CAGR: 6.5%Current Market Size: USD 8.45 BillionFastest Growing Region: Europe
Largest Market: APACProjection Time: 2023-2030Base Year: 2022
The global Fiberglass Fabric Market is expected to grow from USD 8.45 billion in 2022 to USD 13.98 billion thousand by 2030, at a CAGR of 6.5% during the Projection period 2023-2030. The growth of this market is mainly driven by increasing uses for temperature resistant fabrics.
A popular type of fiber-reinforced polymer that uses glass as a reinforcing material is called fiberglass. These fibers are either woven into a fabric, flattened into a sheet, or distributed at random. Fiberglass fabric can be sculpted into intricate forms and is more flexible and affordable than any other fabric. A few examples of its uses include autos, boats, airplanes, and bathtubs & enclosures. Fiberglass fabric is a strong woven fabric mostly used in industrial & non-apparel applications. Due to its special qualities, it is also used in circuit board interiors and conveyor belts. Bonded fiberglass fabric is another name for fiberglass fabric. Fiberglass fabric is used for a variety of purposes, including thermal and electrical insulation in the electronics sector as well as armor plating on helmets, aircraft carrier decks, and military vehicles (for the United States). Lightweight fiberglass fabric is useful for generating a water-resistant coating over wood or other surfaces, such as in boat repairs and other maritime applications. It also has a flat finish. High-pressure laminates for printed circuit boards can be reinforced with fiberglass fabrics because of their excellent qualities, such as flawless electrical resistance and electric insulation (PCBs). Due to the widespread usage of these PCBs in computers, modems, consumer electronics, automobiles, and communications goods, fiberglass fabrics are in high demand across a variety of application sectors.
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Market Dynamics:
Drivers:
The expanding need for fiberglass fabric across a range of end-use sectors, including chemical, aerospace and military, automotive and transportation, wind energy, building and construction, and others. Fiberglass fabrics are high in demand in a wide range of sectors due to their vast set of properties, including high tensile strength, dimensional stability, high heat resistance, fire resistance, outstanding thermal conductivity, superior chemical resistance, and more. Additionally, fiberglass fabrics are widely used in electrical and electronic applications because of their lightweight, electrical, and durable qualities, which is driving the fiberglass fabric market in the recent period.
Restraints:
Due to the usage of labor- and time-intensive manufacturing techniques including vacuum-assisted transfer molding (VARTM) and autoclaving, the fiber production process is particularly time-consuming and challenging. Additionally, a large quantity of energy is needed. The price of electricity alone makes up a considerable chunk of the entire cost of producing fiber. Labor is almost unaffordable in the highly specialized industry of composite manufacturing. The product requires a significant amount of capital investment due to the high cost of the furnace and associated equipment, these factors are restraining the Fiberglass Fabric market.
Opportunities:
The development of various important end-use sectors has increased demand for fiberglass fabrics on a global scale. Fiberglass fabric consumption in the construction sector has recently increased at the quickest rate, which has helped the industry grow. In the past ten years, a number of new development projects have begun in economically prosperous areas. Additionally, the electrical and electronics sector has seen a rise in significant income in recent years. The demand for fiberglass fabric is expected to increase since it is a crucial component in the production of electrical devices. The rise of the fiberglass fabric business has been made possible by the creation of new products, improved infrastructure, and the manufacturing sector.
Challenges:
Since most manufacturers use composite materials to build lightweight products, it is projected that the strong demand for composite materials from a variety of applications would restrict the need for fiberglass. The industry's potential growth is constrained by a number of elements, including the high cost of manufacture and the general lack of public understanding of the benefits or applications of fiberglass fabric.
Segmentation Analysis:
The global Fiberglass Fabric Market has been segmented based on Product, Fabric Type, Application, and Region.
By Product
The Product segment is E-Glass, S-Glass, and Others. The E-Glass segment led the largest share of the Fiberglass Fabric Market with a market share of around 52% in 2022. The market was dominated by E-Glass Fiberglass Fabric. In comparison to S-Glass fabrics, e-glass fibers offer great strength, corrosion, chemical, and heat resistance at affordable pricing. The exceptional strength of E-Glass Fiberglass Fabric plays a significant role in the market.
