유리섬유 복합재료의 경량성과 내구성을 중시하는 건설 및 자동차 분야가 유리섬유 시장의 주요 촉진요인입니다. Verified Market Research의 애널리스트에 따르면 유리섬유 시장은 2024년에는 294억 달러 규모를 밑돌며, 예측 기간 중 516억 6,000만 달러 규모에 달할 것으로 추정되고 있습니다.
풍력, 해양, 항공우주 등의 산업에서 유리섬유의 뛰어난 강도 대 중량비와 내식성이 우수한 선택이 되면서 고성능, 친환경 소재에 대한 수요가 증가하고 있으며, 유리섬유 시장을 주도하고 있습니다. 이에 따라 시장은 2024-2031년 연평균 7.30%의 연평균 복합 성장률(CAGR)을 보일 것으로 예측됩니다.
유리섬유 시장 정의/개요
유리섬유는 유리섬유로 강화된 플라스틱의 일종입니다. 유리섬유는 무작위로 분산시키거나, 시트 형태로 평평하게 만들거나(Chopped Strand 매트라고 함), 천으로 짜서 만들 수 있습니다. 유리섬유는 가벼우면서도 강도가 뛰어나다는 장점이 있습니다. 유리섬유는 항공기, 보트, 자동차, 욕조, 수영장, 온수 욕조, 정화조, 저수조, 지붕, 파이프라인, 피복재, 정형외과용 석고, 서핑 보드, 문짝 외판 등에 사용됩니다. 유리섬유는 경량성, 고유 강도, 내후성 마감, 다양한 표면 질감으로 인해 적응성이 매우 높은 소재입니다.
세계 건설 부문 증가는 유리섬유 시장의 주요 촉진제입니다. 옥스포드 이코노믹스의 'Global Construction 2030' 보고서에 따르면 2030년까지 건설 생산액은 85% 증가한 15조 5,000억 달러에 달할 것으로 예상되며, 중국, 미국, 인도가 세계 전체 성장의 57%를 차지하며 선두를 달리고 있습니다. 이러한 건설 활동 증가는 건물 단열재, 보강재 및 기타 건설 용도에 일반적으로 사용되는 유리섬유에 대한 수요를 크게 증가시킬 것으로 예측됩니다.
경량화, 저연비 자동차를 지향하는 자동차 업계의 동향이 유리섬유 시장을 주도하고 있습니다. 국제에너지기구(IEA)는 2021년 세계 전기자동차 판매량이 660만 대에 달하고, 2020년 대비 2배 이상, 2019년 대비 3배 이상 증가할 것으로 전망하고 있습니다. 경량화 및 효율성 향상을 위해 유리섬유 부품을 사용하는 전기자동차로의 전환은 자동차 산업에서 유리섬유에 대한 수요를 증가시키고 있습니다.
또한 풍력에너지 분야의 확장은 유리섬유 시장을 크게 끌어올리고 있습니다. 세계풍력에너지협의회(GWEC)에 따르면 2020년 세계 풍력발전 용량은 743GW에 달할 것이며, 그 중 93GW가 신규 프로젝트입니다. GWEC는 향후 5년간 469GW 이상의 신규 용량이 추가될 것으로 예측했습니다. 유리섬유는 풍력 터빈 블레이드 건설에 중요한 재료이며, 풍력발전 설비 증가로 인해 유리섬유에 대한 수요가 증가하고 있습니다.
생산 비용이 가장 큰 제약입니다. 유리섬유 생산에는 막대한 에너지 비용과 원자재 비용이 소요되며, 시장 상황에 따라 변동합니다. 이러한 비용 증가는 제조업체의 이윤율을 낮추고 소비자 가격을 상승시켜 시장 수요와 성장을 제한합니다.
유리섬유 제조와 관련된 환경 문제는 또 다른 난제입니다. 특정 화학물질과 절차의 사용은 환경 악화를 유발하므로 더 강력한 법이 필요하고, 지속가능한 방법에 대한 소비자의 요구가 높아지고 있습니다. 이러한 환경 친화적인 대안으로의 전환은 유리섬유 제조업체가 청정 기술에 대한 투자를 강요하고 이는 운영 비용과 시장 경쟁에 영향을 미칩니다.
