I have wondered this question myself as to the real cost difference. We have many builds with lots of technique info but not as much on the cost side. I've never used fibreglass except for small repairs so no knowledge there.
But my PMF is getting there. Am in the midst of covering my trailer due to plywood blistering issues on some of my heavily painted panels. The plywood is blistering in random sheets.
Here is my current cost breakdown for 350 ft2 of surface area, my 6.5x16 trailer. More details on my build thread fyi.
$125 of paint. Going to take me about 2x 5 gals of oops paint to glue and recoat the canvas. $30 per 5 gallon which isn't 5 gal anymore btw. And 2 gallons of a finish top coat paint color at $30 each.
If one were to use primer and or TB2 for the adhesive, the cost will obviously be higher. Can't get cheaper than $6/ gal of oops paint as glue and the adhesion is acceptable. Assuming that the application usage rate is similar, which may not be the case.
I'm coating both cloth and surface with paint to adhere at layup btw. IIRC from Terra6, even diluting TB3, used allot so don't think
It's less in quantity or cost from my experience.
$52 of 10 oz.dropcloth canvas from HF. 4 - 9x12 at $13 each. Regular $15 but use the 20% coupon comes out to $13.09 with tax.
So at $175 total cost, this comes out to $0.50/ ft2.
Actual cost will be slightly higher due to ancillary like staples, rollers and brushes but the above gives an easy number to work with.
Now if some one has recent total costs of fiberglass, we could make a direct cost comparison.
Imho, for PMF to be considered a viable economical option, it would have to be about half or less the cost of fiberglass to be worthwhile. My logic argument is that if coating 350ft2 costs me $200 PMF, what's another $200 for a much stronger and more durable fiberglass? And $200 is nothing in the overall cost of most build. More than double makes the value proposition better for PMF from my perspective except for extreme low cost budgets.
There are other considerations as well but would only side track this cost discussion.