CHICAGO, Dec. 17, 2019 /PRNewswire/ -- According to the new market research report "Fiberglass Market by Glass Type (E-Glass, ECR-Glass, H-Glass, AR-Glass, S-Glass), Resin Type, Product Type (Glass Wool, Direct and Assembled Roving, Yarn, Chopped Strand), Application (Composites, Insulation), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Fiberglass Market is projected to grow from USD 17.1 billion in 2019 to USD 23.9 billion by 2024, at a CAGR of 7.0% from 2019 to 2024. The growth of the construction industry and increased use of fiberglass composites in the automotive industry are fuelling the growth of the market.
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The glass wool fiberglass segment is projected to lead the fiberglass market in terms of both value and volume from 2019 to 2023.
Based on product type, the glass wool fiberglass segment accounted for the largest share of the fiberglass market in 2018. The glass wool segment is projected to lead the market in terms of both value and volume during the forecast period. The growth of this segment can be attributed to the high thermal insulation properties and the increased usage of glass wool in the construction & infrastructure end-use industry.
The composites application segment is projected to lead the fiberglass market in terms of both value and volume during the forecast period.
Based on application, the composites application segment led the fiberglass market in 2018 in terms of both, value and volume. The growth of this segment can be attributed to the demand from wind turbine blade manufacturers.
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The fiberglass market in Asia Pacific is projected to grow at the highest CAGR in terms of both, value and volume during the forecast period.
The fiberglass market in Asia Pacific is projected to grow at the highest CAGR in terms of both, value and volume from 2019 to 2024. 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.
China Jushi Co., Ltd. (China), Owens Corning (US), Nippon Electric Glass Co., Ltd. (Japan), Taishan Fiberglass Inc. (CTG) (China), Chongqing Polycomp International Corp. (CPIC), (China), Johns Manville Corp. (US), Binani 3B-the Fibreglass Company (Belgium), Taiwan Glass Ind. Corp. (Taiwan), PFG Fiber Glass (Kunshan) Co. Ltd. (China), Asahi Fiberglass Co. Ltd., (Japan), Knauf Insulation (Belgium), Saint-Gobain Vetrotex (US), CertainTeed Corporation (US), Saint-Gobain ADFORS (US), and AGY Holding Corp. (US) are some of the leading players operating in the fiberglass market. These players have adopted strategies such as expansions, new product launches, agreements, acquisitions, investments, new product developments, and partnerships to enhance their position in the market.
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