Fiberglass Resin Market: Overview and Dynamics
A synthetic material manufactured by combining organic acids and alcohols. fiberglass resin can be prepared in various forms and can be converted into various forms like films, gels and liquids. Fiberglass resins are basically, resins in polyester form and used for different purpose like a wood filling, casting material, auto repair etc.
Fiberglass resin is very much useful in construction materials because of its durability and extraordinary adhesive properties. With the increasing demand for insulated walls and roof, the fiberglass resin market also set to increase its demand in the market. Low heat transfer and low dielectric constant property make fiberglass resin more demandable in the uses of insulated walls and roofs. Apart from construction materials the fiberglass resins also used in automotive parts and spare, the body panels of cars, boats and planes use fiberglass resin.
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Small and medium aircraft use so many components made by fiberglass resin. In furniture and packaging materials there are so many uses of fiberglass resin. The fiberglass resin market is expected to grow at a CAGR of 4.3% globally during the forecast period. Fiberglass resin has been a major demand growth from various end-use industries. However, the introduction of substitute leads to a shrink in the market demand for fiberglass resin. The substitute includes nylon, epoxy resin etc. somehow divert the consumers to shift towards a cheaper and easily available product buying behaviour. Owing to its widespread uses in several applications, fiberglass resin market is still set to capture its market throughout the globe. Moreover, automotive manufacturers across the globe are choosing fiberglass resin over other materials because of stringent emission regulations.
Furthermore, the demand for fiberglass resin is expected to increase with the increasing awareness of renewable energy. Considering these factors the fiberglass resin market is expected to drive significantly during the forecast period.
COVID-19 Impact Insights
The COVID-19 pandemic has had an enormous impact on the way of life around the world. Every company must fight the battle on both fronts – the health and the economy – and it will have to endure this period of forced recession. With the global economic slowdown reaching trillions of dollars, speculation is rife that the recovery period may continue into early next year.
As a majority of the fiberglass resin market demand is dependent on the automotive and construction industry. The demand for fiberglass resin gone down due to the lockdown imposed throughout the globe affected the automotive and construction sector.
COVID-19 almost destroy all industries and market related to those industries throughout the globe. The automotive industry was also affected negatively, the production of automobile gone down which leads to affect the demand for fiberglass resin in the automotive sector.
Many fiberglass resin manufacturing companies, as well as raw material manufacturers almost shut down their operation and production due to strict government regulation imposed. Although, the production and operation was again resumed because of the relaxation of lockdown and regulation during last two quarter of 2020. This continues till the first quarter of 2021 and the fiberglass resin market has also shown positive growth during the time frame.
But the second wave of COVID-19 again started diminishing all the global markets, fiberglass resin market is also one among them. The countries government had to follow partial lockdown procedure sector-wise to make balance into the economy, still, the condition getting harsh, which may lead to complete lockdown again like previous and the market will experience severe fall in demand.
Fiberglass Resin Market: Regional Outlook
Based on regional outlook, the report “Fiberglass Resin Market” break down into six prominent regions: North America, Europe, Latin America, East Asia, South Asia and Oceania and Middle East & Africa. Asia-Pacific Region dominate the fiberglass resin market among all six regions, China is the largest economy belong to Asia-Pacific is one among the largest producer of automobiles which tell about the high market demand of fiberglass resin in the Chinese automobile sector. Although due to COVID-19 demand for automobiles were gone down in 2020 at the same time China was the first country to recover from COVID-19 witnessed by its fast fiberglass resin market demand recovery.
Among all the regions North America possess more demand for fiberglass resin because of its significant share in the global food packaging market, powered by the vast markets in Canada and the US. Consumers in these countries always packed up with a busy schedule which made them purchase package food leads to the growth of fiberglass resin market.
Another most important factor benefiting North America’s market is the demand for snack food and healthier packaged food which makes food manufacturers extensively use fiberglass resin for safe packaging. Slowdown of the growing demand for less artificial ingredients in package foods is the key factor for the demand of fiberglass resin in food packaging industry in the region. Other Asian countries like India, Thailand, Indonesia etc. also known for their growing development in the automotive and construction sector which leads to growing the fiberglass resin market demand at the same time.
North America is also estimated to have a significant share in the fiberglass resin global market associated with the growing disposable income of people and technological advancement.
The North American market is considered as the second-largest market after Asia. US is leading the market in this region due to the massive growth of the construction and automotive sector in the US. Followed by North America, Europe is set to capture less than one-fifth of the market, where the fiberglass resin market is moderately growing in countries like Germany, France, UK and Switzerland.
The Middle East and Africa are set to grow at a moderate CAGR considering growth opportunities in the construction sector.
Fiberglass Resin Market: Key Players
The global fiberglass resin market is said to moreover like consolidated, where the market demand is fulfilling by limited no. of players.
- West System
- Marine Tex
- PPG Industries
are among the top players ruling in fiberglass resin market, more than half of the market is being captured by these players. As the global fiberglass resin market is consolidated, so there is always an option of market expansion and collaboration for the players with other manufacturers of the same segment and local manufacturers in the region where the market demand is emerging and consumers are looking for substitute and better solution. Although, regional conglomeration including Africa and Asia support local manufacturers presenting challenges to the global players offering their product at higher prices.
Segmentation Analysis of Fiberglass Resin Market
The global fiberglass resin market is bifurcated into four major segments: product type, material type, end-use, and region.
On the basis of product type, fiberglass resin market has been segmented as follows:
- Water Proof
- Oil Proof
On the basis of material type, fiberglass resin market has been segmented as follows:
- Other Materials
On the basis of end-use, fiberglass resin market has been segmented as follows:
- Packaging Materials
On the basis of geographic regions, the fiberglass resin market is segmented as
- North America
- Latin America
- East Asia
- South Asia and Oceania
- Middle East & Africa
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