Global Fiberglass Industry to Hit USD 19,028.50 million by 2034 Amid Strong Sector-Wide Demand | Study by FMI

The global fiberglass industry is set to grow USD 19,028.50 million by 2034, driven by demand in renewable energy, automotive, and construction sectors | FMI

NEWARK, DE, UNITED STATES, January 14, 2025 /EINPresswire.com/ -- The fiberglass industry is experiencing unprecedented growth, fueled by its unique properties such as durability, flexibility, and lightweight characteristics. These factors have positioned fiberglass as a preferred material across various industries, including automotive, aerospace, renewable energy, and construction. Its ability to offer superior performance while reducing environmental impact is particularly appealing in today’s eco-conscious landscape.

The global fiberglass market was valued at USD 11,356.30 million in 2024 and is anticipated to grow steadily at a CAGR of 5.3% over the next decade. By 2034, the market size is expected to reach an impressive USD 19,028.50 million. This growth trajectory is supported by technological advancements, increased investment in renewable energy projects, and the rising adoption of lightweight materials in transportation and construction.

Trend Analysis of the Sector

- Aerospace and Automotive Demand Drive the Fiberglass Industry to Accelerated Growth

Fiberglass composites are becoming indispensable in the automotive and aerospace sectors. In aerospace, their high strength-to-weight ratio contributes to reduced fuel consumption and enhanced performance. Similarly, in the automotive industry, fiberglass is a key material for manufacturing lightweight yet robust vehicle components, aiding compliance with stringent emission norms.

- Renewable Energy Powered Fiberglass is an Emerging Trend in the Market

The demand for fiberglass in renewable energy projects, particularly wind turbine blades, is surging. Fiberglass materials enhance the durability and efficiency of turbines, making them more cost-effective over their lifecycle. This aligns with global efforts to transition to cleaner energy sources, presenting significant growth opportunities for fiberglass manufacturers.

- Eco-Friendly Fibrous Alternatives Gain Traction in Construction and Manufacturing

In the construction industry, fiberglass is being increasingly used as a sustainable alternative to traditional materials. Applications include reinforced concrete, roofing, and insulation. With its non-corrosive and lightweight properties, fiberglass contributes to the longevity and efficiency of modern structures while minimizing environmental impact.

- Maritime Sector Exploits Composites for Achieving Ultra-Lightweight Vessels

The maritime industry is adopting fiberglass composites to design ultra-lightweight and corrosion-resistant vessels. These materials improve fuel efficiency and reduce maintenance costs, making them an ideal choice for modern shipbuilding.

- Healthcare Sector Adopts Fiberglass Composites

Fiberglass is gaining popularity in healthcare for its application in medical equipment and facility infrastructure. Its lightweight, non-toxic, and corrosion-resistant properties make it a preferred choice for cleanrooms and hospital furniture.

“The fiberglass industry is witnessing a transformation driven by advancements in lightweight, durable materials. Key sectors like automotive, renewable energy, and construction are accelerating growth opportunities,” says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI)

Get an overview of drivers and challenges affecting this industry! https://www.futuremarketinsights.com/reports/fiberglass-market

Key Takeaways from Fiberglass Study

- The fiberglass industry is expected to grow from USD 11,356.30 million in 2024 to USD 19,028.50 million by 2034.
- The market exhibits a robust CAGR of 5.3%, driven by applications across diverse sectors.
- Key growth drivers include renewable energy adoption, lightweight material demand, and sustainable construction.
- Innovations in eco-friendly fiberglass composites are gaining momentum in the construction and manufacturing sectors.
- Countries like China, India, and the United States are expected to lead the market expansion.

Competitive Landscape in the Fiberglass Industry

Leading players in the fiberglass market are heavily investing in product innovation and strategic collaborations to strengthen their market presence.

Key Companies in the Market

- Nippon Electric Glass Co. Ltd.
- Saint-Gobain
- Owens Corning
- Jushi Group Co. Ltd.
- CPIC Abahsain Fiberglass M.E. W.L.L.
- Shandong Fiberglass Group Co. Ltd.
- Glasstex Fiberglass Materials Corp.
- Zibo Zhuoyi Fiberglass Material Co. Ltd.
- Xingtai Jinniu Fiberglass Co. Ltd.
- Taishan Fiberglass Inc.
- Johns Manville
- Chongqing Polycomp International Corp.
- PFG Fiber Glass Corporation

Recent Developments:

- New Product Launches: Introduction of advanced fiberglass composites tailored for renewable energy and aerospace.
- Collaborations and Partnerships: Key alliances between manufacturers and end-use industries to accelerate product adoption.
- Strategic Agreements: Long-term supply agreements with renewable energy and automotive giants.
- Mergers and Acquisitions: Consolidation among top players to enhance global market reach.
- Investments in R&D: Focus on developing eco-friendly and high-performance fiberglass materials.

Fiberglass Market Analysis by Country

- Fiberglass Trend Analysis in the United States

The United States leads the fiberglass market, driven by robust demand in the automotive and construction industries. Investments in renewable energy projects are further propelling market growth.

- Fiberglass Trend Analysis in the United Kingdom

In the UK, sustainability is a key driver. Fiberglass is being increasingly used in energy-efficient building materials and electric vehicle components.

- Fiberglass Trend Analysis in Japan

Japan is focusing on lightweight materials for its automotive and aerospace sectors. The country’s technological expertise is paving the way for innovative fiberglass applications.

- Fiberglass Trend Analysis in China

China remains the largest consumer and producer of fiberglass, supported by its vast construction projects and renewable energy initiatives. Regulatory compliance is pushing the adoption of advanced composites.

- Fiberglass Trend Analysis in India

India is emerging as a significant market, fueled by its booming construction sector and eCommerce expansion. The adoption of fiberglass for sustainable building materials is on the rise.

Key Segments

By Product Type:

- Fabrics
- Glass Wool
- Mats
- Rovings
- Strands
- Yarn

By Glass Type:

- S-Glass
- E-Glass
- C-Glass
- ECR-Glass

By End-use Industry:

- Aerospace & Defence
- Automotive
- Construction
- Marine
- Others
- Pipes & Tanks
- Sports & Leisure
- Wind Energy

By Region:

- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa

Other Publication: https://www.prnewswire.com/news-releases/fiberglass-market-2024--2034-to-value-at-us-19-028-50-million-by-2034-with-5-30-cagr--future-market-insights-inc-302131783.html

Author by:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Explore FMI’s Extensive Coverage in the Chemicals & Materials Domain:

The global silica sand for glass making market is expected to be valued at USD 5.7 billion in 2023. As per the research, the market is expected to register a CAGR of 4.1% between 2023 and 2033.

The Europe silica sand for glass making market size is projected to garner substantial growth from 2023 to 2033. It is estimated to attain a valuation of USD 1,654.9 million by 2033.

About Future Market Insights (FMI) 

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. 

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

Contact FMI:  

Future Market Insights Inc. 
Christiana Corporate, 200 Continental Drive, 
Suite 401, Newark, Delaware – 19713, USA 
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com 
Website: https://www.futuremarketinsights.com 

Ankush Nikam
Future Market Insights Global & Consulting Pvt. Ltd.
+ +91 90966 84197
email us here
Visit us on social media:
Other