The fiberglass market was valued at USD 11.5 billion in 2021 and is expected to reach a value of USD 16.2 billion by 2028, growing at a CAGR of 5.1% from 2022 to 2028. The global market report provides a detailed overview of the market, which has been segmented by product type, resin type, and application. The fiberglass market has been segmented by product type: Assembled Roving, Direct Roving, Yarn, Chopped Strand, and Others. The Chopped Strand segment is likely to be the largest and fastest-growing segment in terms of product types. The fiberglass market has been segmented by resin type into Thermoset Resins and Thermoplastic Resins. The Thermoset Resins segment is expected to account for a significant revenue share in 2022-2028. Based on application, the fiberglass is segmented into Construction & Infrastructure, Automotive, Wind Energy, Electronics, Aerospace, and others. The Automotive segment is predicted to register the fastest growth rate during the forecast period, according to precision business insights.
In January 2021, Warminster Fiberglass, LLC, headquartered in Decatur, Ala., acquired the Warminster Fiberglass, headquartered in Southampton, Pa., with offices and operations in Jacksonville, Texas, and Southampton, Pa.