What Is The Current and Historic Market Size Analysis Of The Fiberglass Roving Market?
The fiberglass roving market has seen considerable growth due to a variety of factors.
•In recent times, the fiberglass roving market has seen significant growth. It is anticipated to rise from $9.53 billion in 2024 to $10.37 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 8.8%.
Factors such as development in the construction and infrastructure sector, demand from the automotive industry, prevalent use in wind energy and marine manufacturing including boats, along with growth in aerospace applications, have contributed to the historical growth phase.
What Are The Predictions for The Fiberglass Roving Market Size In The Coming Years?
The fiberglass roving market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the fiberglass roving market as it is predicted to experience robust growth in the forthcoming years. The market size is projected to reach a valuation of $14.44 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.6%.
This anticipated growth during the forecast period is associated with factors such as the proliferation of renewable energy, lightweight trends within the transportation sector, the overhaul of infrastructure projects, advancements in composite manufacturing, and the rising demand for high-performance materials. Notable trends throughout the forecast period encompass applications within the marine industry, redevelopment of infrastructure projects, strategic partnerships among key market players, expansion of the market within the Asia-Pacific region, and customization catered to specific end-use scenarios.
What Are The Essential Drivers Behind The Growth Of The Fiberglass Roving Market?
The fiberglass roving market's growth is predicted to surge due to the increasing demand from the wind energy sector. This sector comprises activities related to the development, manufacture, construction, and maintenance of wind turbines and other power-generating devices that use wind. The use of fiberglass roving in the wind energy industry allows for the production of larger blades for the wind turbines, thereby enhancing their power output. This material is commonly used in constructing nacelles and wind turbine blades. For example, the International Energy Agency, a France-based intergovernmental organization, stated that, in July 2023, there was a 14% increase in wind electricity generation in 2022, amounting to an additional 265 TWh and surpassing 2,100 TWh in total. This elevation in wind energy production was the second greatest among all clean energy technologies. The rise in demand from the wind energy sector, therefore, stimulates the fiberglass roving market growth.
How Is The Global Fiberglass Roving Market Divided Into Key Segments?
The fiberglass roving market covered in this report is segmented –
1) By Product Type: Single-End Roving, Multi-End Roving, Chopped Roving
2) By Fiberglass Type: E-glass, ECR-glass, H-glass, AR-glass, S-glass
3) By Application: Electrical And Electronics, Transportation, Construction And Infrastructure, Pipes And Tanks, Energy, Other Applications
Subsegments:
1) By Single-End Roving: Standard Single-End Roving, High-Performance Single-End Roving
2) By Multi-End Roving: Standard Multi-End Roving, High-Strength Multi-End Roving
3) By Chopped Roving: Chopped Roving For Hand Lay-Up, Chopped Roving For Spray-Up, Chopped Roving For Pultrusion
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What Trends Are Reshaping The Future Of The Fiberglass Roving Market?
Product innovation stands as the leading trend gaining traction in the fiberglass roving industry. Top-tier businesses in this market are prioritizing the development of novel products to consolidate their foothold in the sector. In a notable development, a US-based manufacturer of engineered products, insulation, and roofing materials, Johns Manville, introduced StarRovLFTplus Fiberglass Roving in March 2023. Specifically tailored for long-fiber reinforced thermoplastic (LFRT) applications, this new product aims to provide a stable and trustworthy solution for automotive structural applications. Aside from StarRovLFTplus's introduction, Johns Manville has declared its collaboration with Zhongbao Ruiheng Technology Co. Ltd., a producer of composite materials based in China. This alliance with Zhongbao Ruiheng Technology Co. Ltd. is projected to boost Johns Manville's market presence in China through exposure to new customers and enhanced expertise in composite materials. The intended market for this product encompasses the automotive industry, with structural applications like bumper beams and front-end carriers in particular.
Who Are the Key Players in the Fiberglass Roving Market?
Major companies operating in the fiberglass roving market include:
• Saertex GmbH
• Saint-Gobain S.A.
• PPG Industries Inc.
• Owens Corning
• China Jushi Co. Ltd.
• Nippon Electric Glass Co. Ltd.
• Taiwan Glass Industry Corporation
• Johns Manville
• Knauf Insulation
• Nitto Boseki Co. Ltd.
• Chongqing Polycomp International Corporation
• Jiangsu Jiuding New Material Co. Ltd.
• Chomarat Group
• AGY Holdings Corp.
• 3B – the fiber glass company
• Fiberlay Inc.
• Nittobo America Inc.
• Saint-Gobain Vetrotex
• Taishan Fiberglass Inc.
• China Beihai Fiberglass Co. Ltd.
• PFG Fiberglass Corporation
•P-D Glasseiden GmbH
• Glass Fiber Technology Co. Ltd.
What are the Regional Insights into the Fiberglass Roving Market?
Asia-Pacific was the largest region in the fiberglass roving market in 2024. The regions covered in the fiberglass roving market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
