Fiberglass Roving Market - Forecast(2023 - 2028)

Report Code: CMR 60278 Report Format: PDF + Excel

Fiberglass Roving Market Overview 

Fiberglass roving market size is forecast to reach US$7.4 billion by 2027, after growing at a CAGR of 5.7% during 2022-2027. Fiberglass Roving is a distinct strand made up of a single bundle of continuous filaments. It is compatible with many resins like vinyl ester, phenolic resins, and epoxy resin, these resins enhance the chemistry of each strand of fiberglass, which supports the mechanical qualities and optimum processing. Also, the fiberglass rover has a lower minimum rollout and low resin consumption, which results in uniform laminate clarity and minimal weave distortion, which makes it critical for industrial application. The fiberglass roving market is primarily driven by the growth of the transport sector, which utilizes fiberglass roving as a fiberglass fabric to enhance the durability of the transport components. Moreover, the surging demand from the wind energy industry for fiberglass roving in the filament winding process is further propelling the growth of the fiberglass industry over the forecast period.

COVID-19 Impact 

In the year 2020, due to the surge in the Covid-19 pandemic, countries all across the globe imposed stringent rules and regulations such as non-essential production activities were halted. As a result, the fiberglass roving market incurred losses because of a decline in passenger cars, aerospace, wind energy, and other industrial production. For instance, Organisation Internationale des Constructeurs d'Automobiles (OICA), in the year 2019, the total passenger cars production was 67,163,769 units, and in 2020, it was 55,834,456 units, a decline of 16.91%. The decline in passenger cars production resulted in revenue losses for the fiberglass roving because in passenger cars fiberglass cloth is used to maintain the integrity of the composite in a hot and abrasive environment. However, in 2021, countries all across the globe eased the regulations to strengthen the production activities, owing to this the production output improved, and this benefited the fiberglass roving market growth. Also, in the upcoming years, the impact of the Covid-19 pandemic will end, this will result in the fiberglass industry growth scenario similar to the pre-Covid time.

Report Coverage 

The report: "Fiberglass Roving Market–Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Fiberglass Roving Market. 

By Type: E-glass, H-glass, ECR-glass, S-glass, AR-glass, and Others.
Product Type: Single-End Roving, Multi-End Roving, and Chopped Roving.
Technology: Coating, Finishing, Knitting, Multiaxial, Warping /Beaming, Weaving, and Others.
By End-Use Industry: Building and Construction (Residential Buildings (Private Dwellings, Apartments, and Row Houses), Commercial (Office, Healthcare Facilities, Hotels and Restaurants, Concert Halls and Museums, Sports Arena, Educational Institutes, Airports, and Others), and Industrial (Warehouse, Manufacturing Facility, and Others)), Transport (Automotive (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), Aerospace (Commercial, Military, and Others), Marine (Passenger, Cargo, Naval, and Others), and Locomotive), Wind Energy, Furniture, Electrical and Electronics (Transformers, Switches, Transmitter, Circuit Boards, and Others), and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East (Saudi Arabia, UAE, Israel, and Rest of Middle East), and Africa (South Africa, Nigeria, and Rest of Africa)). 

Key Takeaways 

  • Asia-Pacific region dominated the fiberglass roving market, owing to the growing aerospace industry in the region. For instance, Korea Aerospace Industries Association (KAIA), in 2020, South Korea aerospace production was valued at US$4.9 billion, and in 2021 it was estimated to be US$5 billion, an increase of about 1.5%. 
  • The single-end and chopped roving are the major product types and their application is surging for filament winding and pultrusion, which is creating an expansion opportunity for the fiberglass roving market.
  • Moreover, the blade manufacturing industry is growing, which is expected to propel the demand for fiberglass roving, thereby accelerating the market growth. 
  • However, the growing health concerns related to the use of fiberglass roving are creating a major roadblock for market growth. 

