Authored By: Sarah
26 Sep 2024

Latest News:- Fiberglass Product Market: Cloth is expected to lead the Type segment during 2024-2028

Fiberglass Product Market to grow at a CAGR of 6.3% during 2024-2028

The Fiberglass Product Market is expected to grow at a CAGR of 6.3% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4634.4 million. The fiberglass product market is witnessing a notable upsurge due to the escalating demand for lightweight materials. This trend is most evident in the automotive sector, where the transition to electric vehicles (EVs) is gaining momentum. Fiberglass products, as lightweight plastics, offer numerous advantages over traditional materials such as aluminum and metals. These advantages include flexible design options, enhanced performance, superior safety, and improved economic efficiency. Compared to conventional materials, fiberglass products can deliver weight savings of 30-50% per component, increase energy density, streamline assembly processes, decrease costs, and bolster thermal control and safety. Notably, fiberglass products, such as Coosa Panels, are garnering attention in the marine, industrial, and transportation industries. 

Get more information on Fiberglass Product Market by requesting a sample report

The Cloth subsegment is expected to dominate the Type segment during the forecast period 

Technavio analysts predict that the Cloth subsegment will lead the Type segment during 2024 and 2028 Fiberglass cloth, a material composed of glass fibers, offers significant benefits for various industries due to its lightweight, high-strength, corrosion-resistant, and high-temperature-resistant properties. In construction, fiberglass cloth is utilized for waterproofing and moisture-proofing applications on walls, roofs, and floors, while also serving as a heat and thermal insulator. Beyond construction, fiberglass cloth can be transformed into fiberglass-reinforced plastic, used in the production of building materials and decorative items. The aerospace industry leverages fiberglass cloth's lightweight and high-strength properties for manufacturing aircraft fuselages, wings, and satellite shells.

Here are the various ways based on which the market is segmented: 

  • Type
    • Cloth
    • Tape
    • Rope
  • Distribution Channel
    • Offline
    • Online
  • Geography
    • APAC
    • North America
    • Europe
    • South America
    • Middle East and Africa

Reasons to Purchase the Global Fiberglass Product Market Market Research Report by Technavio. What is in it for you?

  • Wealth of Experience: Technavio is an established name in the world of market research. It holds an expertise of more than 20 years in the field, has published 21,000+ reports thereby extensively covering the area in various industries and range of regions
  • Insight into Current Market Trends: Our research reports provide our readers insights into the latest market intelligence, competitor strategies, market trends, changes taking place in the industry and customer preferences, forecasted market opportunities that influence them to make better business decisions
  • High ROI with Extensive Hands-on Research: Technavio is renowned for offering personalized market research reports as per unique business needs, delving deep into specific markets, product segments and demographics. Additionally, it is also well-known for providing high return on investments through its wide collection of data at pocket-friendly rates

There are several factors that are causing the market to flourish increasing capacity addition initiatives by vendors

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The Fiberglass product market is witnessing significant growth due to the increasing demand for composites in various industries. Fiberglass rovings, a key component of these composites, are gaining popularity for their high tensile strength, corrosion resistance, and lightweight properties. In healthcare, fiberglass is used to manufacture medical equipment due to its durability and high resistance to chemicals. In the manufacturing industries, fiberglass is used to produce eco-friendly alternatives to traditional materials, reducing emissions and improving fuel efficiency. The marine industry relies heavily on fiberglass composites for boat building due to their strength and resistance to water and harsh marine conditions. The aviation industry also utilizes fiberglass for making lightweight and strong components, leading to improved fuel efficiency and reduced carbon emissions. In construction, fiberglass is used for insulation, roofing, and cladding due to its durability and sustainability. The wind energy sector is another major consumer of fiberglass, with its high strength and lightweight properties making it ideal for wind turbine blades. Renewable energy is a growing sector, and fiberglass composites are playing a crucial role in reducing carbon emissions and promoting sustainability. Overall, the fiberglass product market is expected to continue growing due to its versatility, affordability, and environmental benefits.

Market Research Overview

The global building products market encompasses businesses producing various components, including windows and doors, flooring, ceiling and wall fixtures, roofing and gutter materials, insulation materials, cabinets, plumbing fixtures, and home improvement products and equipment. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers in this sector. Key growth drivers for the global building products market include the expansion of the construction industry in both developed and emerging economies, spurred by increasing urbanization and a growing demand for residential and healthcare infrastructure development.

The Fiberglass Product Market is experiencing significant growth, fueled by the increasing capacity addition initiatives by vendors. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

 

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