Fiberglass fabric market to grow at 7.9% CAGR & hit US$ 30.5 bn by 2032
According to a recent report byProphecy Market Insights, the global fiberglass fabric market is expected to reach US$ 30.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.9% during the forecast period of 2020-2032.
Fiberglass fabric is a type of material that is made from thin fibers of glass woven together. It has various applications in different industries, such as construction, aerospace, automotive, marine, and electrical. Fiberglass fabric is known for its high strength, durability, resistance to heat, corrosion, and fire, and low weight.
The increasing demand for fiberglass fabric in the construction industry, especially for insulation, roofing, and cladding purposes, can enhance the thermal and acoustic performance of buildings, as well as reduce the carbon footprint and energy consumption.
Figure 01: Fiberglass and its Use in Construction ( Fiberglass is a strong composite material made of glass fibers woven and set in resin), Courtesy: Polser
The rising adoption of fiberglass fabric in the aerospace industry, where it is used for making lightweight and strong components such as wings, fuselage, tail, and landing gear, can also improve the aerodynamics and fuel efficiency of aircraft.
Figure 02: E-glass laminates, renowned for their exceptional tensile and compressive strength, have been a staple in aerospace applications since the 1950s, beginning with the Boeing 707
The growing use of fiberglass fabric in the automotive industry, where it is used for making parts such as bumpers, hoods, fenders, and doors, can reduce the weight and increase the safety of vehicles, as well as offer design flexibility and cost-effectiveness.
Figure 03: Fiberglass in the Automotive Industry
The expanding application of fiberglass fabric in the marine industry, where it is used for making boats, yachts, ships, and submarines. Fiberglass fabric can provide resistance to water, salt, and UV rays, as well as increase the durability and performance of marine vessels.
Figure 04: Used Marine Fiberglass in Boat
The surging demand for fiberglass fabric in the electrical industry, where it is used for making cables, wires, transformers, generators, and motors. Fiberglass fabric can offer high electrical insulation and thermal stability, as well as prevent short circuits and fire hazards.
Challenges and Opportunities
- Environmental and Health Concerns: The production and disposal of fiberglass fabric can potentially lead to environmental hazards, including air and water pollution, as well as respiratory issues. To counteract these concerns, the market is shifting towards eco-friendly and sustainable production methods, emphasizing responsible manufacturing and recycling practices.
- Competition from Alternative Materials: While fiberglass fabric boasts exceptional properties, it faces competition from materials like carbon fiber, aramid fiber, and natural fiber, which offer comparable or even superior characteristics. To maintain a competitive edge, the fiberglass fabric market must innovate and differentiate its offerings.
- Emergence of New Technologies and Applications: Advancements in technology are expanding the potential applications of fiberglass fabric. This opens up new markets and segments that can benefit from the unique properties of the material. The market is urged to explore these emerging opportunities to ensure sustained growth.
Market Players and Regional Insights
Leading industry players, including Everlast Composites Private Limited, Owens Corning, and Saint-Gobain S.A., are at the forefront of driving innovation and setting new benchmarks in fiberglass fabric production. North America currently dominates the market, attributed to increased manufacturing and construction activities fueled by government initiatives. In contrast, Asia-Pacific is poised for lucrative growth, owing to substantial investments and a highly developed electronics and construction sector.
Evonik Industries AG is the second-largest chemical company in Germany and the second-largest D-Glass producer in the world. Its main product is Transportation D-Glass, but it also makes active oxygen for agriculture and mining, additives for diesel fiber types, coatings for cars and transportation, fiber types for oil and gas, and refrigerated containers.
In 2017, Evonik Industries AG and its joint venture partners Cyplus and Idesa opened a new sodium cyanide production plant in Coatzacoalcos, Veracruz, Mexico. The plant has a capacity of 40,000 metric tons and uses hydrocyanic acid and cyanide technologies.
In 2022, Evonik is starting the next phase of its strategic transformation by making targeted and massive investments in green growth and making sustainability its main innovation driver.
Evonik Industries AG reported a value of USD $12,944.13 billion in 2020, which increased to USD $19,480.43 billion in 2022. However, the COVID-19 outbreak, weak economic conditions, reduced investment activities, and increased costs of raw materials and energy reduced its profit in 2020. Evonik has become a leader in the chemical sector in sustainability ratings and indices such as Sustainalytics, MSCI, ISS-oekom, CDP, and EcoVadis. The company is part of various SRI funds and sustainability-oriented index families. This shows that the capital market appreciates Evonik’s commitment to sustainability.
Download Our Free Magazine
Get Industry Insights, Trends & Latest Innovations in the Textile & Apparel Industry
