Introduction
Fiberglass refers to a reinforced plastic material that contains glass fibers in a resin matrix. The fiberglass can be processed into fabrics and sheets. It is usually lightweight and has comprehensive strength and moderate tensile. It also has excellent electrical properties and is easy to handle. It can be easily molded into complex shapes and are more flexible as well as cheaper than the carbon fibers. Fiberglass finds wide application in automobiles, boats, aircraft, swimming pools, bathtubs, water tanks, septic tanks, surfboards, roofing, pipes, and external door skins.
The growing use of fiberglass in the automobile industry and the construction industry are the major drivers of global market growth. The superior properties of fiberglass like low weight, high tensile strength, high chemical resistance, and high stiffness increases its use in the construction industry. The use of fiberglass in electronics products, as well as other consumer durable products further, propels the market growth across the globe. The increase in the use of renewable energy sources is expected to boost market growth in the coming years.
The increase in the installation of wind turbines for energy conservation will create opportunities for the growth of the global fiberglass market. The increasing use of fiberglass in the manufacturing of automobiles owing to the stringent standards of the regulatory authorities further accelerates the growth of the global market. The challenges related to the production process are a key barrier that limits the market growth. The high cost of new technologies and the fluctuation in the prices of the raw materials are other factors that negatively affect the growth of the global fiberglass market.
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Global Market Classification
The global fiberglass market is segmented based on type, fiber type, technology, application, end-use, and region.
Depending on the type, the global market is fragmented into E-Glass, S-Glass, C-Glass, ECR-Glass, and other product types.
Based on the fiber type, the fiberglass market is divided into mats, fabrics, strands, and rovings.
Depending on the technology, the global market is categorized into injection molding, resin infusion molding, filament winding, layup, compression molding, pultrusion, and other technologies.
Based on the application, the global market includes insulation and composites.
Based on the end-use, the global fiberglass market is classified into pipe and tank, aerospace and defense, wind energy, marine, construction, sports and leisure, and automotive and transportation.
Regional Outlook
Based on the region, the global fiberglass market includes the North America region, Asia Pacific region, South America region, Europe region, and the Middle East and Africa region.
Asia Pacific region is anticipated to occupy the leading position in the global market in the coming years owing to the increased industrialization in the region. The growing automobile and construction sectors in India and China account for the growth of the Asia Pacific region. North America is the second regional market to witness the fastest growth during the forecast period. The presence of a large automobile industry will lead to the growth of the Europe market.
Recent Industry Trends
Product enhancement and innovation is the key trend of the fiberglass industry. The implementation of advanced technologies for better production of fiberglass will lead to the growth of the market across the globe. Partnerships and collaborations between the top players will result in further growth of the market in the coming years.
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