Figure: Asia-Pacific Fiberglass Roving Market Revenue, 2021-2027 (US$ Billion)


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Fiberglass Roving MarketSegment Analysis – By Product Type 

The E-glass segment held the largest share in the fiberglass roving market in 2021 and is forecasted to grow at a CAGR of 5.8% during the forecast period 2022-2027. E-glass fiberglass roving is cost-effective and has a variety of qualities, including corrosion resistance, lightweight, good electrical insulation, and moderate strength. This results in protecting the essential machinery, parts, and more from the hampering impact of high temperature. Furthermore, the Integrity (E) glass of fiberglass roving could keep its integrity for up to 120 minutes, thereby, ensuring higher optimal safety. Additionally, Integrity (E) glass fiberglass roving is utilized in commercial and residential buildings such as airports, hotels, retail malls, rowhouses, and apartments, because even when subjected to high thermal loads, it maintains transparency and stability. Thus, the increasing usage of E-glass in fiberglass roving is propelling the segmental growth of the fiberglass roving market.

Fiberglass Roving MarketSegment Analysis – By End-Use Industry 

The transport segment held the largest share in the fiberglass roving market in 2021 and is forecasted to grow at a CAGR of 6.8% during the forecast period 2022-2027. Fiberglass fabric manufactured from fiberglass roving is employed in the transport industry because it has high tensile strength, temperature resilience, and dimensional stability. This ensures that the transport vehicles are protected from corroding and other such environmental impacts. The growing application of fiberglass fabrics in automotive, aerospace, and other similar industries is fueling the growth of the fiberglass roving market. For instance, according to Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020 the worldwide automotive production was 77,711,725 units, and in 2021, it was 80,154,988 units, an increase of approximately 3%. Moreover, according to International Trade Administration (ITA), in 2020 the aerospace production in France was US$3,922 billion, and in 2021 it was US$4,334 billion, an increase of 10.5%. Thus, the growing transport products such as automotive, aerospace, and more are projected to accelerate the growth of the fiberglass roving market. 

Fiberglass Roving MarketSegment Analysis – By Geography 

Asia-Pacific region is the dominating region as it holds the largest share in the fiberglass roving market in 2021 up to 42%. The Asia-Pacific region's economic growth is fueled by various sectors such as transport, wind energy, and other such sectors. Further, due to the growth of these sectors, there is a higher demand for single-end and chopped roving. This is creating an opportunity for the growth of the fiberglass roving market. For instance, according to Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020 the Asia-Pacific production of light commercial vehicles was 4,668,333 units, and in 2021 it was 5,099,264 units, an increase of about 9%. Furthermore, the Defense Ministry of India expects the number of aerospace and defense manufacturers in the country to double to 16,000 in the next five years (by 2026). Therefore, there will be a surge in the production of aerospace that will expand the market growth. Additionally, as of March 2022, the construction of Doosan Heavy Industries & Construction (DHIC) and a consortium new gas turbine plant is currently under construction in South Korea and will be completed by the end of 2022. The growing transport, wind energy, and other such sectors in the Asia-Pacific region are expected to fuel the demand for fiberglass roving, which will further enhance the market growth.

Fiberglass Roving Market Drivers 

Increasing Wind Turbine Blade Manufacturing Facilities 

Fiberglass roving is used in the manufacture of wind turbine blades and nacelles in the wind energy industry. Wind turbine blades are critical for the wind energy industry. However, on the flip side higher blade weight is a problem for the wind energy sector because their manufacturing cost is higher as well as the maintenance cost of it is also high. Thus, the use of fiberglass roving is important for wind turbine blades manufacturing because fiberglass roving has a high strength-to-weight ratio, this results in the production of longer and more efficient rotor blades for larger wind turbines at a lower cost. The blade manufacturing industry is growing, for illustration, in October 2021, Siemens Gamesa, a global wind turbine manufacturer, invested US$200 million in Virginia to develop an offshore wind turbine blade manufacturing plant for wind energy projects, the construction of this manufacturing facility is anticipated to begin from 2022. Additionally, in September 2021, General Electric's (GE) blade manufacturing facility for wind energy in Teesside, UK got planning approval from the UK government; construction will begin in late December 2021 and be finished by 2023. Therefore, the surging wind turbine blade manufacturing facilities at the global level are expected to drive the growth of the fiberglass roving market. 

