New Delhi, March 21, 2023 (GLOBE NEWSWIRE) -- The global fiberglass market has experienced steady growth over the past decade, driven by increasing demand from various end-use industries. The production capacity of fiberglass has reached approximately 9 million metric tons per year, with a compound annual growth rate of around 5%. China is the dominant player in fiberglass production, accounting for nearly 60% of the global production capacity. The United States, Germany, and India are other significant producers of fiberglass. The United States is the largest importer of fiberglass, while China is the largest exporter.
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The primary factors driving demand for fiberglass include lightweight materials, renewable energy, construction and infrastructure, and corrosion resistance. The construction industry is the largest end user of fiberglass, followed by automotive, wind energy, aerospace, and electronics. In addition to this, increasing adoption of renewable energy worldwide, particularly wind energy, is a major driver of the fiberglass market. Fiberglass is a critical component in the manufacturing of wind turbine blades, and as the demand for wind energy continues to rise, the demand for fiberglass is expected to grow.
The construction industry is also a significant consumer of fiberglass, where it is used as a reinforcing material, providing strength and durability to structures. As global urbanization continues, the demand for fiberglass in construction is expected to rise.
Global Production Capacity in Global Fiberglass Market to Surpass 9 million Metric Tons
The global production capacity of fiberglass reached approximately 9 million metric tons per year by the end of 2021. Over the past decade, the compound annual growth rate (CAGR) for fiberglass production volume has been around 5%. This growth can be attributed to the increased demand for lightweight materials in various industries, including automotive, construction, and renewable energy.
China has been the dominant player in fiberglass production, accounting for nearly 60% of the global production capacity. By the end of 2021, China had a production capacity of approximately 5.4 million metric tons per year. The United States, Germany, and India are other significant producers of fiberglass, with production capacities of around 1.2 million metric tons, 700,000 metric tons, and 500,000 metric tons per year, respectively.
Import and Export in Global Fiberglass Market: Global Import Volume was Around 2.5 Million Metric Tons, While Export Volume Reached 2.6 Million Metric Tons
In 2021, global import volume for fiberglass was around 2.5 million metric tons, while the export volume reached 2.6 million metric tons. The slight discrepancy between import and export volumes can be attributed to differences in reporting standards and potential under-reporting of trade volumes.
The United States is the largest importer of fiberglass, importing approximately 700,000 metric tons in 2021. The European Union and India follow as other major importers. On the export side, China is the largest exporter, with around 1.5 million metric tons of fiberglass exported in 2021. Other major exporters include the United States and Germany.
The construction industry is the largest end user of fiberglass market, accounting for approximately 45% of global consumption. Other significant end users include automotive (20%), wind energy (15%), aerospace (5%), and electronics (5%). The remaining 10% is consumed by various industries, including marine, sports equipment, and consumer goods.
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Polyester Resin to Generate Over 38% Revenue of Global Fiberglass Market
According to a report by Astute Analytica, the polyester resin segment accounted for the largest share of the global market in 2022, contributing over 38% to the total market value. This segment is expected to continue its dominance over the forecast period due to its excellent mechanical properties and cost-effectiveness compared to other resin types.
Polyester resin is widely used in the production of fiberglass due to its high tensile strength, good impact resistance, and excellent resistance to water, chemicals, and UV radiation. It is also relatively low-cost compared to other resins, making it an attractive choice for many end-use industries. Hence, the construction industry is the largest consumer of fiberglass reinforced polyester (FRP) composites, where they are used in applications such as roofing, cladding, and reinforcing concrete structures. Apart from this, the automotive industry is also a significant consumer of FRP composites, where they are used in the production of lightweight parts, improving fuel efficiency and reducing emissions.
The growing demand for renewable energy, particularly wind energy, is also driving the demand for polyester resin in the fiberglass market. Polyester-based resins are used in the production of wind turbine blades due to their excellent mechanical properties and cost-effectiveness.
The Asia Pacific region is the largest consumer of polyester resin-based fiberglass market, accounting for over 50% of the global consumption. This can be attributed to the high demand for fiberglass in the construction and automotive industries in the region, coupled with the increasing adoption of wind energy.
Jushi and Owen Corning are Top 2 Players in Global Fiberglass Market
Jushi Group and Owens Corning are two of the top producers in the global fiberglass market, with significant production capacity and market share. These two players are collectively generating over 22% market share, with Jushi holdings dominance.
Jushi Group is the largest producer of fiberglass in the world, with a production capacity of approximately 2 million metric tons per year. Apart from this, the company is planning to build a factory in Egypt having a production output capacity of 120,000 tons of fiberglass. The company has a significant market share in China and is expanding its global presence through strategic partnerships and acquisitions. Jushi has established distribution networks in over 110 countries Jushi Group has been expanding its product portfolio through the development of new products and the acquisition of complementary businesses. For example, in 2020, the company acquired a French-based fiberglass fabric manufacturer, which expanded its product range and increased its presence in the European market.
Owens Corning is another significant player in the global fiberglass market, with a production capacity of approximately 1.4 million metric tons per year. The company has a strong market position in North America and Europe and has been expanding its presence in the Asia Pacific region. Owens Corning has a well-established distribution network in over 70 countries and has been investing in digitalization and e-commerce to enhance its customer experience. In terms of growth strategies, Owens Corning has been focusing on innovation and sustainability. For example, the company has developed a new type of fiberglass insulation made from recycled materials, which has a lower carbon footprint and is more sustainable than traditional insulation products. In addition to this, Owens Corning and Pultron Composites have come together to create a joint venture with the aim of manufacturing fiberglass rebar.
Some of the Top Market Players Are:
- AGY Holding Corp.
- Asahi Fiberglass Co. Ltd.
- Binani 3B-the Fibergalss Company
- CertainTeed Corporation
- China Jushi Co. Ltd.
- Chongqing Polycomp International Corp. (CPIC)
- Johns Manville Corp.
- Jushi Co. Ltd.
- Knauf Insulation
- Nippon Electric Glass Co. Ltd.
- Owens Corning
- PFG Fiber Glass Co. Ltd.
- Saint-Gobin Vetrotex
- Taisan Fibergalss Inc.
- Taiwan Glass Ind. Corp.
- Other Prominent Players
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