Enjoy complimentary customisation on priority with our Enterprise License!
The glass fiber veil market size is forecast to increase by USD 386.31 million, at a CAGR of 7.22% between 2023 and 2028. The growth rate of the market depends on several factors, including high demand for glass fiber veils in pipe wrapping applications, growing demand for glass fiber veils for waterproofing of building structures, and increasing use of glass fiber veils as filtration material.
A glass fiber veil is a non-woven fabric made from fine strands of glass fibers. These fibers are typically manufactured through a process called continuous filament mat (CFM) production, where molten glass is extruded into thin fibers and then bonded together to form a fabric. The resulting veil has a lightweight and flexible structure with a smooth surface.
To Know more about the market report Request Free Sample
The increasing use of glass fiber veils as filtration material is notably driving market growth. These are widely used in air filtration systems, including HVAC filters, automotive cabin air filters, and industrial dust collection filters. The fine fibers of glass fiber veils can capture airborne particles such as dust, pollen, and pollutants effectively, improving indoor air quality and protecting equipment and machinery. These are also employed in liquid filtration applications, including water treatment, oil filtration, and chemical processing. The porous structure enables the efficient filtration of suspended solids, contaminants, and impurities from liquids, ensuring clean and purified fluids for various industrial processes and applications.
Moreover, they are resistant to chemical degradation and are compatible with a wide range of chemicals, acids, and alkalis. They can be used in filtration systems that deal with aggressive chemical solutions, corrosive liquids, and hazardous materials, providing reliable filtration performance and long-term durability in harsh chemical environments, which may positively impact the growth of the market during the forecast period.
Growing demand for prepainted glass fiber veils is an emerging trend shaping market growth. This is particularly important in applications where aesthetics are crucial, such as automotive parts, architectural panels, and consumer goods. The prepainted coating provides an additional layer of protection to the fiberglass substrate, helping prevent damage due to exposure to harsh environmental conditions, chemicals, and mechanical abrasion. This enhances the durability and longevity of the composite material. Manufacturers are increasingly focusing on environment-friendly coatings for prepainted glass fiber veils, which comply with regulatory standards and sustainability objectives.
However, this aligns with the growing demand for eco-friendly products among consumers and industries. As industries continue to seek lightweight, durable, and visually appealing materials, the demand for prepainted glass fiber veils is expected to grow. This growth is driven by factors such as increasing construction activities, automotive production, and consumer preference for high-quality products, which, in turn, will have a positive impact on the growth of the market during the forecast period.
Fluctuations in raw material costs are a significant challenge hindering market growth. The primary raw material for this product is glass, which is derived from silica sand, limestone, and other minerals. Fluctuations in the prices of these raw materials can impact the overall cost of production of these fibers, thereby affecting its cost. Resins are used to bind the glass fibers together during production. The prices of resins, such as polyester or epoxy resins, can vary due to factors such as changes in raw material costs (e.g., petrochemical prices), supply and demand dynamics, and market conditions. The manufacturing of glass fibers and veils involves energy-intensive processes, including melting glass and curing resins.
Further, Fluctuations in transportation costs, including fuel prices and shipping rates, can influence overall production costs and product pricing. They are traded globally and therefore, currency exchange rates can have an impact on the costs of raw materials and finished products, especially if raw materials are imported or exported. Currency fluctuations may negatively affect the competitiveness of manufacturers and their pricing strategies. Thus, fluctuations in raw material prices may hamper market growth during the forecast period.
The market share growth by the construction segment will be significant during the forecast years. Glass fiber veils are incorporated into roofing membranes to provide reinforcement, durability, and weather resistance. It enhances the strength and tear resistance of roofing materials, such as bitumen membranes, single-ply membranes, and liquid-applied roofing systems, extending their lifespan and protecting buildings from water ingress.
Get a glance at the market contribution of the End User segment Request Free Sample
The construction segment was the largest and was valued at USD 278.68 million in 2018. Glass fiber veils are incorporated into fireproofing materials and fire barriers to enhance fire resistance and safety in buildings. They are used in intumescent coatings, fire-resistant panels, and fireproof barriers to provide thermal insulation, flame retardant properties, and compartmentalization, minimizing the spread of fire and protecting occupants and assets. As construction activities related to infrastructure projects, such as roads, bridges, airports, and utilities, increase across the world, there is a higher demand for materials. These veils are used in various construction applications, including reinforced concrete that is used for structural elements like beams, columns, and foundations. Thus, due to all these applications, the demand for such veils from the construction sector is expected to surge, which, in turn, may have a positive impact on market growth during the forecast period.
