Glass Fiber Market Size, Share, Analysis, Trends, Growth, 2028

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.

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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.

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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:

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