Global Fiberglass Roving Market Definition
Roving is a long, narrow bundle of fibers. Numerous small glass filaments constitute steel roving. These are frequently presented for sale as woven roving. There are several weights, weaves, finishes, and thicknesses of fiberglass roving available. Compared to other composites, these materials are exceptionally strong and lightweight. They also additionally boost the product's thickness and volume.
Global Fiberglass Roving Market: Key Insights
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~8% |
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Base Year Market Size (2022) |
~ USD 13 Million |
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Forecast Year Market Size (2033) |
~ USD 17 Million |
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Regional Scope |
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Global Fiberglass Roving Market Size, Forecast, and Trend Highlights Over 2023 - 2033
The global fiberglass roving market is estimated to garner a revenue of USD 17 Million by the end of 2033 by growing at a CAGR of ~8% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 13 Million in the year 2022. The growth of the market is primarily attributed to the growing use of fiberglass roving in various industries, such as automotive, construction, and so on. Fiberglass roving is used largely for wind generation, especially to make rotor blades and nacelles. According to the data provided by the International Renewable Energy Agency (IRENA), the total onsite installed wind power energy worldwide reached 698043 MW in 2020, which is higher compared to 177795 MW in 2010.
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Fiberglass roving is made up of microscopic glass filaments. These are frequently sold commercial scale as woven roving. Fiberglass roving comes in a variety of weights, weaves, finishes, and widths. When compared to other composites, these are lightweight materials with high durability. Additionally, they help give the product more heft and solidity. Demand for fiberglass roving is increasing across a variety of sectors as a result of growing industrialization. For instance, India's industrial production increased 2.6% year on year in July 2022, following an 11.9% year-on-year rise in the prior month.
Global Fiberglass Roving Market: Growth Drivers and Challenges
Growth Drivers
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Dynamic Properties that Make Fiberglass Roving to be Used in Various Verticals - Fiberglass is thought to be the backbone of the composites industry. It has been used in a variety of composite applications for decades, and its physical properties are very well comprehended in the industry. It is lightweight, has moderate tensile strength, and is easier to handle. For instance, the main component of all fiberglass is silica (SiO2), but the addition of other oxides such as Al2O3, B2O3, CaO, and so on allows for modification of the glass fiber properties and performance.
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Surge in Electronics Industry – For instance, since mid-2020, the global electronics industry indicated strong growth. South Korean ICT exports have increased by 19 percent year on year to USD 122 billion during the first six months of 2022, contributing 37% of total South Korean exports. South Korean semiconductor exports increased by nearly 22% year on year, reaching around USD 71 billion. Whereas, in the first six months of 2022, semiconductor exports in Japan increased by nearly 17% year on year.
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Significant Escalation in Transportation Industry - By 2027, the global transportation industry is expected to be worth around USD 7.5 trillion.
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Upsurge in Insulating Applications - In July 2022, China's insulated wire or cable export increased to USD 2351215, up from USD 2375490 in June 2022.
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Increase in Aerospace and Defense Manufacturing – For instance, in 2021, the aerospace and defense manufacturing industry have expanded by around 7.7%, and it’s estimated to see an expansion of around 25% in the year 2022.
Challenges
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Difficulties in Recycling Glass Wool - Recycling is essential to lessen the bad effects on the environment, as well as to cut back on disposal expenses and the production of raw materials. According to Glass Fiber Europe, the production of glass fibers and the resin used in the matrix requires between 13 and 45 MJ/kg and 76 and 137 MJ/kg of energy each, with additional fossil fuel usage and significant environmental effects.
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Health Risks Coupled with Fiberglass
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Stringent Policies of Government
The global fiberglass roving market is segmented and analyzed for demand and supply by end-user into transportation, construction & infrastructure, electrical & electronics, pipes & tanks, marine, aerospace & defense, wind energy, and others. Out of these, the construction & infrastructure segment is estimated to significantly grow over the forecast period on the back of the significantly rising trend of urbanization which is fueling the massive surge in construction and infrastructure projects across the globe. For instance, the global construction industry garnered approximately USD 2.3 trillion in revenue in 2019.
Global Fiberglass Roving Market Regional Synopsis
The Asia Pacific fiberglass roving market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033 backed by the escalating investment for infrastructure, especially in countries, such as China, Bhutan, Vietnam, and India among others, and for the increasing demand for fiberglass roving across varied end-use industries. As per the Asian Development Bank statistics, the public sector infrastructure investment rate (% of GDP) in the People's Republic of China, Bhutan, Vietnam, Fiji, Sri Lanka, and India was 6.76%, 6.56%, 5.12%, 3.53%, and 3.31%, respectively.
Market Segmentation
Our in-depth analysis of the global fiberglass roving market includes the following segments:
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By Product Type |
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By Glass Type |
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By End-User |
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Top Featured Companies Dominating the Global Fiberglass Roving Market
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Owens Corning
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- China Jushi Co., Ltd.
- Johns Manville
- Saint-Gobain Vetrotex
- Taishan Fiberglass Inc., (CTG)
- Nippon Electric Glass Co., Ltd
- AGY Holding Corp.
- Taiwan Glass Industry Corporation
- China Beihai Fiberglass Co., Ltd
- Binani Industries Ltd.