Surging Demand for Fiberglass Composites 

Fiberglass is regarded as the backbone of the composites industry. It has been utilized in a variety of composites applications for decades, and its physical qualities are highly beneficial across industries such as transport, building & construction, and more. Fiberglass has been employed in a variety of applications including automotive parts, industrial equipment, and more, this is due to its lightweight, moderate tensile strength, and is easier to handle. Additionally, in recent years there has been a shift in the demand from steel components to fiberglass composites. This is due to the growing technological need to reduce the weights of various products such as light commercial vehicles, aircraft, construction materials, and more. Hence, fiberglass roving manufacturers all across the globe are increasing the research and developments associated with fiberglass roving to get the benefit from such growing needs of various industries. Therefore, due to the surging demand for fiberglass composites demand it is anticipated that the fiberglass roving market will further grow during the projected forecast period.

Fiberglass Roving Market Challenges 

Health Risk Associated with Fiberglass 

The use of fiberglass roving is growing due to benefit of low weight, good tensile strength, and more. Nevertheless, there is a slip side of fiberglass roving, that the fiberglass has resulted in some serious health-related issues. For example, inhaled slivers of fiberglass irritate the alveoli and can induce lung-related illness. Furthermore, some fiberglass still contains formaldehyde as a binder, which is released into the atmosphere has the potential to cause cancer. Moreover, according to the Illinois department of public health, the U.S, longer exposure to fiberglass content can irritate eyes, nose, and more. Hence, these health-related issues of fiberglass are posing as a major restrain for the growth of the fiberglass roving market. 

Fiberglass Roving Industry Outlook 

Technology launches, acquisitions, and increased R&D activities are key strategies adopted by players in the fiberglass roving market. Fiberglass roving top 10 companies are: 

  1. Owens Corning 
  2. Nippon Electric Glass 
  3. CPIC 
  4. Saint-Gobain SA 
  5. Taiwan Glass Industry Corporation 
  6. PFG Fiberglass Corporation 
  7. Reliance Industries 
  8. Nitto Boseki Co. Limited 
  9. China National Building Material Company Limited 
  10. AGY Holding Corporation 

Recent Developments

  • In August 2021, Owens Corning introduced PINK Next Gen Fiberglas insulation, this product results in higher performance than the company's other products. Such new product launches will benefit the growth of the market. 
  • In April 2021, construction work on the Jushi India Fiberglass (P) Ltd. was completed with a capacity of 1,00,000 MT. Jushi's product range includes direct roving, assembled roving, chopped strand, chopped strand mat, woven roving, yarn, and other forms of fiberglass raw materials. 
  • In January 2020, the fiberglass production furnace at Saint-Gobain has been completely revamped with a total investment of EUR 45 million (US$51.4) million. The fiberglass production furnace was rebuilt at the company's ADFORS Hodonice location. The installation's streamlining and expansion will boost the site's production capacity by 57%.


