Glass Fiber Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Glass Fiber Market is segmented by Resin Type (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).

Market Snapshot

Glass Fiber Market Overview
Study Period:

2016 - 2026

Base Year:

2020

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

CAGR:

>4.5 %

Glass Fiber Market Top Companies

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Market Overview

The glass fiber market is projected to register a CAGR of over 4.5% during the forecast period (2021-2026).

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. Moreover, COVID-19 has negatively impacted the aerospace and automotive industry. Thus, this negatively impacted the glass fiber market. According to the OICA, the global production of vehicles in the third quarter of 2019 was over 65 million, and it decreased drastically in 2020, recording around 50 million vehicles in the third quarter of 2020. The market situation is expected to recover as most of the production units had been resumed in the third quarter of 2020.

  • 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 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).

Resin Type
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
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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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.
  • Glass-fiber reinforced concrete weighs 80% less than precast concrete. Moreover, the manufacturing process doesn’t compromise on the durability factor.
  • 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.
  • Popular applications for glass fiber in the construction industry include paneling, bathrooms and shower stalls, doors, and windows. Development is powered by continuous job gains, low mortgage rates, and slowing inflation in house prices.
  • Glass fiber can also be used in the construction as an alkali resistant, as construction fiber for plaster, crack prevention, industrial flooring, etc.
  • The United States has one of the world’s largest construction industries, and it recorded annual revenue of USD 1,306 billion in 2019. The United States is a major industrialized nation that houses multiple industries in heavy-scale, medium-scale, and small-scale categories. The country is known for its booming commercial activities.
  • According to the US Census Bureau, the total Residential housing units authorized by building permits in March 2020 were at a seasonally adjusted annual rate of 1,353,000, representing 5% growth over the March 2019 rate of 1,288,000. The total number of privately‐owned housing starts in March 2020 was at a seasonally adjusted annual rate of 1,216,000, representing 1.4% growth over the March 2019 rate of 1,199,000.
  • Even though the US construction sector took a plunge in 2020, the industry is expected to recover and grow by late 2021, thereby increasing the demand in the glass fiber market from the construction sector during the forecast period.
  • Thus, from the aforementioned factors, the demand for glass fiber in the construction industry is expected to increase during the forecast period.
Glass Fiber Market Key Trends

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Asia-Pacific to Dominate the Market

  • Asia-Pacific is expected to dominate the market for glass fiber during the forecast period.
  • The Asia-Pacific construction sector is the largest in the world, and it is increasing at a healthy rate, owing to the rising population, increase in middle-class income, and urbanization in the countries China, India, and Japan.
  • Thus, the growing construction industry, especially the commercial building sector, is increasing the demand for glass fiber and is expected to drive the market during the forecast period.
  • China's construction industry is on the rise. Real estate investment, which includes investments in the residential and commercial sector and office spaces, increased rapidly. The robust investment in the property sector was supported by steady housing prices and an increase in property construction.
  • China is investing in infrastructure development projects. According to the Civil Aviation Administration of China (CAAC), the country has started operation in 12 new airports. Additionally, the country has extended the runway at Zhangjiakou Ningyuan Airport and expanded the airport, serving capacity from 600,000 to one million passengers per year.
  • Additionally, the country is working on the expansion of 30 airports in order to improve the connectivity to country’s fourth largest international hub Chengdu Tianfu International Airport. According to CAAC, China’s 13th five-year plan include the expansion of air transportation services in low-income areas for poverty alleviation in 2020.
  • The country is investing USD 1.43 trillion in the next five year till 2025, in major construction projects which includes ultra high voltage energy projects, big data centers, high-speed railway and intercity tracks and stations, 5G base stations, electric vehicles charging station, and various other projects. 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.
  • In India, the government has made tremendous efforts to improve residential and transport infrastructure. Infrastructure spending has been rising in the past few years. The government increased its expenditure on infrastructure development by 20.9% in 2019. It was INR 4.9 trillion (USD 75.9 billion) in 2018, which increased to INR 6 trillion (USD 89.2 billion) in FY 2019.
  • India is also witnessing significant interest from international investors in the construction space. Foreign direct investment (FDI) in the construction development sector (townships, housing, built-up infrastructure, and construction development projects) stood at USD 25.66 billion from April 2000 to March 2020, according to the Department for Promotion of Industry and Internal Trade (DPIIT).
  • Overall, continuous investments in the infrastructure sector are going to largely boost the consumption of glass fiber in the Asia-Pacific region.
Glass Fiber Market Growth Rate By Region

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Competitive Landscape

The glass fiber market is consolidated in nature. Some of the major players in the market include China Jushi Co. Ltd, Owens Corning, Saint-Gobain Vetrotex, Johns Manville, and Nippon Electric Glass Co. Ltd, among others.

Recent Developments

  • 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 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. 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 Low Profit Margin on Sales

      2. 4.2.2 Competition from Carbon Fiber and Rockwool

      3. 4.2.3 Impact of COVID-19

    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

    1. 5.1 Resin Type

      1. 5.1.1 Glass Wool

      2. 5.1.2 Roving

      3. 5.1.3 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

    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 Braj Binani Group

      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

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Frequently Asked Questions

The Glass Fiber Market market is studied from 2016 - 2026.

The Glass Fiber Market is growing at a CAGR of >4.5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

  • 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.

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