Glass Fiber Market - Global Industry Analysis

Glass Fiber Market

Glass Fiber Market Share, Size & Price, Growth, Forecast to 2028

Category: Chemical & Materials Report Format : PDF Pages: 180 Report Code: ZMR-2596 Published Date: Apr-2022 Status : Published

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Glass fiber is a material made up of numerous fine fibers of glass. It is also known as fiberglass. Fiberglass possesses versatile properties such as it is lightweight, fire resistant, anti-corrosive, and exhibits excellent strength. Glass fiber is widely used as a composite in the construction industry. It is used for non-structural elements, like piping, facade panels, and channels. Therefore, due to its versatile properties, it is widely used for applications such as transportation, marine, pipe and tank, construction, aerospace, electrical & electronics, wind energy, consumer goods, and others.  

The global glass fiber market is projected to grow at the fastest pace with increasing demand from the construction industry across the globe. The increasing demand for glass fiber from the transportation industry for several purposes is expected to drive the demand for glass fiber globally. However, the superior functional properties of glass fiber substitutes such as carbon fibers are expected to affect the glass fiber market negatively in the forecast period. Moreover, the growing automotive industry across the globe is expected to serve as an opportunity for the glass fiber market in the forecast period. 

Global Glass Fiber Market

The glass fiber market is segmented on the basis of product type, manufacturing process, and application. The product type segment of glass fiber market includes woven roving, single-end roving, multi-end roving, CSM, CFM, CS, DUCS, fabrics, and others. Multi-end roving is the largest product type amongst others and is expected to continue its dominance in the future. The increasing demand for multi-end roving glass fibers for various applications such as automotive structural parts is expected to fuel the glass fiber market in the coming years. The glass fiber market based on manufacturing process includes spray up, hand lay-up, pultrusion, prepreg lay-up, injection molding, resin infusion, compression molding, and others. Due to the high-output production rate, low labor cost, and design flexibility of the injection molding process, this is the widely used process. The injection molding process is the major process used to manufacture glass composites parts and has accounted for the highest revenue market share of glass fiber in 2017. Furthermore, the application segmentation of glass fiber market includes transportation, construction, marine, aerospace, pipe & tank, electrical & electronics, wind energy, consumer goods, and other applications. Construction and transportation industry is the leading application segment of the glass fiber market. The increasing demand for glass fibers from the construction industry for several purposes is fueling the glass fiber market globally.  

The geographic analysis of the glass fiber market includes North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific is the largest contributor in terms of volume as well as revenue to the global glass fiber market and is expected to continue its dominance during the forecast period. The increasing construction industry in the developing countries such as India and China is expected to fuel the glass fiber market in the forecast period. Moreover, rising demand for wind energy generation is also projected to boost the demand for glass fibers. The manufacturing economies expansion in the countries like China, India, and Japan is expected to propel the glass fiber market in the region. Furthermore, the growing demand for glass fibers in consumer goods is estimated to increase the demand for glass fibers globally.   

The glass fiber market consists of a large number of players and is highly fragmented. These players are primarily focusing on novel products and material offerings. Companies involved in the market are BGF Industries, Advanced Glassfiber Yarns LLC, Johns Manville, Nitto Boseki Co. Ltd., Jushi Group Co. Ltd., Chomarat Group, Asahi Glass Company Limited, Owens Corning, and Saint-Gobain Vetrotex, among others.

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