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1. Fiberglass Roving Market: Market Overview
    1.1 Definitions and Scope
2. Fiberglass Roving Market- Executive Summary 
    2.1 Key Trends by Type
    2.2 Key Trends by Product Type 
    2.3 Key Trends by Technology  
    2.4 Key Trends by End-Use Industry 
    2.5 Key Trends by Geography
3. Fiberglass Roving Market– Comparative analysis  
    3.1 Market Share Analysis- Major Companies 
    3.2 Product Benchmarking- Major Companies a
    3.4 Top 5 Financials Analysis 
    3.5 Patent Analysis- Major Companies 
    3.6 Pricing Analysis (ASPs will be provided) 
4. Fiberglass Roving Market- Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis: 
       4.1.1 Investment 
       4.1.2 Revenue 
       4.1.3 Product portfolio 
       4.1.4 Venture Capital and Funding Scenario 
5. Fiberglass Roving Market– Industry Market Entry Scenario Premium Premium 
    5.1 Regulatory Framework Overview 
    5.2 New Business and Ease of Doing Business Index 
    5.3 Successful Venture Profiles 
    5.4 Customer Analysis – Major companies 
6. Fiberglass Roving Market- Market Forces 
    6.1 Market Drivers 
    6.2 Market Constraints 
    6.3 Porters Five Force Model 
        6.3.1 Bargaining Power of Suppliers 
        6.3.2 Bargaining Powers of Buyers 
        6.3.3 Threat of New Entrants 
        6.3.4 Competitive Rivalry 
        6.3.5 Threat of Substitutes
7. Fiberglass Roving Market– Strategic Analysis 
    7.1 Value/Supply Chain Analysis 
    7.2 Opportunity Analysis 
    7.3 Product/Market Life Cycle 
    7.4 Distributor Analysis – Major Companies 
8. Fiberglass Roving Market-By Type (Market Size –US$ Million/Billion) 
    8.1 E-glass 
    8.2 H-glass 
    8.3 ECR-glass 
    8.4 S-glass 
    8.5 AR-glass 
    8.6 Others 
9. Fiberglass Roving Market-By Product Type (Market Size –US$ Million/Billion) 
    9.1 Single-End Roving 
    9.2 Multi-End Roving 
    9.3 Chopped Roving 
10. Fiberglass Roving Market-By Technology (Market Size -US$ Million/Billion) 
    10.1 Coating 
    10.2 Finishing 
    10.3 Knitting 
    10.4 Multiaxial 
    10.5 Warping / Beaming 
    10.6 Weaving 
    10.7 Others 
11. Fiberglass Roving Market-By End-Use Industry (Market Size -US$ Million/Billion) 
    11.1 Building and Construction 
        11.1.1 Residential 
            11.1.1.1 Private Dwellings 
            11.1.1.2 Apartments 
            11.1.1.3 Row Houses 
        11.1.2 Commercial 
            11.1.2.1 Office 
            11.1.2.2 Healthcare Facilities 
            11.1.2.3 Hotels and Restaurants 
            11.1.2.4 Concert Halls and Museums 
            11.1.2.5 Sports Arena 
            11.1.2.6 Educational Institutes 
            11.1.2.7 Airports 
            11.1.2.8 Others 
        11.1.3 Industrial 
            11.1.3.1 Warehouse 
            11.1.3.2 Manufacturing Facility 
            11.1.3.3 Others 
    11.2 Transport 
        11.2.1 Automotive 
            11.2.1.1 Passenger Cars 
            11.2.1.2 Light Commercial Vehicles 
            11.2.1.3 Heavy Commercial Vehicles 
        11.2.2 Aerospace 
            11.2.2.1 Commercial 
            11.2.2.2 Military 
            11.2.2.3 Others 
        11.2.3 Marine 
            11.2.3.1 Passenger 
            11.2.3.2 Cargo 
            11.2.3.3 Naval 
            11.2.3.4 Others 
        11.2.4 Locomotive 
    11.3 Wind Energy 
    11.4 Furniture 
    11.5 Electrical and Electronics 
        11.5.1 Transformers 
        11.5.2 Switches 
        11.5.3 Transmitter 
        11.5.4 Circuit Boards 
        11.5.5 Others 
    11.6 Others
12. Fiberglass Roving Market-By Geography (Market Size -US$ Million/Billion) 
    12.1 North America 
        12.1.1 USA 
        12.1.2 Canada 
        12.1.3 Mexico 
    12.2 Europe 
        12.2.1 UK 
        12.2.2 Germany 
        12.2.3 France 
        12.2.4 Italy 
        12.2.5 Netherlands 
        12.2.6 Spain 
        12.2.7 Russia 
        12.2.8 Belgium 
        12.2.9 Rest of Europe 
    12.3 Asia-Pacific 
        12.3.1 China 
        12.3.2 Japan 
        12.3.3 India 
        12.3.4 South Korea 
        12.3.5 Australia and New Zealand 
        12.3.6 Indonesia 
        12.3.7 Taiwan 
        12.3.8 Malaysia 
        12.3.9 Rest of APAC 
    12.4 South America 
        12.4.1 Brazil 
        12.4.2 Argentina 
        12.4.3 Colombia 
        12.4.4 Chile 
        12.4.5 Rest of South America 
    12.5 Rest of the World 
        12.5.1 Middle East 
            12.5.1.1 Saudi Arabia 
            12.5.1.2 UAE 
            12.5.1.3 Israel 
            12.5.1.4 Rest of Middle East 
        12.5.2 Africa 
            12.5.2.1 South Africa 
            12.5.2.2 Nigeria 
            12.5.2.3 Rest of Africa 
13. Fiberglass Roving Market – Entropy
    13.1 New Product Launches 
    13.2 M&As, Collaborations, JVs and Partnerships 
14. Fiberglass Roving Market–Industry / Segment Competition landscape Premium Premium 
    14.1 Company Benchmarking Matrix – Major Companies 
    14.2 Market Share at Global Level - Major companies 
    14.3 Market Share by Key Region - Major companies 
    14.4 Market Share by Key Country - Major companies 
    14.5 Market Share by Key Application - Major companies 
    14.6 Market Share by Key Product Type/Product category- Major companies 
15. Fiberglass Roving Market – Key Company List by Country Premium Premium 
16. Fiberglass Roving Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments 
    16.1 Company 1 
    16.2 Company 2 
    16.3 Company 3 
    16.4 Company 4 
    16.5 Company 5 
    16.6 Company 6 
    16.7 Company 7 
    16.8 Company 8 
    16.9 Company 9 
    16.10 Company 10 and more 
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

