The fiberglass market is estimated to grow from USD 11.5 billion in 2020 to USD 14.3 billion by 2025, at a CAGR of 4.5% from 2020 to 2025. Factors such as extensive use of fiberglass in the construction & infrastructure industry and the increased use of fiberglass composites in the automotive industry are driving the growth of fiberglass market.
Fiberglass has a higher strength-to-weight ratio, which is an important factor in automobile manufacturing. Vehicles built using materials with low weight and high strength deliver higher mileage and enhance fuel efficiency. Stringent regulations have been imposed on the automotive industry to reduce carbon dioxide emissions. This has encouraged the industry to introduce fuel-efficient lightweight vehicles to help reduce greenhouse gas emissions. Fiberglass composite is extensively used as a substitute for aluminum and steel in the automotive industry, in the manufacturing of lightweight vehicles.
To know about the assumptions considered for the study download the pdf brochure
The fiberglass market in Asia Pacific is projected to grow at the highest CAGR in terms of both, value and volume from 2020 to 2025. China, India, and Japan are key countries contributing to the increased demand for fiberglass in this region. Factors such as increasing construction and industrial activities in the Asia Pacific region have increased the demand for fiberglass in this region. The growth of the automotive industry is driving the fiberglass market in this region.
Companies such as China Jushi Co., Ltd., Owens Corning, Nippon Electric Glass Co., Ltd., Taishan Fiberglass Inc. (CTG), Chongqing Polycomp International Corp. (CPIC), and Johns Manville Corp., fall under the winners’ category. These are leading players in the fiberglass market, globally. These players have adopted the strategies of expansions, new product launches, agreements, acquisitions, investments, new product developments, and partnerships, to increase their presence in the global fiberglass market.
China Jushi Co., Ltd., is the leading player in the global fiberglass market and is estimated to have the highest share in the market. In May 2016, China Jushi Co., Ltd., began the construction of its first fiberglass manufacturing production line in Richland County (US). The production capacity of this production line is 80,000 tons. This expansion helped China Jushi Co., Ltd. enhance its market penetration in the composites material industry in the US.
Another important player in the global fiberglass market is Owens Corning. In April 2018, Owens Corning entered into technology licensing and manufacturing supply agreements with Taiwan Glass Ind. Corp. (Taiwan). The agreements will leverage the manufacturing platform of Taiwan Glass Ind. Corp. to produce a mix of products for thermoplastic and thermoset applications. This agreement expanded the geographic footprint of Owens Corning in the Asia Pacific region as well as increased the fiberglass production capacity to cater to the needs of customers in Europe and North America.
Request For Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=6124844
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/fiberglass-market-6124844.html