Fiberglass Market Size, Share, and Trends 2024 to 2033

Fiberglass Market Size and Forecast

The global fiberglass market size was USD 27.23 billion in 2023, calculated at USD 29.01 billion in 2024 and is expected to reach around USD 51.26 billion by 2033, expanding at a CAGR of 6.53% from 2024 to 2033. The growth of the market driven by the high resistance, durability, and other bled of properties that are used in the various manufacturing industries boosts the growth of the fiberglass market.

Fiberglass Market Key Takeaways

• Asia Pacific led the fiberglass market with the largest revenue share of 53% in 2023.
• North America is observed to grow at the fastest rate during the forecast period.
• By glass, the E-glass segment has contributed more than 66% of revenue share in 2023.
• By product, the glass wool segment has held a highest revenue share of 43% in 2023.
• By application, the composites segment dominated the market with the largest share in 2023.
• By end-user, the construction segment has generated the highest revenue share of 33% in 2023.

Asia Pacific Fiberglass Market Size and Growth 2024 to 2033

The Asia Pacific fiberglass market size was exhibited at USD 14.43 billion in 2023 and is projected to be worth around USD 27.42 billion by 2033, poised to grow at a CAGR of 6.63% from 2024 to 2033.

Asia Pacific led the fiberglass market with the largest share in 2023. The region is observed to sustain the position during the predicted timeframe. The dominance of the area in the market is expected to increase due to the rising demand from the construction and automotive industries along with the rising population and increasing economic development that contributes to the demand for fiberglass and other associated products. Additionally, favorable government policies towards sustainability are also influencing the growth of the market in the region. The rising investments in the research and development activities for the innovative product launch are boosting the growth of the fiberglass market.

North America is observed to be the fastest growing marketplace during the forecast period. The growth of the market in the region is attributed to the increasing adoption of new materials for industrial use, the rising infrastructural development and construction activities are driving the demand for the fiberglass material for improving the life and durability of the building. The increasing investments in infrastructure development and the increasing automotive sector that uses fiberglass in automobile manufacturing enhance the growth of the fiberglass market in the region.

Market Overview

Fiberglass is commonly made up of glass-reinforced plastic (GRP) or glass-fiber-reinforced plastic (GFRP). It is made of the extremely fine fibers of glass. Fiberglass has high tensile strength, durability, corrosion resistance, and moldability. Fiberglass is highly accepted by the manufacturing industries due to its unique number of properties. There are some of the properties such as stiff, durable, and strong, fire resistance, lightweight, great insulation properties, chemical resistance, corrosion resistance, insensitivity to temperature and humidity change, bending, wrapping, distortion, shrinking capabilities, and moisture resistance. The increasing demand from several industries such as construction, automotive, energy, etc. is driving the growth of the fiberglass market.

Fiberglass Market Growth Factors

• The increasing demand for fiberglass from the various end-user industries such as construction, automotive, aerospace, automotive, wind energy, and others due to its lightweight and environment-friendly materials are driving the growth of the fiberglass market.
• The increasing focus on construction and infrastructural development across the world such as the construction of highways, roads, and development of building construction activities results in the increased demand for fiberglass that drives the growth of the market.
• The increasing demand for lightweight materials from the automotive industry enhances the speed and efficiency of the vehicle and makes it more sustainable which also contributes in the higher demand for fiberglass material.
• The extended demand and focus on renewable energy sources like wind energy is pushing wind turbine installation worldwide which results in a higher demand for fiberglass material due to its lightweight material, increased strength, and dimensional stability.
• The increasing investments in the development of fiberglass materials and the research and development activities for the expansion of the use of fiberglass materials accelerate the growth of the fiberglass market.

Fiberglass Market Scope

Fiberglass Market Dynamics

Driver

Rising demand from the automotive industry

Fiberglass is a widely accepted material by various industries. In recent times, fiberglass has been highly accepted by the automotive industry. There are several benefits associated with the adoption of fiberglass in automobile manufacturing such as its lightweight nature. The rising environmental concern and the strict government policies for reducing emissions are resulting in the higher adoption of fiberglass in manufacturing due to it improves the speed, and fuel efficiency of the vehicle and is environmentally conscious.

Additionally, fiberglass are the corrosion resistance and is durable which makes it the perfect fit for automobile manufacturing. Fiberglass extends the lifespan of the vehicle due to its weather resistance and durability. With these factors, it has the designed flexibility and cost-effectiveness as compared to other materials that also contribute to the rising demand for fiberglass in the automotive industry and drive the growth of the fiberglass market.

Restraint

Supply chain disruptions

Events such as geopolitical tensions, natural disasters, or pandemics can disrupt the global supply chain, leading to delays and increased costs for raw materials and finished products. The availability of high-quality raw materials can be inconsistent, affecting the steady production of fiberglass. Any disruptions in the supply chain can lead to delays and increased costs.