LIST OF FIGURES

1.US Fiberglass Roving Market Revenue, 2019-2024 ($M)
2.Canada Fiberglass Roving Market Revenue, 2019-2024 ($M)
3.Mexico Fiberglass Roving Market Revenue, 2019-2024 ($M)
4.Brazil Fiberglass Roving Market Revenue, 2019-2024 ($M)
5.Argentina Fiberglass Roving Market Revenue, 2019-2024 ($M)
6.Peru Fiberglass Roving Market Revenue, 2019-2024 ($M)
7.Colombia Fiberglass Roving Market Revenue, 2019-2024 ($M)
8.Chile Fiberglass Roving Market Revenue, 2019-2024 ($M)
9.Rest of South America Fiberglass Roving Market Revenue, 2019-2024 ($M)
10.UK Fiberglass Roving Market Revenue, 2019-2024 ($M)
11.Germany Fiberglass Roving Market Revenue, 2019-2024 ($M)
12.France Fiberglass Roving Market Revenue, 2019-2024 ($M)
13.Italy Fiberglass Roving Market Revenue, 2019-2024 ($M)
14.Spain Fiberglass Roving Market Revenue, 2019-2024 ($M)
15.Rest of Europe Fiberglass Roving Market Revenue, 2019-2024 ($M)
16.China Fiberglass Roving Market Revenue, 2019-2024 ($M)
17.India Fiberglass Roving Market Revenue, 2019-2024 ($M)
18.Japan Fiberglass Roving Market Revenue, 2019-2024 ($M)
19.South Korea Fiberglass Roving Market Revenue, 2019-2024 ($M)
20.South Africa Fiberglass Roving Market Revenue, 2019-2024 ($M)
21.North America Fiberglass Roving By Application
22.South America Fiberglass Roving By Application
23.Europe Fiberglass Roving By Application
24.APAC Fiberglass Roving By Application
25.MENA Fiberglass Roving By Application