Overall, the fiberglass market is growing at a rapid pace, driven by technological advances, innovation, and a growing focus on sustainability. As demand grows - especially from emerging markets - and fiberglass is increasingly used in areas such as transportation and construction, Lucintel predicts continued market expansion in the future.

The global fiberglass market grew by about 3% in 2024, with demand rising to 16.8 billion pounds from 16.3 billion pounds in 2023. In the United States, the demand for glass fiber has weakened in many fields such as construction and shipbuilding. Lucintel forecasts that from 2024 to 2031, global glass fiber demand is expected to continue to grow at a compound annual growth rate (CAGR) of about 4%. However, the global glass fiber market faces significant challenges. Among them, the most serious challenge is the fierce market competition, especially from Chinese manufacturers. In 1990, China barely had any presence in the glass fiber sector, and today, China dominates the glass fiber market with 65 percent of global production capacity. On the one hand, China has penetrated the market with its advantages of low-cost fibers, driving the growth of the entire glass fiber industry. However, this poses a big challenge for glass fibre suppliers in North America, Europe and Japan, who are struggling to maintain profitability as they cannot compete with Chinese suppliers on cost. Many fiberglass companies are ceding market share to Chinese suppliers. A number of high-profile companies, including PPG, 3B and Owens Corning, have exited the market or announced exit plans due to declining profitability. Fiberglass suppliers in North America, Europe and Japan are likely to continue to face profitability difficulties in the future and could be forced to cut thousands of jobs unless they can find ways to compete with Chinese companies in terms of cost reductions or performance improvements. The Trump administration has announced a 25 percent tariff on all imports from Mexico and Canada and an additional 10 percent tariff on goods from China. This policy will increase the cost of imported fiberglass, thereby making the market more favorable to domestic fiberglass suppliers. Another trend in the fiberglass value chain is prioritizing sustainability and circular economy principles. As the industry strives to reduce its environmental impact, manufacturers are working to develop closed-loop recycling systems to recover and reuse composites, thereby minimizing the waste of resources. Companies such as Jasmerway and Megalithic Group are investing in innovative recycling technologies and sustainability practices to meet global environmental standards. By 2030, these efforts are expected to significantly reduce the industry's environmental impact and contribute to a more sustainable future. Original equipment manufacturers and component manufacturers are developing innovative recycling technologies and setting ambitious environmental goals. Vestas, for example, is working to launch zero-waste turbines by 2040. (" Zero waste "here means eliminating waste altogether and building a circular economy for all materials, including the carbon cycle.) In short, the fiberglass market is dynamic. By leveraging technological advances and effectively addressing existing challenges, companies can fully unlock the potential of fiberglass and gain a competitive advantage in the market.