Glass Fiber Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Report Covers Global Fiberglass Market Suppliers & Product Solutions and 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.

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Glass Fiber Market Size

Glass Fiber Market - Market Summary
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Study Period 2017-2027
Base Year For Estimation 2022
CAGR > 4.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration High

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 is projected to register a CAGR of over 4% during the forecast period.

COVID-19 adversely affected the building and construction industry in 2020 owing to lockdown regulations, shortage of labor, production halt, etc. This, in turn, affected the glass fiber market, as building and construction is a major end-user industry for glass fibers. However, the demand from the industry recovered in 2021 and is likely to grow in the coming years.

  • Over the medium term, the major factor driving the growth of the market studied is the high demand from the construction industry and the increasing demand for fiberglass composites from the automotive industry.
  • On the flip side, the low-profit margin on sales and competition from carbon fiber and Rockwool can restrain the growth of the glass fiber market during the forecast period.
  • Growth in the usage of lightweight glass fiber-reinforced plastic (GFRP) composites and increasing demand for fiberglass composite materials for the wind energy sector are likely to act as an opportunity for the market studied over the forecast period.
  • Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Glass Fiber Market Trends

This section covers the major market trends shaping the Glass Fiber Market according to our research experts:

Rising Demand from the Building and Construction Sector

  • Glass fiber is used as eco-friendly construction material in the form of glass-fiber reinforced concrete (GRC). The GRC imparts 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. According to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, the total number of completed privately-owned new residential construction in the month of October 2022 was 1,339,000, while privately‐owned housing starts in October were 1,425,000.
  • According to Eurostat, in May 2022, production in the construction sector increased by 0.4% in the Euro area and 0.8% in the EU as compared to the production in April 2022. As compared to May 2021, building construction increased by 3.1%.
  • With such growth in the building and construction sector, the demand for glass fiber is expected to increase during the forecast period.
Glass Fiber Market - Change in Total Construction Compared with the Previous Month, in %, European Union, January 2022 - May 2022

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 the 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 is expected to spend nearly USD 13 trillion on buildings by 2030. According to the National Development and Reform Commission (NDRC), the Shanghai plan includes an investment of USD 38.7 billion in the next three years. In contrast, 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. China's 14th Five-Year Plan (2021-25) focused on the aviation sector and opened 30 new civil airports under this year's plan, and the passenger capacity is to increase by 43% to 2 billion passengers.
  • Also, the Asia-Pacific region is the largest automotive manufacturing hub, registering almost 60% production share of the world. In Asia-Pacific, China and India are major producers of vehicles. According to OICA, China has the largest automotive production base in the world, with a total vehicle production of 26.08 million units in 2021, registering an increase of 3% compared to 25.23 million units produced last year. Further, according to the China Association of Automobile Manufacturers (CAAM), in the first 7 months of 2022, the country has produced 14.57 million units of cars, registering a growth rate of 31.5% year-on-year.
  • 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.
  • The Japanese construction industry is also expected to boom as the country will host the World Expo in 2025 in Osaka, Japan. Furthermore, the Yaesu redevelopment project along with a 61-storey, 390 m tall office tower are due for completion in 2023 and 2027 respectively, which will augment the market studied.
  • Overall, continuous investments in various end-user sectors are going to largely boost the consumption of glass fiber in the Asia-Pacific region.
Glass Fiber Market - Glass Fiber Market - Growth Rate by Region, 2022-2027

Glass Fiber Industry Overview

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

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 - Market Concentration.png

Glass Fiber Market News

  • In August 2022, Owens Corning and Pultron Composites announced an agreement to manufacture fiberglass rebar. The joint venture between the companies will help them provide more sustainable product solutions and introduce PINKBAR Fiberglas Rebar used in flatwork and residential applications and MATEENBAR Fiberglas Rebar used in heavy-load structural applications in newer markets.
  • In February 2022, China Jushi Co., Ltd. terminated the 100,000-ton-per-year alkali-free glass fiber pool kiln wire drawing production line in India and announced that it would start a new manufacturing facility for fiberglass in Egypt. The production capacity of the new plant will 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 High 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, etc.)

    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 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 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 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 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 AGY

      2. 6.4.2 ASAHI FIBER GLASS Co., Ltd.

      3. 6.4.3 Binani Industries Ltd.

      4. 6.4.4 Chongqing Polycomp International Corp. (CPIC)

      5. 6.4.5 Johns Manville

      6. 6.4.6 China Jushi Co., Ltd.

      7. 6.4.7 Nippon Electric Glass Co., Ltd.

      8. 6.4.8 Owens Corning

      9. 6.4.9 PFG FIBER GLASS CORPORATION

      10. 6.4.10 Saint-Gobain Vetrotex

      11. 6.4.11 CTG Group

      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

**Subject to Availability

Glass Fiber Industry Segmentation

Glass fibers are 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 almost equal to other fibers, such as polymers and carbon fibers. The glass fiber market is segmented by type, application, end-user industry, and geography. By 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 building and construction, automotive, aerospace and defense, alternative energy, consumer goods, industrial, 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).

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, etc.)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Glass Fiber Market Research FAQs

The Glass Fiber Market is projected to register a CAGR of greater than 4% during the forecast period (2023-2027).

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 (2023-2027).

In 2023, the Asia Pacific accounts for the largest market share in the Glass Fiber Market.

Glass Fiber Industry Report

Statistics for the 2023 Glass Fiber market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Glass Fiber analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Glass Fiber Market Report Snapshots

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