Global Fiberglass Market: Highlights
· Fiberglassis the fiber made in different forms using molten glass as the raw material.Several glasses are introduced into the furnace to obtain fiberglass based onthe end-application. These glasses include E-glass S-glass, ECR glass, C-glassand others.
· The fiberglass market is projected togrow at a CAGR of more than 4.5% from 2019 to 2027. Growthin lightweight vehicles coupled with upcoming wind energy projects in AsiaPacific market is likely to boost fiberglass market by 2027.
· Thedifferent forms of fiberglass are strands, rovings, yarn, mats, and fabric.Filament comes out of the bushing as the first product. These filaments arecombined together to form either strands or yarn. These strands are pulled bythe winders and wound into rovings which is used to make mats. The mats arealso produced from strands.
Global Fiberglass Market: Key Trends and Segments
· Fiberglassis a material with high strength, fatigue resistance, and stiffness. Therefore,it is utilized to manufacture blades for offshore and onshore wind turbines.The consumption of fiberglass in wind blade manufacturing has increasedsignificantly due to technological advancements. Rising demand for wind energyis anticipated to drive the fiberglass market. Companies are signing long-termagreements in order to tap the market.
· Increasingdemand for fiberglass from the automotive industry offers a lucrativeopportunity to manufacturers of fiberglass that is employed in various vehiclecomponents such as interiors, exteriors, chassis, and structural components.This trend is likely to continue during the forecast period.
· Availabilityof carbon fiber, due to its rigidity and lightweight properties, is a prominentchallenge faced by the global fiberglass industry. Further, presence ofnumerous players from China supplying fiberglass at lower prices is creating atough competition in the global fiberglass industry
· Differenttechnologies used to process fiberglass include pultrusion, layup, compressionmolding, resin transfer molding, filament winding, injection molding andothers. Layup and resin infusion technology dominated the global fiberglassmarket in 2018 in terms of technology with a share of morethan 40%. The layup process is an extensively used techniquefor manufacturing composites. It involves impregnation of dry reinforcementwith a low viscosity thermosetting resin with hand lamination, which can alsobe achieved by means of several other automated techniques. Resin transfermolding and vacuum assisted resin transfer molding are being readily adopted aslow-cost methods for manufacturing fiberglass products.
· Automotiveand construction sectors are the major applications that accounted for morethan 40% in 2016 owing to the increasingdemand for low-weight vehicles capable of reducing pollution.
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Global Fiberglass Market: Regional Highlights
· Middle Eastoffers an interesting platform for the consumption of fiberglass due to theregion’s increasing focus on construction industry in order to deviate from thedecreasing revenue generation from oil production. This region also housesfiberglass production factories of leading players such as Jushi Fiberglass,Busubait Group, Gulf Fiberglass Factory, etc.
· Expansionof the automotive industry is driving the fiberglass market in Europe.Companies such as U.K.-based Cristex Composite Materials and Poland-basedFiberglass Fabrics are only into supplying fabrics to end-use industries. Thesecompanies do not have in-house fiberglass production. They rely on buyingrovings from fiberglass manufacturers in order to produce fabric.
· NorthAmerica accounted for more than 30% share in global fiberglassmarket in 2018. S glass and E glass are the major focus segments interms of glass type in North America. Owens Corning and Johns Manville are keymanufacturers of fiberglass in North America.
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Key Developments in Global Fiberglass Market
· In February2020, Moi Composite presented MAMBO (Motor Additive ManufacturingBoat), a fiberglass 3D printed boat collaborating with industrialpartners: Autodesk (provided the tools for the realization of thethree-dimensional drawing of the hull), Catmarine (transformed the varioussections produced digitally into a finished boat), Micad (engineered complesstructures) , Owens Corning (supplied the glass reinforcements fibers) ,Osculati (provided accessories capable of adapting to the curves and design ofthe entire hull) and UCINA in order to overcome customized design andperformance limits of conventional manufacturing and 3D printing for strong,lightweight and durable composite products.
· In June2018, Owens Corning entered into a Strategic Cooperation and SupplyAgreement with Chongqing Polycomp International Corp. (CPIC) for jointinvestment in technology, and construction and operation by CPIC of a newfacility dedicated to the manufacture of high-modulus glass fiber products in China.
· In April2018, Owens Corning entered into technology licensing and manufacturingsupply agreements with Taiwan Glass Ind. Corp., based in Taiwan.
· In December2017, Taishan Fiberglass announced its plan to invest US$ 76.28 Mn inits project which is anticipated to produce 5 kilo tons of ultra-fineelectronic yarn glass fiber. This is expected to increase the company’sfiberglass capacity to 705 kilo tons, helping it to compete in the tough marketin China, which is generating revenue by exporting products to the westerncountries.
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Global Fiberglass Market: Competition Landscape
· Majorcompanies manufacturing fiberglass include Owens Corning, Jushi GroupCo., Ltd., Taishan Fiberglass Inc., Johns Manville, Chongqing PolycompInternational Corp., Xingtai Jinniu Fiberglass Co., Ltd., Shandong FiberglassGroup Co., Ltd., Glasstex Fiberglass Materials Corp., etc. among others.
· Amajority of global manufacturers of fiberglass have forward integratedoperations. Numerous fiberglass manufacturers are opting for strategicalliances with OEMs for market penetration.
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