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The Global Glass Fiber Market size is estimated to grow by USD 3,894.34 million and the size of the market is forecast to increase at a CAGR of 4.93% between 2022 and 2027. The growth of the market depends on several factors, including the increasing demand for glass fibers in construction, the rising demand for glass fibers in the transportation industry, and an increasing number of opportunities for textile glass fibers and glass fibers in the electronics sector.
This report extensively covers market segmentation by end-user (construction, transportation, consumer products, wind turbines, and others), application (composites and insulation), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing demand for glass fibers in construction is notably driving the glass fiber market growth. An increase in developments in emerging nations such as China, India, and Japan have led to significant growth in the construction industry in these countries. Glass fibers are increasingly used in applications such as roofs, walls, windows, and doors. They are used as composites in building constructions.
GFRC comprises sand, hydrated cement, and glass fibers and is used for construction purposes. It is used in facade panels, channels, and piping. It is popularly used in construction as it exhibits high tensile, flexural, and compressive strength. In addition, it is lightweight and anti-corrosive. GFRC is 75% lighter and two times stronger than steel. The increasing number of buildings and construction activities fuel the demand for glass fibers.
The increasing demand for glass fibers in wind turbines is a primary trend in the glass fiber market. Growth in the wind power industry has led to technological advances in wind turbine components. These innovations have improved the durability, efficiency, and productivity of these components. Manufacturers of wind turbines focus on creating large blades with high energy output. Fiberglass is used for making wind turbine rotor blades as it is lightweight and exhibits a high strength-to-weight ratio and excellent stiffness.
Developed and developing countries focus on reducing the dependency on fossil fuels for energy production. These countries use wind power generation technology by building many offshore and onshore wind parks with large blades. Glass fibers are increasingly used for making wind turbines as these are lightweight and are chemical and corrosion-resistant.
The availability of substitutes is the primary challenge impeding the glass fiber market growth. The availability of substitutes such as carbon fiber, basalt fiber, and natural fiber poses challenges to the global glass fiber market. These substitutes are used in end-user applications such as buildings and construction, automotive, wind turbines, consumer goods, and industries. Compared to glass fiber, basalt fiber is used in building and construction, automotive, and other industries.
Basalt fiber has replaced other metals due to its anti-corrosive and insulating properties. It is increasingly used as a substitute for glass fiber. Natural fiber composites exhibit low density, high specific strength, and excellent stiffness. In addition, they have a high Young's modulus, low content of toxins, and are less prone to damage caused by abrasion. They are used as substitutes for glass fibers. Rising demand for carbon fiber, basalt fiber, and natural fiber poses challenges to the global glass fiber market.
Based on end-user, the market is segmented into construction, transportation, consumer products, wind turbines, and others. The market share growth by the construction segment will be significant during the forecast period. Glass fibers are increasingly used as composites in building materials. Glass fiber reinforced concrete (GFRC) is produced by embedding short glass fibers in a mixture of sand, cement, water, and other admixtures. It is used as a high-strength concrete for construction.
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Glass fibers have replaced conventional building materials such as steel, iron, and aluminium. Removal of steel reinforcement is a significant change brought about by glass fibers in the construction industry. The replacement of steel with glass fibers has stopped erosion and reduced maintenance and operational costs. It is also preferred over other building materials as they are anti-corrosive and weather resistant. Its impermeable property reduces operation costs, increases durability, and extends the life of buildings. Hence, these are the major factors contributing to the increase in demand for glass fibers for construction applications during the forecast period.
A polymer matrix is used to create composites, also referred to as Fiber-Reinforced Polymer (FRP) composites, which are then reinforced with an engineered, synthetic, or natural fiber-like reinforcing material. The main consumers of glass fiber composites are transportation (including automotive), construction, and pipe and tank sectors. The composite segment of the global glass fiber market is anticipated to be driven by growing residential and commercial development, ongoing growth in oil and gas operations and water/wastewater infrastructure, and increased demand for lightweight cars. The composites segment of the glass fiber market is mainly driven by the strong presence of the automotive industry globally and is expected to grow during the forecast period.
APAC is projected to account for 57% of the global market share growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Increasing demand for glass fibers in construction, transportation, electronics, and electrical industries drives the market in the region. An increase in per capita income has led to a rise in construction activities, which has fueled the demand for glass fibers in APAC. Emerging nations such as China, India, and Japan are the leading revenue contributors because of the flourishing construction industry in these countries.
APAC is witnessing growth in the adoption of connected technologies in automobiles. In addition, some governments provide financial support for the development of various types of infrastructure. For instance, in February 2021, in Union Budget 2021, the Government of India provided financial support for the infrastructure sector by allocating more than a billion to develop Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and smart cities missions. Hence, such expansions in the end-user sectors are estimated to influence the demand for glass fibers in APAC during the forecast period.
The pandemic affected the growth of several industries in APAC, including the construction industry, as several construction projects were delayed or canceled due to economic downturns, disruptions in supply chains, and uncertainties in the growth of the construction industry. For instance, in March 2020, Toyota Motor and Mitsubishi Motors announced the suspension of their vehicle production operations in Japan due to the pandemic. These factors affected the demand for glass fibers in 2020 and 2021. Furthermore, construction activities in India were halted due to the outbreak of the second wave of COVID-19. Several states in India were under either a partial or complete lockdown, which disrupted construction activities. However, in 2021, the recovery of economies from the pandemic owing to the mass vaccination drive and other government initiatives propelled the growth of the regional glass fiber market. Such factors are expected to drive the growth of the regional glass fiber market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Glass Fiber Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Ahlstrom Munksjo - The company operates under multiple segments including filtration and performance solutions, and industrial solutions among others with a high focus on industrial solutions. The company under this segment offers release liners, electrotechnical insulation papers as well as flexible packaging and coated label papers. The company's key offerings include glass fiber.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Glass Fiber Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.93% |
Market growth 2023-2027 |
USD 3,894.34 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.71 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 57% |
Key countries |
US, China, India, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
3B the fiberglass Co., AGY Holding Corp., Ahlstrom Munksjo, CertainTeed, China Beihai Fiberglass Co. Ltd., China Jushi Co. Ltd., Chongqing Polycomp International Corp., Compagnie de Saint Gobain SA, Excel Glass Fiber industries P Ltd., Fiber Tech Industries Inc., Nippon Electric Glass Co. Ltd., Nitto Boseki Co. Ltd., Owens Corning, Revex Plasticisers Pvt Ltd., Taishan Fiberglass Inc., Taiwan Glass Ind. Corp., Thinh Phat Fiber Fiber Co. Ltd., and Lanxess AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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