The global fiberglass market is projected to grow from USD 11.5 billion in 2020 to USD 14.3 billion by 2025, at a CAGR of 4.5% from 2020 to 2025. The major reasons for the growth of the fiberglass market include extensive use of fiberglass in the construction & infrastructure industry and the increased use of fiberglass composites in the automotive industry are driving the growth of fiberglass market.
Opportunity: Increasing number of wind energy capacity installations
The global fossil fuel capacity is on the decline. Hence, it is imperative to increase the use of renewable energy sources. Wind energy is one of the most important renewable energy sources. The increasing demand for wind energy is driving the fiberglass market. Fiberglass composites are used in wind turbines, which make the blades stronger and provide excellent fatigue and corrosion resistance.
Direct and assembled roving segment is estimated to dominate the fiberglass market by the end of the 2020-2025
Direct and assembled roving is utilized in the wind energy and aerospace sectors, owing to its exceptional properties such as high strength, stiffness, and flexibility. The rising demand for direct and assembled roving from the construction, infrastructure, and wind energy sectors is expected to drive this segment during the forecast period.
Asia Pacific is projected to grow at the highest CAGR during the forecast period.
Asia Pacific is projected to be the fastest-growing market for fiberglass during the forecast period. Growing demand for fiberglass is primarily driven by the increasing focus on emission control policies and the growing demand for ecofriendly products have led to technological advancements in the field of composites.
Post time: Apr-13-2021