Type Analysis
Based on the type, the market has been segmented into wet laid process and dry laid process. The wet laid process?segment will account for the largest share of this segment.?Wet-laid glass fiber veils are typically manufactured using the wet-laid process, where glass fiber is dispersed in water and then formed into a mat on a moving wire screen. This mat is then bonded together using a binder or adhesive and dried to form a cohesive, nonwoven fabric of glass. Wet-laid glass fiber veils offer excellent uniformity, porosity, and strength, making them suitable for demanding applications, such as composite reinforcement in automotive and aerospace components, surface coatings, and filtration media in air and water purification systems. Overall, the growing recognition of the benefits offered by wet-laid glass fiber veils, coupled with advancements in production technology and increasing demand from various industries, will boost the growth of the wed-laid segment of the market during the forecast period.
APAC is estimated to contribute 47% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.
For more insights on the market share of various regions Request Free Sample
APAC is experiencing rapid industrialization and urbanization, driving the demand for construction materials, automotive components, and industrial applications. Glass fiber veils are integral to the growth of these sectors, catering to their demand in applications such as reinforced concrete, lightweight automotive parts, and industrial filtration systems. APAC is home to some of the largest automotive markets across the globe, including China, Japan, and South Korea. The automotive sector in APAC is increasingly adopting lightweight materials like glass fiber veils to improve fuel efficiency, reduce emissions, and enhance performance in automobiles. APAC is witnessing significant growth in the number of renewable energy installations, particularly wind energy. Such veils are essential components as they are used in wind turbine blades for reinforcement and durability, driving the demand in the regional renewable energy sector.
In addition, the oil and gas sector in the APAC region is expanding, driven by increasing demand for energy, rising exploration and production activities, and investments in downstream refinery and petrochemical projects. Such veils are utilized in pipe-wrapping systems to protect oil and gas pipelines from corrosion, abrasion, and mechanical damage, particularly in offshore and onshore oil and gas installations. Due to its high adoption in various applications, the regional market is expected to witness growth during the forecast period.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches to enhance their presence in the market.
ACP Composites Inc - The company offers a glass fiber veil, which can be used to provide a smooth covering for composite structures or to add stiffness with minimal weight gain and thickness.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including ACP Composites Inc., CA Composites, Chang Zhou Matex Composites Co., Ltd., Composite Envisions LLC, CTech LLC, Dymriton, EAS Fiberglass Co., Ltd., Feroca, S.A., Greenlight Surf Co, Hollingsworth and Vose, Hubei Apex Technology Co., Ltd., Multi-Foil New Materials Co., Ltd., Nanjing EFG Co.,Ltd, Owens Corning, RESINECO Composites, and Sinauva Composites Co., Ltd.
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research and growth forecast report predicts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2028.
Market Analyst Overview
The glass fiber veil market is poised for exponential growth, witnessing increased demand in various applications such as roof materials, plasterboard, electronics, automobiles, floor coverings, and more. This growth trend is not only limited to specific regions but extends globally, offering lucrative opportunities, especially in commercial development. Major key players are actively shaping this market within the industry during the projected period. The market analysis involves both quantitative and qualitative data, covering aspects like product or service penetration, country GDP, end-application industries, and consumer buying behavior.
Scenarios related to economics, politics, and society are considered, with a focus on market segments and outlook. Company profiles, end-use industries, and product or service types are vital components, along with in-depth analyses of growth drivers, restraints, challenges, macroeconomic factors, value chains, pricing, and new business development, providing a comprehensive perspective and revealing promising investment opportunities.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
167 |
|
Base year |
2023 |
|
Historic period |
2018 - 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 7.22% |
|
Market growth 2024-2028 |
USD 386.31 million |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
6.5 |
|
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
|
Performing market contribution |
APAC at 47% |
|
Key countries |
US, China, India, Germany, and UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
ACP Composites Inc., CA Composites, Chang Zhou Matex Composites Co., Ltd., Composite Envisions LLC, CTech LLC, Dymriton , EAS Fiberglass Co., Ltd., Feroca, S.A., Greenlight Surf Co, Hollingsworth and Vose, Hubei Apex Technology Co., Ltd., Multi-Foil New Materials Co., Ltd., Nanjing EFG Co.,Ltd, Owens Corning, RESINECO Composites, and Sinauva Composites Co., Ltd. |
|
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 the 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. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.