By Fabric Type
The Fabric Type segment is Woven and Nonwoven. The Nonwoven segment led the largest share of the Fiberglass Fabric Market with a market share of around 55% in 2022. Fiberglass nonwoven fabric is a sturdy fabric with a number of mechanical benefits over woven ones, including improved impact resistance and thermal insulation. Additionally, these materials have a lifespan of 10 to 15 times longer than those constructed of metal and cotton and are quite good at filtering a variety of liquids. Throughout the projection period, it is anticipated that demand for them would increase more.
By Application
The Application segment is Aerospace & Defense, Construction, Electrical & Electronics, Marine, Transportation, Wind Energy, and Others. Construction led the largest share of the Fiberglass Fabric Market with a market share of around 30% in 2022. Because structural reinforcing materials are in such high demand for building and architectural projects. According to estimates, the product's increasing use in the construction sector is due in part to its ability to endure longitudinal and transverse loads as well as chemicals and corrosion.
Global Fiberglass Fabric Market- Sales Analysis.
The sale of Fiberglass Fabric Market Products and applications expanded at a CAGR of 3.5% from 2016 to 2022.
The marine sector is anticipated to develop significantly, which will increase demand for fiberglass Fabric. This expansion may be attributed to the economic growth in emerging nations, the growing usage of megaships, and new consumer classes. Over the Projection period, the demand for fiberglass fabric will also be driven by rising demand from end-use industries including the military and electronics.
Thus, owing to the aforementioned factors, the global Fiberglass Fabric Market is expected to grow at a CAGR of 6.5% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the Fiberglass Fabric Market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific region dominated the Fiberglass Fabric Market and held a 35% share of the market revenue in 2022.
Global Fiberglass Fabric Market- Country Analysis:
Germany's Fiberglass Fabric Market size was valued at USD 0.08 billion in 2022 and is expected to reach USD 0.10 billion by 2030, at a CAGR of 3% from 2023 to 2030. Over the course of the projected period, a modest increase is anticipated for the Fiberglass Fabric market in Germany. This is due to the region's anticipated rise in construction. During the anticipated years, a consistent increase is anticipated across Germany. The massive building projects being undertaken in Germany are expected to drive up demand for Fiberglass Fabric in the region.
China’s Fiberglass Fabric Market size was valued at USD 0.19 billion in 2022 and is expected to reach USD 0.13 billion by 2030, at a CAGR of 6.5% from 2023 to 2030.
The electrical and electronics sector is centered in Asia-Pacific, with China dominating this market. The need for fiberglass fabric for PCB production is another growth driver for the fiberglass fabric business in the China area.
India's Fiberglass Fabric Market size was valued at USD 0.07 billion in 2022 and is expected to reach USD 0.08 billion by 2030, at a CAGR of 2.5% from 2023 to 2030. India is anticipated to take the lead in the transportation sector. The market for Fiberglass Fabric for use in interior and exterior parts is anticipated to grow as the transportation sector expands. Also, the country is expanding in the construction sector.
Key Industry Players Analysis:
To increase their market position in the global Fiberglass Fabric Market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, Product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
6.5% |
Market Size |
8.45 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Product, By Fabric Type, By Application, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Hangzhou Mingda Glass Finbre Co. Ltd, Zhejiang Yuanda Fiberglass Mesh Co. Ltd, Tianyu, Changshu Jiangnan GlassFiber Co. Ltd, Xiangyang Huierjie Glassfibre, Chaozhou Chuangjia Group Co. Ltd, Saint Gobain (Adfors), and Valmiera Glass Group. |
By Product |
|
By Fabric Type |
|
By Application |
|
Regional scope |
|
Scope of the Report
Global Fiberglass Fabric Market By Product:
Global Fiberglass Fabric Market By Fabric Type:
Global Fiberglass Fabric Market By Application:
Global Fiberglass Fabric Market By Region:
Global Fiberglass Fabric Market is expected to reach USD 13.98 billion by 2030, at a CAGR of 6.5% from 2022 to 2030.
The Fiberglass Fabric Market is projected to have a CAGR of 6.5%.
