From GlobeNewswire: 2024-07-29 08:30:00

Exactitude Consultancy, a leading market research firm, has released its comprehensive report on the Fiberglass Market. Valued at $14.33 billion in 2023, the global market is forecasted to reach $23.19 billion by 2032, showing a CAGR of 4.93%. Fiberglass finds applications in aerospace, marine, automotive, electronics, and infrastructure industries. The COVID-19 pandemic significantly impacted the market, but recovery efforts in the automotive sector are leading to a gradual rebound. The rising demand for lightweight composites is fueling market growth, driven by environmental concerns and sustainability initiatives in various industries. Smart infrastructure development and energy-efficient buildings are key drivers of fiberglass demand. Technological advancements and innovations, such as automated manufacturing techniques and smart composites, are also propelling market expansion. The transportation sector, particularly electric and hybrid vehicles, is a major catalyst for fiberglass market growth, driven by the need for lightweight materials to enhance fuel efficiency and safety features. The fiberglass market is seeing increased adoption in high-speed rail, aerospace, and marine applications, as well as sustainable manufacturing practices to reduce environmental impact. The e-glass segment is expected to lead market growth due to its cost-effectiveness and performance, with the glass wool segment dominating the market for its insulation properties. The transportation sector is forecasted to retain market leadership, driven by zero-emission goals and regulatory standards.



Read more at GlobeNewswire: Fiberglass Market is expected to be valued at USD 23.19