Dongguan Securities·2026-03-30 11:29Investment Rating - The report maintains a standard investment rating for the fiberglass industry, indicating a positive outlook for the sector due to cyclical recovery and structural growth opportunities. Core Insights - The fiberglass industry is experiencing a combination of cyclical recovery and structural growth, driven by increasing demand in traditional markets and emerging applications such as wind energy, automotive, and electronics. This dual momentum is expected to enhance pricing and profitability for leading companies in the sector [5][14][61]. Summary by Sections 1. Fiberglass Industry Overview - Fiberglass is a lightweight, high-strength, corrosion-resistant inorganic non-metallic fiber material, widely used in construction, automotive, aerospace, energy, and electronics. The industry is currently undergoing a reconstruction opportunity due to cyclical recovery and structural growth [13][14]. 2. Industry Scale and Competitive Landscape - The global fiberglass market is projected to grow from USD 24.15 billion in 2025 to USD 36.03 billion by 2032, with a CAGR of 5.88%. In China, fiberglass production capacity has exceeded 7.5 million tons, accounting for over 70% of global production [26][27][30]. The industry exhibits a concentrated competitive landscape, with a few major players dominating the market [31][34]. 3. Emerging Applications Driving Demand Growth - Traditional applications provide a stable demand base, while emerging sectors such as wind energy, automotive lightweighting, and electronics are expected to drive rapid structural growth. These sectors require advanced material performance, leading to technological upgrades and value enhancement in the fiberglass industry [38][39][49]. 4. Fiberglass Industry Recovery from Cyclical Bottom - After experiencing a price decline in 2023, the fiberglass industry is expected to recover in 2024 as supply-demand dynamics improve. Price increases have already been observed, with electronic fiberglass prices rising significantly [53][54]. The profitability of leading companies is anticipated to recover as they avoid price wars and focus on value-added products [55][60]. 5. Overall Perspective and Investment Recommendations - The fiberglass industry is positioned for growth due to its expanding application areas and changing demand structure. Key growth drivers include the large-scale wind energy projects, automotive lightweighting, and AI infrastructure. The report recommends focusing on leading companies such as China Jushi (600176), China National Materials (002080), International Composites (301526), and Honghe Technology (603256) [61][64].