Fiberglass Market Demand Analysis in 2021, Top Companies Growth Forecast to 2028
The global fiberglass market size is expected to reach USD 25,525.9 million by 2028, exhibiting a CAGR of 4.9% during the forecast period. The rapidly growing composite application in the wind industry will contribute positively to the market growth during the forecast period, states Fortune Business Insights, in a report, titled “Fiberglass Market Size, Share & COVID-19 Impact Analysis, By Glass Type (E-Glass, and Specialty), By Product (Glass Wool, Yarn, Roving, Chopped Strands, and Others), By Application (Transportation, Building & Construction, Electrical & Electronics, Pipe & Tank, Consumer Goods, Wind Energy, and Others), and Regional Forecast, 2021-2028.” The market size stood at USD 17,316.8 million in 2020.
Launch of RIZE’s RIZIUM Glass Fiber Composite Filament to Bolster Growth
RIZE, announced the launch of RIZIUM Glass Fiber (GF), a composite filament with high stiffness and good dimensional stability. The glass fiber reinforced material is compatible with its full-color 3D printing and is well suited for producing large-scale parts. RIZIUM Glass Fiber is based on its cyclic olefin-based matrix, which is developed explicitly for minimizing emissions. Besides, the material has low moisture absorption and high chemical resistance, making it suitable for a wide range of applications. RIZIUM GF adds to those properties’ high dimensional stability and superior strength.
Moreover, the new material is compatible with all RIZE 3D printers, including RIZIUM Alliance partners' systems. The launch of RIZIUM Glass Fiber (GF) is expected to have a tremendous impact on this industry. Also, RIZE’s RIZIUM GF has received GREENGUARD Certification for the use of XRIZE full-color composite 3D printing system, which is safe for use in schools, offices, hospitals, or other enclosed spaces.
Inflated Demand from Construction Industry to Accelerate Market
The increasing demand for fiberglass flooring in the building industry is expected to spur opportunities for the market. The high use of fiberglass in manufacturing, residential and commercial buildings will aid the growth of the market. The increasing customer per capita income coupled with high cognizance will enable speedy expansion of the market. Similarly, the growing awareness about fiberglass properties such as ease of installation and aesthetics will subsequently boost the market growth. The strength and superior waterproof properties of this type of glass will spur its demand in the commercial sector, which, in turn, will bolster the market growth. Also, fiberglass's indoor application due to its waterproofing efficacy will propel the fiberglass market in the forthcoming years.
Glass Wool Segment is Expected to Dominate Global Market
Based on product, the market is classified into glass wool, yarn, roving, chopped strands, and others. Glass wool segment held the largest share in the global market. Glass wool is used in indoor thermal and acoustic insulation material.
Based on application, the market is divided into transportation, building & construction, electrical & electronics, pipe & tank, consumer goods, wind energy, and others. Transportation is expected to proliferate during the forecast period. Out of these, the building and construction segment earned 24.9% in terms of share in the U.S. alone in 2020.
Information source: https://www.fortunebusinessinsights.com/fiberglass-market-102338