As per the recently published report by MarketsandMarkets™, The “Fiberglass Market by Glass Type (E Glass, ECR Glass, H Glass, AR Glass, S Glass), Product Type (Glass Wool, Direct and Assembled Roving, Yarn, Chopped Strand), Application (Composites, Insulation), and Region – Global Forecasts to 2028″, is estimated at USD 27.7 billion in 2022 and is projected to reach USD 44.3 billion by 2028, at a CAGR of 7.3% from 2023 to 2028. Fiberglass, also known as glass-reinforced plastic (GRP), is a composite material of fine glass fibers and a polymer resin. It is a lightweight, durable, and corrosion-resistant material widely used in the construction, automotive, aerospace, and marine industries. These advantages help to reduce maintenance costs, increase equipment lifespan, and improve operational efficiency. These factors are projected to fuel market development in the upcoming years.
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- 364 Market data Tables
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Recent Developments in Fiberglass Market Industry
- In June 2022, Owens Corning and Pultron Composites signed an agreement to create a joint venture to manufacture industry-leading fiberglass rebar.
- In November 2021, Taishan Fiberglass Inc. (CTG) announced an investment of USD 250 million to establish a greenfield fiber manufacturing plant in Gujarat (India) to serve the markets in India and the Middle East.
- In April 2021, Chongqing Polycomp International Corp. (CPIC) announced a partnership with Jushi Group, another leading Chinese manufacturer of fiberglass products, to jointly invest in a new production line for high-end E-glass fiber products.
- In August 2020, Nippon Electric Glass Co.,Ltd. invested in increasing its FireLite glass sheet size to increase its market size in the fire protection application market. This product offers resin compatibility and high-impact safety.
- In May 2020, PFG Fiber Glass Corporation signed an agreement with Taiwan’s Chang Chun Group to develop and produce specialty glass fibers.