|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
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The glass fiber market is projected to register a CAGR of over 4% during the forecast period (2022-2027).
Due to COVID-19, the building and construction industry has been affected adversely owing to the lockdown regulations, shortage of laborers, production halt, etc. This, in turn, has affected the glass fiber market, as building and construction is a major end-user industry for glass fibers.
- Over the medium term, the major factor driving the growth of the market studied is a high demand from the construction industry.
- On the flip side, the low-profit margin on sales and competition from carbon fiber and rockwool has restrained the growth of the glass fiber market during the forecast period.
- The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Scope of the Report
Glass fibers are the materials made from the extremely fine fiber of glass which is a non-crystalline material with a short-range network structure. Glass fibers have mechanical properties approximately equal to other fibers, such as polymers and carbon fibers. The glass fiber market is segmented by resin type, application, end-user industry, and geography. By resin type, the market is segmented into chopped strands, glass wool, roving, and yarn. By application, the market is segmented into composites and insulation. By end-user industry, the market is segmented into buildings and construction, automotive, aerospace and defense, alternative energy, industrial, consumer goods, and other end-user industries. The report also covers the market size and forecasts for the glass fiber market in 15 countries across major regions. For each segment, the market sizing and forecast have been done on the basis of revenue (USD million).
|Buildings and Construction|
|Aerospace and Defense|
|Other End-user Industries(electronics, beverages)|
Key Market Trends
Building and Construction Industry to Increase the Demand for Glass Fiber
- Glass fiber is used as eco-friendly construction material in the form of glass-fiber reinforced concrete (GRC). The GRC impart buildings with a solid appearance without causing weight and environmental distresses.
- Using glass fiber in the cement mix reinforces the material with corrosion-proof sturdy fibers, which make GRC long-lasting for any construction requirement. Owing to the lightweight nature of GRC, the construction of walls, foundations, panels, and cladding becomes much easier and quicker.
- The United States has one of the world’s largest construction industries, the total construction output in the United States is estimated to be USD 1625.88 billion in November 2021. Furthermore, the non-residential construction in the United States was estimated at USD 820.538 billion, which shows an increase of 3.4% as compared to same period last year.
- According to Eurostat, the French construction industry grew by 47% year on year (YoY) in Q2 2021, preceded by Y-o-Y growth of 10% in Q1 2021. This improvement is due to the ongoing recovery in the country's economy, and an increase in the construction of residential and non-residential buildings.
- Thus, from the aforementioned factors, the demand for glass fiber in the construction industry is expected to increase during the forecast period.
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Asia-Pacific to Dominate the Market
- The Asia-Pacific construction sector is the largest in the world, and its growth especially in the commercial building sector in countries like China, India and Japan, is expected to increase the demand for glass fiber market during the forecast period.
- China is in the midst of a construction mega-boom. The country has the largest building market in the world, making up 20% of all construction investment globally. The country alone is expected to spend nearly USD 13 trillion on buildings by 2030. According to National Development and Reform Commission (NDRC), the Shanghai plan includes the investment of USD 38.7 billion in the next three years, whereas Guangzhou has signed 16 new infrastructure projects with an investment of USD 8.09 billion.
- China holds a long-term plan to increase the number of airports to 450 by 2035. The China's 14th Five-Year Plan (2021-25), focused on aviation sector and to open 30 new civil airports under this year plan and the passenger capacity is to increase by 43% to 2 billion passengers.
- India is likely to witness an investment of around USD 1.3 trillion in housing over the next seven years, during which it is likely to witness the construction of 60 million new homes. In FY21, the infrastructure activities accounted for 13% share of the total FDI inflows of USD 81.72 billion. Through the NIP, the government had invested USD 1.4 trillion in infrastructure development as of July 2021, which will boost the market studied.
- The Japanese construction industry is also expected to be blooming as the country will host the World Expo in 2025 in Osaka, Japan. Furthermore, Yaesu redevelopment project along with a 61-storey, 390 m tall office tower due for completion in 2023 and 2027 respectively, which will augment the market studied.
- Also, the Asia-Pacific region is the largest automotive manufacturing hub, registering almost 60% production share of the world. According to OICA, in the first nine months of 2021, the total production of vehicles stood at 32.67 million units an increase of 11% compared to the same period last year.
- Overall, continuous investments in various end-user sector are going to largely boost the consumption of glass fiber in the Asia-Pacific region.
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The glass fiber market is consolidated in nature. Some of the major players in the market (not in any particular order) includes Owens Corning, Saint-Gobain Vetrotex, Johns Manville, and Nippon Electric Glass Co. Ltd and China Jushi Co. Ltd among others.
- In August 2020, Jushi developed E9 ultra-high modulus glass fiber that exceeds 100GPa to fully support the development of large-scale and lightweight wind turbine blades. At the same time, Jushi's glass fiber intelligent manufacturing has been continuously promoted in the three major east, middle, and west bases, and the production efficiency has been greatly improved, and the product quality and product performance have been significantly improved, leading to the improvement of the competitiveness of the main material of wind turbine blades.
- In June 2020, Vetrotex announced their recent purchase of Valmiera’s manufacturing facility in Dublin, GA. This investment will strengthen the company's presence in America.
- In November 2019, Jushi India Fiberglass (P) Ltd announced its plan to start production at its plant in Maharashtra with a capacity of 1,00,000 MT in 2020-2021. The company's product portfolio consists of all types of fiberglass raw materials like direct roving, assembled roving, chopped strand, chopped strand mat, woven roving, yarn, etc.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 High Demand from the Construction Industry
4.1.2 Increasing Demand for Fiberglass Composites from the Automotive Industry
4.2.1 Competition from Carbon Fiber and Rockwool
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Resin Type
5.1.1 Chopped Strands
5.1.2 Glass Wool
5.3 End-user Industry
5.3.1 Buildings and Construction
5.3.3 Aerospace and Defense
5.3.4 Alternative Energy
5.3.5 Consumer Goods
5.3.7 Other End-user Industries(electronics, beverages)
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.4.2 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.4.4 South America
126.96.36.199 Rest of South America
5.4.5 Middle-East and Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share**/ Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.2 ASAHI FIBER GLASS Co. Ltd
6.4.3 Braj Binani Group
6.4.4 Chongqing Polycomp International Corp. (CPIC)
6.4.5 Johns Manville
6.4.6 China Jushi Co. Ltd
6.4.7 Nippon Electric Glass Co. Ltd
6.4.8 Owens Corning
6.4.9 PFG FIBER GLASS CORPORATION
6.4.10 Saint-Gobain Vetrotex
6.4.11 CTG Group
6.4.12 TAIWAN GLASS IND. CORP.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growth in the Usage of Lightweight Glass Fiber Reinforced Plastic (GFRP) Composites
7.2 Increasing Demand for Fiberglass Composite Materials for the Wind Energy Sector
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Frequently Asked Questions
What is the study period of this market?
The Glass Fiber Market market is studied from 2017 - 2027.
What is the growth rate of Glass Fiber Market?
The Glass Fiber Market is growing at a CAGR of >4% over the next 5 years.
Which region has highest growth rate in Glass Fiber Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Glass Fiber Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Glass Fiber Market?
Owens Corning , Saint-Gobain Vetrotex , Johns Manville , Nippon Electric Glass Co., Ltd., China Jushi Co., Ltd are the major companies operating in Glass Fiber Market.