Glass Fiber Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Fiberglass Market Suppliers & Product Solutions. It is Segmented by Type (Chopped Strands, Glass Wool, Roving, and Yarns), Application (Composites and Insulation), End-User Industry (Building and Construction, Automotive, Aerospace and Defense, Alternative Energy, Consumer Goods, Industrial, and Other End-User Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). The Report Offers Market Size and Forecasts for the Glass Fiber Market in Revenue (USD Million) for all the Above Segments.

Glass Fiber Market Size

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Glass Fiber Market - Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 29.21 Billion
Market Size (2029) USD 35.68 Billion
CAGR (2024 - 2029) > 4.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Glass Fiber Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Glass Fiber Market Analysis

The Glass Fiber Market size is estimated at USD 29.21 billion in 2024, and is expected to reach USD 35.68 billion by 2029, growing at a CAGR of greater than 4% during the forecast period (2024-2029).

  • The significant factors expected to drive the glass fiber market are the increasing demand from the construction industry and the rising demand for fiberglass composites from the automotive industry.
  • However, the low-profit margin on sales and competition from carbon fiber and rock wool are likely to restrain the growth of the glass fiber market in the upcoming period.
  • The increase in the use of lightweight glass fiber-reinforced plastic (GFRP) composites and the increase in the demand for composite materials from the wind energy sector are opportunities for the market to be studied in the upcoming period.
  • Asia-Pacific is likely to dominate the glass fiber market.

Glass Fiber Market Trends

Rising Demand from the Building and Construction Sector

  • Glass fiber is an eco-friendly construction material. It is available in the form of glass-fiber reinforced concrete (GRC). Without causing weight and environmental damage, the GRC provides buildings with a solid appearance.
  • The use of glass fibers in the cement mix strengthens the material with corrosion-resistant strong fibers, which makes GRC long-lasting for any construction requirement. The construction of walls, foundations, panels, and facades will be made much easier and quicker because of GRC's low weight.
  • One of the world's largest construction industries is based in the United States. According to the United States Census Bureau, construction spending in February 2024 grew by 10.7% from February 2023 estimate. In addition, construction spending in the first two months of 2024 was up 11.9% from 2023, thus highlighting the gradual improvement in construction spending in the United States.
  • Eurostat stated that building construction increased by 1.9% in the Euro area and 2.4% in the European Union in December 2023 compared to December 2022.
  • Thus, due to this growth in the building and construction sector, the demand for glass fiber will increase during the forecast period.
Glass Fiber Market -Residential Construction Spending in the United States, 2019 - 2023

Asia-Pacific to Dominate the Market

  • The Asia-Pacific region, particularly countries like China, India, and Japan, has been experiencing rapid industrialization and urbanization. This has increased demand for construction materials, automotive components, and infrastructure development, driving the demand for glass fiber.
  • The construction industry in the Asia-Pacific region is booming and fueled by urbanization, population growth, and infrastructure development initiatives. Glass fibers are widely used in construction materials such as reinforced concrete, insulation, and composite panels, driving their demand in the region.
  • The construction sector in China is increasing rapidly. The country has the most significant building market globally, making up 20% of all construction investment worldwide. The 14th Five-Year Plan of China is focused on new infrastructure projects for transport, energy, water, and urban development. According to the International Trade Administration, approximately USD 27 trillion will be spent on new infrastructure in China during the 14th Five-Year Plan between 2021 and 2025, with an estimated value of EUR 4.2 trillion.
  • The Indian budget for infrastructure has been set at USD 1.4 trillion, according to the National Investment Promotion and Facilitation Agency's data.
  • The Asia-Pacific region is the world's largest automotive manufacturing hub, accounting for almost 60% of global production. China and India are significant vehicle manufacturers within Asia-Pacific. According to OICA, China, with a total vehicle production of 30.16 million units in 2023, an increase of 16% compared to 27.02 million units produced last year, has the most significant automotive production base in the world, according to the China Automobile Manufacturers' Association.
  • Overall, continuous investments in various end-user sectors are likely to boost the consumption of glass fiber in Asia-Pacific.
Glass Fiber Market - Growth Rate by Region, 2023-2029

Glass Fiber Industry Overview

The glass fiber market is consolidated. The major players (not in any particular order) include Owens Corning, Saint-Gobain Vetrotex, Johns Manville, Nippon Electric Glass Co. Ltd, and China Jushi Co. Ltd.

