The rising usage of fibreglass composites in the automotive industry and the significant use in the construction and infrastructure industries propel the expansion of the market with a CAGR of 4.4% till 2027.
As per the latest research report published by Valuates Reports under the chemicals industry category, the global fibreglass market size in 2020 was $ 8.19 billion, and it is expected to reach $ 10.74 billion by the end of 2027.
Fibreglass composites are being used more frequently in the automotive industry, which is expected to drive market growth. The material offers a greater strength-to-weight ratio, a key consideration in the vehicle industry. Vehicles constructed with lightweight, high-strength components provide better mileage and fuel efficiency. The automotive industry has been subjected to stringent regulations to reduce carbon dioxide emissions. As a result, the industry has been urged to introduce fuel-efficient lightweight automobiles to reduce greenhouse gas emissions. In the automotive industry, fibreglass composite is widely employed as an alternative for aluminium and steel in the production of lightweight vehicles.
Fiberglass' non-conductive nature makes it a good insulator and helps to simplify the earthing process during installation. As a result, the fibreglass industry is likely to grow as the demand for electric insulation grows in the next few years.
Increasing applications in manufacturing, residential, and commercial structures are likely to propel the construction sector during the forecast period. In addition, the building industry's expansion has been fueled by rising customer per capita income and qualities such as installation simplicity and aesthetics. Therefore, the growth of the building industry is a major driver of the fibreglass market.
Fibreglass is utilised in the construction sector in mesh fabrics that prevent fractures in interior walls, floor and wall coverings, self-adhesive drywall adhesives, waterproofing frit, and other products. In recent years, there has been a major increase in modern architecture, leading to modern materials that complement the art while maintaining the stability and strength of the structures constructed. Fibre-reinforced polymer (FRP) materials are included in the prescriptive section of the International Building Code (IBC). As a result, FRP can be used as a construction and architectural material above the fourth level and interior and particular external uses. The fibreglass market is expected to be driven by this, the research company said.
The increasing number of wind energy installations is expected to drive the market's growth. The worldwide capacity for fossil fuels is dwindling. As a result, increasing the usage of renewable energy sources is critical. One of the most important renewable energy sources is wind energy. The growing need for wind energy is driving the market. In wind turbines, these composites are utilised to strengthen the blades and give high fatigue and corrosion resistance.
The construction industry is expected to be the most lucrative based on application. Glass fibre is mainly employed as a composite in the construction industry. It is widely utilised in construction materials because of its qualities, including fire resistance, anti-corrosion, lightweight, and outstanding strength. In addition, the construction business is typically utilised for non-structural components, including pipelines, facade panels, and channels. As a result, the product's use in the construction industry increases, driving market demand over the projection period, Valuates Reports said.
With a market share of almost 55%, Asia-Pacific is the most important region. North America is a latecomer, accounting for roughly 20% of the market, the research firm noted.
Courtesy: Valuates Reports. NB: Photo is representational; courtesy: Lanxess.