또한 대체 재료가 유리섬유 시장에 위협을 가하고 있습니다. 탄소섬유와 같은 첨단 복합재료 및 소재는 강도 대 중량비 향상, 성능 특성 개선 등 뚜렷한 이점을 제공합니다. 이러한 대체 소재가 다양한 분야에서 인기를 끌면서 유리섬유를 대체하고 시장 점유율을 낮추고 특정 분야의 성장 잠재력을 제한할 수 있습니다.
The construction and automotive sectors, which place a high value on fiberglass composites' lightweight and durable characteristics, are the main drivers of the fiberglass market. According to the analyst from Verified Market Research, the fiberglass market is estimated to reach a valuation of USD 51.66 Billion over the forecast subjugating around USD 29.4 Billion valued in 2024.
The growing demand for high-performance, environmentally friendly materials in industries like wind energy, marine, and aerospace, where fiberglass's remarkable strength-to-weight ratio and resistance to corrosion make it an excellent choice, is driving the fiberglass market. It enables the market to grow at a CAGR of 7.30% from 2024 to 2031.
Fiberglass Market: Definition/Overview
Fiberglass is a type of plastic reinforced with glass fiber. The glass fibers can be distributed randomly, flattened into a sheet (known as a chopped strand mat), or woven into a cloth. Fiberglass stands out for its strength while remaining lightweight. Fiberglass is used in aircraft, boats, automobiles, bathtubs and enclosures, swimming pools, hot tubs, septic tanks, water tanks, roofing, pipelines, cladding, orthopedic casts, surfboards, and external door skins. Fiberglass is an extremely adaptable material due to its light weight, inherent strength, weather-resistant finish, and wide range of surface textures.
The rising global construction sector is a key driver of the fiberglass market. According to Oxford Economics' Global Construction 2030 report, construction output is expected to increase by 85% to USD 15.5 Trillion by 2030, with China, the United States, and India leading the way, accounting for 57% of total global growth. This rise in construction activity is predicted to dramatically increase demand for fiberglass, which is commonly used in building insulation, reinforcing, and other construction applications.
The automobile industry's trend toward lightweight and fuel-efficient vehicles is driving the fiberglass market ahead. The International Energy Agency (IEA) forecasted that global electric vehicle sales reached 6.6 million in 2021, more than doubling from 2020 and tripling from 2019. This shift toward electric vehicles, which use fiberglass components to reduce weight and improve efficiency, is increasing demand for fiberglass in the automotive industry.
Furthermore, the expansion of the wind energy sector is considerably boosting the fiberglass market. According to the Global Wind Energy Council (GWEC), global wind power capacity reached 743 GW in 2020, including 93 GW of new projects. The GWEC predicts that more than 469 GW of new capacity will be added during the next five years. Fiberglass is an important material in the construction of wind turbine blades, and the increasing growth of wind energy installations is driving up demand for fiberglass.
Production costs are a big constraint. Fiberglass production has significant energy and raw material costs, which fluctuate depending on market conditions. These increasing expenses diminish manufacturers' profit margins and drive up consumer prices, thus limiting market demand and growth.
Environmental issues related to the manufacturing of fiberglass present another difficulty. The use of certain chemicals and procedures causes environmental deterioration, necessitating stronger laws and increased consumer demand for sustainable methods. This shift toward environmentally friendly alternatives forces fiberglass makers to invest in cleaner technology, which affects operational costs and market competitiveness.
Furthermore, alternative materials pose a threat to the fiberglass market. Advanced composites and materials, such as carbon fiber, provide distinct benefits such as increased strength-to-weight ratios and improved performance characteristics. As these alternatives gain popularity in a variety of applications, they replace fiberglass, reducing its market share and limiting its growth potential in specific sectors.
According to VMR analyst, the E-glass segment is expected to dominate the segment within the fiberglass market during the forecast period. E-glass fibers are widely utilized in a variety of industries, including automotive, construction, and electrical applications, due to their superior insulating characteristics and resistance to abrasion and vibration. This adaptability provides sustained demand across numerous sectors, reinforcing E-Glass's market dominance.
E-Glass provides a good combination of performance and affordability, making it an appealing choice for producers trying to reduce production costs without sacrificing quality. Its price enables larger use in applications where budget constraints are crucial, increasing its market share.
Furthermore, the increased focus on lightweight materials in sectors such as automotive and aerospace is driving up demand for E-Glass. As manufacturers look to increase fuel efficiency and performance, E-Glass's lightweight nature makes it an excellent choice for composite materials, consolidating its position in the fiberglass market.