Opportunity

Increasing demand from the end-use industry

Fiberglass plays an important role in the manufacturing and expansion of various industries such as construction, agriculture equipment, automotive, energy, and others. The rising demand for renewable sources of energy boosts the adoption of fiberglass in the manufacturing of wind turbines due to its lightweight and durable nature that drives the demand for the fiberglass. Fiberglass is more cost-effective in every aspect and industry as compared to other manufacturing materials which also boosts the growth of the market. Additionally, the supportive government regulation for sustainability, power consumption, and environment-related regulations that drive the demand for the fiberglass market in the future period. 

Material Type Insights

The e-glass segment dominated the fiberglass market in 2023. The growth of the segment is attributed to its cost-effectiveness and is widely used for general application. E-glass is also known as electrical glass, and it is the most common type of composition which is used in glass fiber. E-glass is more widely used in the fiber-reinforced polymer composite industry. E glass has properties like better resistance, cost-effectiveness, higher tensile strength, stiffness, and chemical, heat, and moisture resistance.

It is heavily used in the electrical industry due to its increased ability in electric insulation. The e-glass is mostly used in various industries such as aerospace and other industrial equipment components, general industrial components, and marine and other recreational equipment. Thus, the rising demand for the E glass is driving the demand for the E glass material segment.

Segments like ECR glass, H glass, and S glass are expected to increase their market growth during the forecast period. The growth of the segment is attributed due to its properties like corrosion, heat, and moisture resistance, higher insulation, and widely adopted by various industries such as aerospace, automotive, and other manufacturing equipment are driving the growth of the segment.

Product Type Insights

The glass wool segment held the largest share of the fiberglass market in 2023. The growth of the segment is attributed to the increasing demand from the construction and HVAC sectors is driving the development of the segment. Glass wool goes through several manufacturing processes. Glass wool has properties like lightweight and lower denser composition as compared to fiberglass. Glass wool expands in acoustic and thermal insulation. The increased demand from automotive, portable buildings and aerospace industries is due to the increased demand for lightweight materials for cost efficiency and improved quality. Thus, these factors contribute to the increased demand for glass wool.

Application Insights

The composites segment dominated the fiberglass market in 2023. The growth of the segment is attributed to the rising demand from the marine, aerospace, automotive, and other manufacturing shipment equipment that drives the demand for fiberglass composites. Fiberglass composites are composed of glass fiber embedded in a resin matrix. The resin matrix works on the fiberglass to bind the fibers together and evenly distributes the strength throughout the material.

Tthe insulation segment is observed to grow at a notable rate in the fiberglass market during the forecast period. Fiberglass insulation is highly effective at reducing heat transfer, leading to significant energy savings in heating and cooling buildings. This aligns with the increasing global emphasis on energy efficiency. Fiberglass insulation is often made from recycled glass, making it an environmentally friendly option. Its use helps in reducing the carbon footprint of buildings by lowering energy consumption.

End-User Insights

The construction segment dominated the market with significant growth in 2023. Fiberglass is used in several applications in the construction industry such as in roof, facade, and surface coatings. Fiberglass plays an important role in the insulation materials such as insulation panels, roof plates, and roof panels which enables the building an increased lifespan due to its durable and resistant nature. It is used in the roof panel and wall cladding to increase the aesthetics of the building.

It is used in the protection of walls of concrete, wood, and steel due to its flexibility and durability over water and extreme temperatures. Fiberglass is effective in many of the applications in the construction industry in that it enhances aesthetics, strength, and durability and improves the life of the building. Thus, these factors are contributing to the higher demand for fiberglass in the construction industry.

Recent Development

• In March 2024, Edotco Bangladesh collaborated with Huawei Technologies of Bangladesh for the launch of a fiber-reinforced plastic (FRP) tower. It is an advanced eco-friendly telecommunication tower.
• In March 2024, Antenna Experts, a leading player in the assorted varieties of antennas, announced the launch of its ground-to-air antenna. The antenna is designed for aerospace requirements and solutions.

Fiberglass Market Companies

• PPG Industries, Inc.
• Fiberglass Fabricators
• Glassfibre & Allied Industries
• Asahi Fiber Glass Co., Ltd.
• Saint-Gobain Vetrotex
• Jushi Group Co., Ltd.
• PFG Fiber Glass (Kunshan) Co. Ltd.
• POLSER
• Fibre Glast Developments Corp.
• Nippon Electric Glass Co. Ltd.

Segments Covered in the Report

By Material Type

• E Glass
• ECR Glass
• H Glass
• AR Glass
• S Glass

By Product Type

• Glass Wool
• Chopped Strand
• Yarn
• Rovings
• Fabrics

By Application

• Composites
• Insulation
• Liquid

By End-User

• Construction
• Automotive

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa