The global Fiberglass market will be worth US $28.1 billion by 2030, growing at a 5.0% CAGR during the forecast period
Category: Chemicals & Materials Published Date : June 2022 ID: CVC-00128-CH Format: PDF Pages: 328
Glass Fiber Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Glass Fiber Market was worth US$ 19.0 Bn and is expected to grow at a CAGR of 5.0% over the forecast period. The market is expected to hit US$ 28.1 Bn by 2030 end.
Glass fibers are one of the most versatile industrial materials, consisting of several incredibly fine glass strands.
Glass fibers have desired bulk features such as hardness, transparency, chemical resistance, stability, and inertness, as well as desirable fiber attributes such as strength, flexibility, and stiffness.
What are the causes driving the rise in demand for Glass Fiber?
The effective use of fiberglass in the construction and infrastructure industries and the rising usage of fiberglass composites in the automotive industry are driving the expansion of the fiberglass market.
Fiberglass provides a greater strength-to-weight ratio, which is significant in the automotive industry. Vehicles of lightweight, high-strength materials offer higher mileage and better fuel efficiency. The automotive industry has been exposed to strict rules to reduce carbon dioxide emissions. These factors have prompted the automotive industry to develop fuel-efficient lightweight vehicles to cut greenhouse gas emissions. In the automotive sector, fiberglass composite is widely employed as an alternative to aluminum and steel in producing light vehicles.
What are the opportunities in the Glass Fiber Market?
The opportunities for the market lie in the increased application scope of glass fiber. Glass fiber has proven to be one of the most versatile materials in the composite world. These are extremely inexpensive materials, especially compared to other popular-used composite materials such as carbon or aramid fibers. These are driving factors in the widespread application of glass fiber.
What are the major challenges confronting the Glass Fiber Market?
Recycling glass wool is a key impediment to the growth of the fiberglass business. Glass wool material must be disposed of using proper disposal processes.
Fiberglass production is highly capital intensive and requires significant investment. New technologies for producing low-cost glass fibers and fiberglass must be developed to commercialize the final goods. Through innovative technology and process solutions, R&D initiatives minimize the manufacturing costs of fiberglass products.
China exports raw materials for glass fiber. However, due to the coronavirus pandemic, goods transit was limited. As a result, there was no shift in raw material supply. The raw material supply chain for glass fiber manufacture was disrupted.
Due to a lack of raw materials, no glass fiber was being manufactured, slowing the growth of the global glass fiber industry.
Why are E-glass segment expected to grow at the fastest CAGR?
The E-glass category had most of the fiberglass market share and is expected to keep this trend going during the forecast period. E-glass products are extremely resistant to abrasion and vibration and have high flexibility. E-Glass is commonly utilized in marine, industrial, and aerospace applications.
E- Glass provides an excellent cost-performance ratio. During the forecast period, the market is expected to be driven by the increased use of environmentally friendly fiber.
Which product type will likely grow the most rapidly throughout the forecast period?
In 2020, glass wool held the lion’s share of the market. Glass wool is a popular indoor thermal and acoustic insulation material. These are used beneath pitched roofs, wooden floors, and interior walls. Glass wool is mostly found inside houses since it quickly loses its insulating effect when wet.
Which application category is predicted to grow fastest over the forecast period?
Composites had the most market share in 2019 and are expected to increase at a 7.0% CAGR over the forecast period. Composites are artificially generated multiphase materials designed to have an advantageous blend of several materials. Composites often intend to be materials with high-strength fibers inserted in or bonded to a matrix with different interfaces.
Why is the Asia Pacific region cementing its global dominance in the Glass Fiber Market?
During the projection period, Asia Pacific is expected to be the fastest-growing market for fiberglass. In 2021, the Asia-Pacific fiberglass market was worth $11.5 billion. The rising emphasis on emission control policies and the growing demand for eco-friendly products has led to scientific developments in composites. The substitution of fiberglass for traditional materials such as steel and aluminum is contributing to the growth of the Asia Pacific fiberglass market.
The glass fiber market is highly consolidated. Market-based firms appear to be focused on retaining product differentiation, resulting in significant investments in R&D operations.
Local manufacturers are incorporating cutting-edge technology into their brands to attract clients and succeed in the general market. Manufacturers are observed focusing on increasing product quality and developing strong production and export networks to acquire a competitive advantage.
Some of the key developments that have taken place in the Glass Fiber Market include:
A list of some of the key suppliers present in the market are:
Market Segments Covered in Report
By Glass Type:
By Resin Type:
By Product Type:
By Region and Country:
Global Glass Fiber Market 2022-2030: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Billion for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Glass Type, Resin Type, Product Type, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|