Glass Fiber Market - Global Industry Analysis

Glass Fiber Market By Type (Glass, Carbon, Aramid, Ultra-High Molecular Weight Polyethylene (UHMWPE) Fibers, Polyphenylene Sulfide (PPS) Fibers and Other Fibers), By Application (Composite and Non-Composite), By End use (Aerospace & defense, Wind Energy, Transportation, Construction & Infrastructure, Marine, Pipe & Tank, Electrical & Electronics, Protective Clothing and Others) and By Region – Global Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028

Published Date: 28-Apr-2022 Category: Chemical & Materials Report Format : PDF Pages: 180 Report Code: ZMR-2596 Status : Published

The global Glass Fiber market was worth around USD 17,195.40 million in 2021 and is estimated to grow to about USD 25232.22281 million by 2028, with a compound annual growth rate (CAGR) of approximately 6.60 percent over the forecast period.

Description

Industry Prospective:

The global Glass Fiber market was worth around USD 17,195.40 million in 2021 and is estimated to grow to about USD 25232.22281 million by 2028, with a compound annual growth rate (CAGR) of approximately 6.60 percent over the forecast period. The report analyzes the Glass Fiber market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Glass Fiber market.

Glass Fiber Market: Overview

Glass fibres are one of the most versatile industrial materials, consisting of numerous extremely fine glass fibres. Glass fibres are used as polymer reinforcement in a variety of industries, including aerospace, automotive, marine, sporting and leisure goods, and construction and civil engineering. During the next five years, glass fibres are expected to dominate the overall market in terms of volume and value. Because of their low cost and superior physical and mechanical properties such as strength, durability, flexibility, stability, and lightweight, glass fibres are in high demand. E-glass fibres are commonly used in the wind energy, pipes and tanks, electrical and electronics, and construction and infrastructure industries. High strength glass, such as R, S, S-2, and advances, is used in the aerospace and defence, automotive and transportation, and wind energy industries, among others.

The automotive and transportation industries have witnessed a significant increase in demand for fibreglass panels, fibreglass resin, and fibreglass epoxy. The demand for these composite materials is driven by their ability to make vehicle structures lower in weight while maintaining strength. The growing popularity of electric vehicles has raised the need to make vehicles lighter, which is likely to drive demand for fibreglass materials.

COVID-19 Impact:

The COVID-19 pandemic of 2020 had a negative impact on the fiberglass industry, as most of the end-use businesses that employ fiberglass was shut down, and fiberglass sales showed a significant change in trend at this time. Because the construction and automobile industries are the most major end-use sectors, the pandemic reduced demand from these industries, which had a significant negative impact on fiberglass demand. Fiberglass resin, fiberglass panels, and fiberglass roofing are just a few of the significant products that will be in lower demand in 2020. However, when the global and manufacturing activity return to normal, fiberglass consumption is likely to climb at a steady CAGR, and the market is expected to recover completely in just a few years.

Global Glass Fibre Market

Glass Fiber Market: Growth Drivers

Driver:

  • In the renewable energy sector, there is a growing demand for advanced materials.
  • Automobile, aerospace, and marine industries are all in high demand.
  • Optical Fiber Cables and Electronics are in High Demand.

Restraint:

  • High production costs
  • Recycling issues
  •  A lack of R&D funding for specialty synthetic fibers

Opportunity:

  • Glass Fibre Pipes are in high demand in emerging economies.
  • In the Middle East and North Africa, there is a growing need for glass fibres in the construction and infrastructure industries.

Challenge:

  • Developing Low-Cost fibers.

Global Glass Fiber Market: Segmentation

The global Glass Fiber market is segregated based on Type, Application and End use.

By end use, the market is classified into Aerospace & defense, Wind Energy, Transportation, Construction & Infrastructure, Marine, Pipe & Tank, Electrical & Electronics, Protective Clothing and Others. This category had a significant share in 2021 and is expected to maintain its dominance throughout the forecast period. Wind energy is expected to have the biggest share in terms of volume during the projection period. In the production of wind turbine blades, nacelles, and hubs, glass and specialty synthetic fibers are in high demand. Many businesses are investing in the development of composite materials for the wind energy industry.

By application, the market is divided into composites and non-composites. Composites accounted for the highest share of the market and are expected to increase rapidly over the forecast period. Composites are multiphase materials that have been synthesized artificially in order to achieve a favorable mix of materials. Composites are typically materials made up of high-strength fibers with a high modulus inserted in or bonded to a matrix with different interfaces.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Recent Developments

  • In July 2019, Teijin and AEV Robotics (Australia) have agreed to collaborate on lightweight automobile solutions for future transportation. Teijin's high-performance carbon and aramid fibers would be used in these automobile solutions.
  • In June 2020, Valmiera's production facility in Dublin, GA was recently purchased by Vetrotex. The company's footprint in America will be strengthened as a result of this investment.

Regional Landscape

North American demand for fiberglass accounts for the largest share. Increased investment in the construction and building industries is expected to drive North American fiberglass consumption.

In the global glass fibre market, Asia Pacific accounted for the greatest proportion. In the future years, APAC is predicted to be the fastest-growing market for glass fibers. The need for glass fibre has increased significantly in the region as a result of the expansion of the transportation, construction, electrical and electronics, aerospace, and other industries. Glass fibers are used extensively in the construction industry. The need for advanced glass fibers is being driven by rapid infrastructure development in emerging economies such as India and China.

Competitive Landscape

Some of the main competitors dominating the global Glass Fiber market include – Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electrical Glass Co. Ltd. (Japan), DSM (Netherland), Honeywell international, Inc. (US), Jushi Group Co., Ltd. (China).

The market is segmented as follows:

By Fiber Type:

  • Glass
  • Carbon
  • Aramid
  • Ultra-High Molecular Weight Polyethylene (UHMWPE) Fibers
  • Polyphenylene Sulfide (PPS) Fibers
  • Other Fibers

By Application:

  • Composite
  • Non-Composite

By End-use industry:

  • Aerospace & defense
  • Wind Energy
  • Transportation
  • Construction & Infrastructure
  • Marine
  • Pipe & Tank
  • Electrical & Electronics
  • Protective Clothing
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

Free Analysis

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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FrequentlyAsked Questions

The automotive and transportation industries have witnessed a significant increase in demand for fibreglass panels, fibreglass resin, and fibreglass epoxy. The demand for these composite materials is driven by their ability to make vehicle structures lower in weight while maintaining strength. The growing popularity of electric vehicles has raised the need to make vehicles lighter, which is likely to drive demand for fibreglass materials.

According to the Market Research report, the global market was worth around USD 96.90 billion in 2021 and is estimated to grow to about USD 138.23438836 billion by 2028, with a compound annual growth rate (CAGR) of approximately 6.10 percent over the forecast period.

North American demand for fiberglass accounts for the largest share. Increased investment in the construction and building industries is expected to drive North American fiberglass consumption. In the global glass fiber market, Asia Pacific accounted for the greatest proportion. In the future years, APAC is predicted to be the fastest-growing market for glass fibers. The need for glass fiber has increased significantly in the region as a result of the expansion of the transportation, construction, electrical and electronics, aerospace, and other industries.

Some of the main competitors dominating the global Glass Fiber market include - Associated British Foods PLC (UK), Archer Daniels Midland Company (ADM) (US), Bunge Limited (US), Wilmar International Limited (Singapore), United Plantations Berhad (Malaysia), Unilever PLC (UK), Ajinomoto Co., Inc. (Japan), Mewah International Inc. (Singapore).

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