Glass Fiber Market Leaders

  1. Owens Corning

  2. Saint-Gobain Vetrotex

  3. Johns Manville

  4. Nippon Electric Glass Co., Ltd.

  5. China Jushi Co., Ltd.

*Disclaimer: Major Players sorted in no particular order

Glass Fiber Market Concentration
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Glass Fiber Market News

  • October 2023: Ahlstrom (a manufacturer of fiber-based materials) introduced its new glass fiber tissue line for high-performance building materials. As the market shifts toward sustainable, high-performance building materials, Ahlstrom continues expanding its glass fiber tissue businesses and strengthening its manufacturing operations worldwide with the completion of a significant investment at its manufacturing facility in Madisonville, Kentucky, the United States.
  • August 2022: Owens Corning and Pultron Composites collaborated to manufacture fiberglass rebar. The joint venture between the companies will provide them with more sustainable product solutions. Thus, the companies launched PINKBAR Fiberglas Rebar, used in flatwork and residential applications, and MATEENBAR Fiberglas Rebar, used in heavy-load structural applications in newer markets.
  • February 2022: China Jushi Co. Ltd terminated India's 100,000-ton-per-year alkali-free glass fiber pool kiln wire drawing production line. The company also announced that it would start a new fiberglass manufacturing facility in Egypt. The production capacity of this new plant is expected to be 120,000 tons per annum.

Glass Fiber Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand from the Construction Industry

      2. 4.1.2 Increasing Demand for Fiberglass Composites from the Automotive Industry

    2. 4.2 Restraints

      1. 4.2.1 Competition from Carbon Fiber and Rockwool

      2. 4.2.2 Low Profit Margin on Sales

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Resin Type

      1. 5.1.1 Chopped Strands

      2. 5.1.2 Glass Wool

      3. 5.1.3 Roving

      4. 5.1.4 Yarn

    2. 5.2 Application

      1. 5.2.1 Composites

      2. 5.2.2 Insulation

    3. 5.3 End-user Industry

      1. 5.3.1 Buildings and Construction

      2. 5.3.2 Automotive

      3. 5.3.3 Aerospace and Defense

      4. 5.3.4 Alternative Energy

      5. 5.3.5 Consumer Goods

      6. 5.3.6 Industrial

      7. 5.3.7 Other End-user Industries (Electronics)

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 Malaysia

        6. 5.4.1.6 Thailand

        7. 5.4.1.7 Indonesia

        8. 5.4.1.8 Vietnam

        9. 5.4.1.9 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 France

        3. 5.4.3.3 United Kingdom

        4. 5.4.3.4 Italy

        5. 5.4.3.5 Spain

        6. 5.4.3.6 Turkey

        7. 5.4.3.7 Russia

        8. 5.4.3.8 NORDIC

        9. 5.4.3.9 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Colombia

        4. 5.4.4.4 Rest of South America

      5. 5.4.5 Middle East and Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Nigeria

        4. 5.4.5.4 Qatar

        5. 5.4.5.5 Egypt

        6. 5.4.5.6 UAE

        7. 5.4.5.7 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/ Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 ASAHI FIBER GLASS Co. Ltd

      2. 6.4.2 Binani Industries Ltd

      3. 6.4.3 China Jushi Co. Ltd

      4. 6.4.4 Chongqing Polycomp International Corp. (CPIC)

