Glass Fiber Market Expected to Reach $34.8 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Glass Fiber Market," The glass fiber market was valued at $20.9 billion in 2022, and is estimated to reach $34.8 billion by 2032, growing at a CAGR of 5.3% from 2023 to 2032.

Glass fiber, also known as fiberglass or glass fiber-reinforced plastic (GFRP), is a composite material made from fine fibers of glass. These fibers are woven together or arranged randomly and then embedded in a polymer matrix, commonly made of epoxy, polyester, or vinylester resin. The resulting composite material combines the strength and durability of glass with the flexibility and moldability of the polymer matrix.

The construction industry is a significant consumer of fiberglass for applications such as insulation, roofing, and composite materials. Growth in the construction sector often correlates with increased demand for glass fiber. Fiberglass is used in the automotive sector for lightweight components. Any growth or changes in the automotive industry, especially trends favoring lightweight and fuel-efficient vehicles, are expected to impact the demand for glass fiber.

However, glass fiber is lightweight compared to some materials, it may still be heavier than alternative materials such as carbon fiber in certain applications where weight is a critical factor. Fiberglass has good thermal insulation properties, it is not as resistant to extremely high temperatures as some other materials, such as certain ceramics or metals.

Emerging economies with rise in construction activities and infrastructure development present opportunities for the glass fiber market. The use of fiberglass in bridges, tunnels, and other infrastructure components contributes to market growth. The aerospace industry relies on lightweight materials with high strength, making fiberglass a valuable component for aircraft and spacecraft. Opportunities arise with the expansion of the aerospace sector and the development of new technologies.

On the basis of type, the market is segregated into S glass fiber, C glass fiber, E/ECR glass fiber, and others. The E/ECR glass fiber segment dominated the global market in terms of revenue in 2022. Fire safety regulations and standards have become more stringent, especially in applications such as automotive, construction, and electronics. As a result, manufacturers are have increasingly using flame retardants to meet these regulatory requirements.

Heightened awareness of fire safety, especially in public spaces, has led to a surge in demand for flame-retardant rubber materials, such as in building materials, cables, and automotive components. The construction industry, which uses rubber materials in various applications, has grown due to increased urbanization and infrastructure development.. 

On the basis of application, the glass fiber market is segmented into insulation, filtration media, reinforcements, optical fibers, and others. The insulation application dominated the global market in terms of revenue in 2022, with nearly 30% of the total share.

Increase in the global awareness of energy conservation and the implementation of energy efficiency regulations in construction and industrial sectors drive the demand for insulation materials. Glass fibers are used as reinforcements in insulation products to enhance thermal performance.

Growth in construction and building activities worldwide across the globe often leads to increased demand for insulation materials. Glass fiber insulation is commonly used in residential, commercial, and industrial buildings to improve energy efficiency and meet building codes.

On the basis of end-use industry, the glass fiber market is segmented into aerospace, transportation, building and construction, electrical and electronics, and others. The building and construction end use industry dominated the global market in terms of revenue in 2022, with more than 30% of the total share.

Composite materials with glass fiber reinforcements are used in the production of building materials such as doors, window frames, and decking. These materials offer a balance of strength and durability. The materials provide added reinforcement without significant weight increase.

Glass fibers are corrosion-resistant, making them suitable for building components in environments where corrosion is a concern, such as coastal areas or chemical processing facilities. Glass fiber-reinforced materials find applications in tunnel construction for components like such as tunnel linings and ventilation systems. The materials offer durability, insulation, and resistance to environmental conditions. These factors are expected to increase the overall demand for the glass fiber market during the forecast period.  

On the basis of region, the glass fiber market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific glass fiber market is projected to grow at the highest CAGR during the forecast period. This is attributed to the fact that, Government initiatives promoting infrastructure development, manufacturing, and sustainability contribute to the increased use of glass fiber in various applications.

Japan has a strong presence in both the automotive and aerospace industries. Glass fiber is used in the manufacturing of lightweight components for vehicles and aircraft. Similar to other Asian countries,

South Korea experiences ongoing construction and infrastructure projects, and glass fiber is utilized in various construction applications. South Korean companies are globally competitive in industries such as automotive, electronics, and manufacturing, influencing the demand for materials like glass fiber. These factors have created lucrative opportunities for the glass fiber in the Asia-Pacific ion during the upcoming periods. 

Key players operating in the global Glass fiber market include Honeywell International Inc., Nippon Electric Glass Co., Ltd., TAIWAN GLASS IND. CORP., SGL Carbon, Mitsubishi Chemical Group Corporation, Owens Corning, 3B - The Fibreglass Company, Johns Manville, Montex Glass Fibre Industries Pvt. Ltd.,  and China Jushi Co., Ltd.

Key Findings Of The Study:

• On the basis of glass type, the E/ECR glass fiber segment is expected to grow at a CAGR of more than 5.0%, in terms of revenue, during the forecast period.
• On the basis of application, the insulation segment is expected to grow at a highest CAGR, during the forecast period.
• On the basis of end-use industry, the building and construction segment is expected to grow fastest rate during the forecast period.
• On the basis of region, Asia-Pacific garnered more than half of the market share in 2022 in terms of revenue.