The building & construction segment is estimated to hold the largest share of the fiberglass market during the forecast period due to the growing usage of fiberglass composites in applications such as insulation, roofing, and exterior cladding. Fiberglass has a good strength-to-weight ratio, thermal and acoustic insulation capabilities, and requires little maintenance, making it an excellent choice for construction projects.
The growing popularity of sustainable and energy-efficient buildings is driving up demand for fiberglass in the construction industry. Fiberglass helps to control temperature in enclosed spaces, resulting in energy cost savings, which is a major element contributing to its extensive use in the building and construction industry.
Furthermore, rising investment in infrastructure development, particularly in emerging economies, is another important factor driving the building and construction segment's dominance in the fiberglass market. Fiberglass is increasingly being utilized to build bridges, highways, and other infrastructure projects due to its durability and low maintenance requirements.
The Asia Pacific region is estimated to dominate the fiberglass market during the forecast period. The Asia Pacific region is undergoing unprecedented urbanization and infrastructure growth, which is driving up demand for fiberglass. According to the Asian Development Bank (ADB), Asia's urban population increased from 1.84 billion in 2017 to 3.0 billion by 2050. The Asian Development Bank estimates that Asia would need to invest $1.7 trillion per year in infrastructure until 2030 to maintain its growth momentum. The growing urbanization and infrastructure development are driving up demand for fiberglass in construction applications such as insulation, reinforcement, and composite materials.
The Asia Pacific region's automobile sector is expanding rapidly, supporting the fiberglass market. The International Organization of Motor Vehicle Manufacturers (OICA) estimates that Asia produced 46.7 million automobiles in 2021, accounting for 55% of global output. China alone manufactured 26.1 million vehicles in 2021. The automobile industry's transition to electric vehicles, which use fiberglass components for lightweight, is fueling demand. According to the International Energy Agency, China accounted for half of the global increase in electric car sales in 2021, selling 3.3 million electric vehicles.
Furthermore, the Asia Pacific region is driving the global expansion of wind energy capacity, resulting in increased demand for fiberglass used in wind turbine blades. According to the Global Wind Energy Council (GWEC), Asia Pacific added 24.6 GW of new onshore wind capacity in 2020, accounting for 56% of global new installations. In 2020, China alone added 68.6 GW of new wind capacity (onshore and offshore), accounting for 67% of the global total. The tremendous growth in wind energy projects is increasing the demand for fiberglass in the region.
North America is estimated to exhibit substantial growth within the fiberglass market during the forecast period. North America's construction sector is expanding rapidly, increasing demand for fiberglass products. According to the United States Census Bureau, the value of building projects in the United States reached USD 1.57 Trillion in 2021, up 8.2% from 2020. The residential sector alone accounted for USD 774.9 Billion, a 23.2% increase from the previous year. This increase in construction activity is increasing the need for fiberglass insulation, reinforcing materials, and other building applications, fueling the fiberglass market in the region.
Furthermore, the North American region is experiencing fast growth in renewable energy installations, especially wind energy, which is a major driver of the fiberglass market. According to the Energy Information Administration (EIA), wind energy capacity in the United States increased from 74.4 gigawatts in 2015 to 118.2 gigawatts in 2020, representing a roughly 59% growth in five years. As fiberglass is a critical material in wind turbine blade manufacturing, this development in wind energy installations is greatly raising the demand for fiberglass in North America.
The competitive landscape in the fiberglass market is fragmented, with multiple firms vying for market dominance through innovation and strategic efforts. Companies are increasingly focusing on product development and global expansion to meet expanding demand across numerous sectors, including automotive, construction, and aerospace.
Some of the prominent players operating in the fiberglass market include:
Owens Corning
Saint-Gobain
Nippon Electric Glass
Jushi Group Co. Ltd.
PPG Industries
Johns Manville
Taishan Fiberglass, Inc.
Chongqing Polycomp International Corp.
In February 2024, LANXESS Performance Materials, a joint venture between LANXESS and Advent International, showed lightweight engineering polymers for the automotive, two-wheeler, and e-mobility industries at PLASTINDIA 2023 (1-5 February). The company has demonstrated applications of high-performance polymers in the electronics and electrical industries.
In April 2023, Saint-Gobain acquired Twiga Fiberglass Ltd., which is situated in Uttar Pradesh, India. Twiga manufactures glass wool at two locations. It employs Saint-Gobain technology. This acquisition strengthens Saint Gobain's expertise in facade and interior solutions in India.