      5. 6.4.5 CTG Group

      6. 6.4.6 Heraeus Holding

      7. 6.4.7 Johns Manville

      8. 6.4.8 Nippon Electric Glass Co. Ltd

      9. 6.4.9 Owens Corning

      10. 6.4.10 PFG FIBER GLASS CORPORATION

      11. 6.4.11 Saint-Gobain Vetrotex

      12. 6.4.12 TAIWAN GLASS IND. CORP.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Growth in the Usage of Lightweight Glass Fiber Reinforced Plastic (GFRP) Composites

    2. 7.2 Increasing Demand for Fiberglass Composite Materials for the Wind Energy Sector

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Glass Fiber Industry Segmentation

Glass fiber, also known as fiberglass, is a material composed of extremely fine glass fibers. These fibers can be woven into a fabric or used as a reinforcing material in composite materials. Glass fibers are known for their high strength, lightweight, and corrosion resistance properties, making them suitable for a wide range of applications across industries such as construction, automotive, aerospace, marine, electronics, and telecommunications. They are commonly used in insulation, composites, reinforcement materials, and optical fibers.

The glass fiber market is segmented by type, application, end-user industry, and geography. On the basis of type, the market is segmented into chopped strands, glass wool, roving, and yarn. On the basis of application, the market is segmented into composites and insulation. On the basis of the end-user industry, the market is segmented into building and construction, automotive, aerospace and defense, alternative energy, consumer goods, industrial, and other end-user industries (electronics). 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 value (USD).

Resin Type
Chopped Strands
Glass Wool
Roving
Yarn
Application
Composites
Insulation
End-user Industry
Buildings and Construction
Automotive
Aerospace and Defense
Alternative Energy
Consumer Goods
Industrial
Other End-user Industries (Electronics)
Geography
Asia-Pacific
China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Spain
Turkey
Russia
NORDIC
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Nigeria
Qatar
Egypt
UAE
Rest of Middle East and Africa
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Glass Fiber Market Research FAQs

The Glass Fiber Market size is expected to reach USD 29.21 billion in 2024 and grow at a CAGR of greater than 4% to reach USD 35.68 billion by 2029.

In 2024, the Glass Fiber Market size is expected to reach USD 29.21 billion.

Owens Corning, Saint-Gobain Vetrotex, Johns Manville, Nippon Electric Glass Co., Ltd. and China Jushi Co., Ltd. are the major companies operating in the Glass Fiber Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Glass Fiber Market.

In 2023, the Glass Fiber Market size was estimated at USD 28.04 billion. The report covers the Glass Fiber Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Glass Fiber Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

The major factor driving the growth of the market is the increasing demand for fiberglass composites from the automotive industry.

The key challenges in the Glass Fiber Market are: a) Fluctuations in the costs of raw materials b) High competition from carbon fiber and Rockwool

The major factor driving the growth of the market is the increasing demand for fiberglass composites from the automotive industry.

Glass Fiber Industry Report

The global fiberglass market is witnessing substantial growth, propelled by the need for enhanced operational efficiency, reduced maintenance costs, and improved safety. This material is widely utilized in various sectors such as construction, transportation, wind energy, aerospace and defense, marine, and electrical and electronics. In construction, fiberglass is used for panels, insulation, and roofing materials, while in transportation, it's used for manufacturing lightweight, durable parts for vehicles, trains, and aircraft. The market's growth is particularly noticeable in emerging economies, where construction and infrastructure development activities are on the rise. Despite challenges like raw material price volatility, increasing competition, and strict regulations, the residential construction segment is projected to hold the largest market share. The yarn product type is expected to register the second-highest CAGR due to its strength, durability, and resistance to heat and chemicals. The Asia Pacific region is anticipated to dominate the market share due to its high economic growth and rising demand from the industrial, construction, and automotive sectors. Mordor Intelligence™ Industry Reports provide statistics for the Glass Fiber market share, size, and revenue growth rate, including a market forecast and historical overview. A sample of this industry analysis is available as a PDF download.

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Glass Fiber Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)