The fiberglass market is estimated to grow at a CAGR of 10% during the forecast period (2024-2031). The market growth is driven by the extensive use of fiberglass for manufacturing applications in the construction and automobile industries. Additionally, fiberglass is used on a large scale in industries such as aerospace & defense, marine, food, electronics body parts, and more to produce lightweight body parts, contributing to the market growth during the forecast period. Furthermore, stringent government regulations across the globe are propelling the market. Moreover, the increasing adoption of renewable energy has led to the increased installations of wind turbines, contributing to the rising demand for hard and lightweight fiberglass, for the manufacturing of blades of wind turbines and other parts. However, the availability of its substitute products, such as carbon fiber and aluminum is the major factor restraining market growth.
The global fiberglass market is segmented by glass type (S-glass, E-glass, AR-glass, D-glass, and others), by end-user (automobile, aerospace & defense, food & beverage, energy, construction, and others), and geography (North America, Europe, Asia-Pacific, and Rest of the World).
The major players in the global fiberglass market include Owens Corning, Binani Industries Ltd., Compagnie de Saint-Gobain S.A., Nippon Electric Glass Co. Ltd, and Taiwan Glass Industry Corp, among others. The market players are actively adopting different growth strategies such as mergers & acquisitions, capacity expansion, and product innovation among others, contributing significantly to the market growth.
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