Market Size of Glass Fiber Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Glass Fiber Market Analysis
The Glass Fiber Market is expected to register a CAGR of greater than 4% during the forecast period.
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.
