Fiberglass is a strong, lightweight material made by twisting small threads of glass and plastic together, used for structures such as cars and boats. Fiberglass material majorly used in manufacturing of various products of industrial applications.
The global fiberglass market report has been segmented on the basis of type, application, end-use, and region. On the basis of type, the market is segmented into glass wool, yarn, roving, and chopped strands. Glass wool type segment is expected to account for the largest in terms of revenue over the forecast period, owing to increasing adoption of glass wool in construction sector for insulation purpose.
On the basis of application, the market is segmented into insulation and composites. Composites application segment is expected to account for highest CAGR in terms of revenue, owing to increasing adoption of fiberglass in various automobile industries for manufacturing automotive parts owing to its properties such as lightweight and high strength.
On the basis of type, the market is segmented into automobile, building and construction, aerospace, and wind energy. Automobile is expected to be the largest end-use segment, owing to extensive use of fiberglass in manufacturing automobile parts such as battery box, front fascia, desks, dash panel assemblies, etc.
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Based on the region the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to register highest CAGR in terms of revenue, owing to rising automotive and construction sectors and increasing preference towards installation of wind turbine in various countries such as India and China in the region. The market in North America is estimated to be second-highest share in terms of revenue over the forecast period, owing to presence of key players and high adoption of fiberglass material in various automobile and building sectors in various countries in this region.
Key players operating in the global fiberglass market include 3B-the fiberglass company, Owens Corning, Saint-Gobain S.A., Nippon Electric Glass Co.,Ltd., Jushi Group Co, Ltd., Taishan Fiberglass Inc., Johns Manville Corporation, Chongqing Polycomp International Corporation, Xingtai Jinniu Fiberglass Co.,Ltd, and Shandong Fiberglass Group Co Ltd.