Demand for fiberglass is forecast to rise at a CAGR of 4.3% during 2022-2028, reaching a valuation of $13.1 billion by 2028, compared to the current market size of $10.2 billion.
Global Fiberglass Market Size (2022) | $10.2 billion |
Sales Forecast (2028) | $13.1 billion |
Forecast Growth Rate (2022-2028) | 4.3%CAGR |
North American market share | 32.3% |
The global fiberglass market has grown over the past few years with an expanding range of applications, especially in the automotive, transportation and construction sectors. Over the past few years, the use of composites and synthetic materials has increased substantially in almost all end-use industries.
In 2013, fiberglass sales revenue was $7.3 billion, and demand is growing at a compound annual growth rate of 3.7%, with a market value of $9.8 billion by 2021.
Extensive use of fiberglass in wind turbines, increased demand for fiberglass reinforced concrete in the construction industry, rising demand for corrugated fiberglass and fiberglass panels in the automotive and transportation sectors, and increased use of composite materials in various industries all are the main factors driving the number of glass fiber shipments.
Glass fiber sales are expected to reach $13.1 billion by 2028, with demand rising at a CAGR of 4.3% from 2022 to 2028.
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