Based on the Product, the Fiberglass Fabric Market is segmented into E-Glass, S-Glass, and Others.
The growth of this market is mainly driven by increasing uses for temperature resistant fabrics.
Based on the application, the Fiberglass Fabric Market is segmented into Aerospace & Defense, Construction, Electrical & Electronics, Marine, Transportation, Wind Energy, and Others.
Leading market players active in the global Fiberglass Fabric Market are Hangzhou Mingda Glass Finbre Co. Ltd, Zhejiang Yuanda Fiberglass Mesh Co. Ltd, Tianyu, Changshu Jiangnan GlassFiber Co. Ltd, Xiangyang Huierjie Glassfibre, Chaozhou Chuangjia Group Co. Ltd, Saint Gobain, Valmiera Glass Group, Stekloplast, San Diego Seal, Inc, Shree Firepack Safety Pvt. Ltd, among others.
Political Factors- In an effort to support small enterprises nationwide, a restriction on output for very small businesses was implemented. This led to severe fragmentation that hurt industry competition. However, since the majority of industries were once closed off, large enterprises and organizations are now spending tremendous sums of money on either constructing new facilities or enlarging the ones they already have. Second, the manufacture of textiles and apparel was protected from outside investment. With the gradual removal of these restrictions, the government has recently lowered import levies on capital goods and encouraged international businesses to open manufacturing plants in India. India recently opened up a global manufacturing platform to international firms that make products other than textiles.
Economical Factors- Per capita income, national income, resource mobilization, resource exploitation, infrastructure development, capital formation, job creation, and industrial development are all economic factors that have an impact on the textile industry. The textile industry fills one of the most fundamental human needs and provides tremendous value at every stage of manufacturing. Nearly 14% of all industrial production is currently produced by the fiberglass fabric industry. Because of their varied textures, natural colors, and ethnic styles, Indian fiberglass fabric are popular. The fiberglass fabric market accounts for almost 30% of all exports. This implies that it has potential if one is prepared to innovate.
Social Factor- Managers and policymakers cannot ignore social elements like education, knowledge, and rural community customs and beliefs that are prevalent in India, especially in the rural population, despite the fact that cultural differences are inconceivable for any international manager or even an urban Indian manager. India's fiberglass fabric industry has a social responsibility because cotton is a common crop in rural regions and is an agricultural product. Social stratification has a significant role in rural civilizations.
Technological Factors- The establishment of the Apparel Training and Design Centers (ATDCs), 100% Foreign Direct Investment in the textile sector under the automatic route, the Technology Mission on Cotton (TMC), the Technology Upgradation Fund Scheme (TUFS), the Scheme for Integrated Textile Park (SITP), the reduction of customs duties on the import of cutting-edge machinery, the Debt Restructuring Scheme, and the Technology Upgradation Fund Scheme for Cotton (TUFS) are all examples of recent developments. A considerable shift away from technical textiles also referred to as clothing-related textile components, is currently taking place in the textile sector. Compared to materials used in garment applications, it is generally growing vertically at a rate that is almost twice as fast.
Environmental Factors- The textile sector has a responsibility to protect and preserve the environment. The Indian government places a high priority on maintaining ecological equilibrium. Recycling industrial waste, and effluents, and using technology that doesn't cause pollution is a corporate priority that is rising. Other pertinent laws have been put into effect for this purpose, including the Water (Preservation and Control of Pollution) Act of 1974 addresses the prevention and management of water pollution. The 1981 Air Act aims to control, decrease, and avoid air pollution. The environment's quality is guaranteed to be preserved and improved by the environment (protection) Act of 1986.
Legal Factors- The textile industry has been harmed by the law as a result of weak labour laws. The government has developed labour legislation. Businesses don't always have the best model to follow a "hire and fire" policy, and labour laws in India are still seen as being somewhat detrimental to trade. Another factor that makes it difficult to access other potential markets is a lack of trade membership. The difficulty to generate economies of scale is another legal element that has an impact on this industry. Under the government, there has been an increase in indirect taxes, power expenses, and interest rates. The integration of the supply chain's links is also hampered by the unequal supplier base. This issue results in unpredictable, unreliable, and inconsistent performance.
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