vehicles use less fuel.
Fiberglass is one of these materials. It’s light and strong, making it good for replacing steel and aluminum in cars. It’s about 60% lighter than steel. Making fiberglass in big amounts can make it cheaper and look better. If a vehicle is 10% lighter, it can save 6%-8% on fuel.
Using lighter materials can also help save money on repairs and lower CO2 emissions. Fiberglass is becoming more popular because of its lightness. People wanting lighter things will make the demand for fiberglass go up, making the market grow more in the future.
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Major Challenges:
Availability of substitutes for fiberglass
Substitutes like carbon fiber, basalt fiber, and natural fiber are giving a hard time to the fiberglass market worldwide. These alternatives are used in various areas like building, cars, wind turbines, and more.
Carbon fiber, for example, is super light and strong, so it’s used in lots of things. It’s mixed with other stuff to make strong materials for buildings, cars, and even electronics. Basalt fiber is made from volcanic rocks and is great for resisting high temperatures and chemicals.
It’s taking the place of other materials in construction and cars because it doesn’t corrode easily. Natural fibers are also getting popular because they’re light, strong, and less likely to get damaged. All these options are causing trouble for the fiberglass market, which means it might not grow as much in the future.
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Analyst Review
The Fiberglass Market encompasses a wide range of applications, including boats, automobiles, electronic goods, storage tanks, pipes, wind power, and various panel assemblies. Fiberglass, a key component in this market, is derived from glass fibers and reinforced fabric. The manufacturing process involves the use of silica sand, soda ash, limeston, and liquid resin as binding agents.
Fiberglass offers superior structural integrity, making it an ideal choice for corrosive media applications. Chopped strand glass and fiberization techniques are used to produce various forms of fiberglass, such as glass wool and mat. Polyester and epoxy are commonly used resins in fiberglass production. Applications in boats and automobiles benefit from fiberglass’s lightweight and durable properties.
In wind power, fiberglass is used to manufacture blades and turbine components. In industrial applications, fiberglass tanks and panels provide resistance to harsh environments and chemicals. Overall, the Fiberglass Market continues to grow due to its versatility and ability to meet the demands of various industries. Silicabased materials, such as fiberglass, offer a cost-effective and efficient solution for a multitude of applications.
Market Overview
The Fiberglass market encompasses a wide range of applications and industries. This material, composed of reinforced plastic, is known for its strength, durability, and resistance to corrosion. Fiberglass is extensively used in various sectors, including automotive, construction, marine, and wind energy.
Its versatility is evident in its use as a composite material in pipes, tanks, boats, and even in aircraft components. The global fiberglass market is driven by factors such as increasing demand for lightweight and durable materials, growing infrastructure development, and the rise of renewable energy sources.
Companies focus on innovation and research to develop new applications and improve existing ones, ensuring the continued growth of this market.
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Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
Application
Composites
Insulation
End-user
Construction
Automotive
Aerospace
Wind Energy
Others
Geography
APAC
North America
Europe
South America
Middle East And Africa
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
