USD 20.9 billion
Glass Fiber Market Size, Share, Growth Analysis, By Glass Type (E Glass, ECR Glass), By Product Type (Glass Wool, Direct & Assembled Roving), By Application (Composites, Insulation), By End Use Industry (Aerospace, Defence), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2427 |
Region:
Global |
Published Date: November, 2024
Pages:
157
|Tables:
67
|Figures:
68
Glass Fiber Market Insights
Global Glass Fiber Market size was valued at USD 24.1 billion in 2022 and is poised to grow from USD 25.5 billion in 2023 to USD 40.8 billion by 2031, growing at a CAGR of 6.1% during the forecast period (2024-2031).
Extremely fine fibers of glass are used to make glass fiber materials and products. These fine fibers are woven into mats or cloths and then impregnated with resin to create some of the most durable and high-strength materials known to man. Fiber glass materials also feature excellent heat and corrosion resistance, which also increases their application scope across different industry verticals. Growing automotive manufacturing activity and a rising number of construction projects being launched around the world also create attractive opportunities for glass fiber suppliers across the forecast period. High demand for lightweight and durable materials in different industries is also estimated to bolster sales of glass fiber in the long run. Glass fibers are also eco-friendly and thus the growing focus on sustainability is also slated to bolster market development in the future.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Building & Construction
Fastest Growth
Transportation
Growth Rate
5.3% CAGR
Global Glass Fiber Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Glass Fiber Market Segmental Analysis
Global Glass Fiber Market is segmented by Glass Type, Product Type, Application, End Use Industry, and region. Based on Glass Type, the market is segmented into E Glass, ECR Glass, H Glass, AR Glass, S Glass, Others (A Glass, C Glass, T Glass). Based on Product Type, the market is segmented into Glass Wool, Direct & Assembled Roving, Yarn, Chopped Strand, Others (Milled Fibers and Multiaxial fabrics). Based on Application, the market is segmented into Composites, and Insulation. Based on End Use Industry, the market is segmented into Aerospace, Defence, Transportation, Automotive, Marine, Pipes & Tanks, Sports & Leisure, Building & construction, Electrical & Electronics. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Type
E-glass fibers account for a prominent share of the global glass fiber marketplace. Fiberglass panels made using E-glass fibers are highly flexible, which is why they have a wide application scope contributing to a high market share. The automotive and aircraft industries are projected to lead the demand for fiberglass panels made from E-glass fibers and contribute to the high market share of this segment.
Meanwhile, demand for S-glass fibers is projected to increase at a notable pace over the coming years. This can be attributed to the better tensile strength and elastic modulus of S-glass fibers as compared to E-glass fibers. Long fatigue and shelf life are also added benefits that allow this segment to expand at a good pace going forward.
Analysis by Application
Building and construction applications are estimated to account for a notable share of the global glass fiber market owing to the rising use of glass fibers in different construction materials. Cement makers are mixing glass fibers in their products to improve the strength and corrosion resistance of cement. The high use of fiberglass panels in different residential and commercial buildings also contributes to the dominance of this segment.
Meanwhile, demand for glass fiber from transportation and aerospace applications is forecasted to increase at a notable pace over the coming years. Increasing focus on the reduction of weight in aircraft and vehicles around the world has led to increased adoption of fiberglass materials, which in turn, is forecasted to uplift glass fiber sales in the future.
Global Glass Fiber Market By Application
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Glass Fiber Market Regional Insights
Asia Pacific accounts for a dominant share of the global glass fiber marketplace. Rapid industrialization and urbanization are slated to be primary factors driving glass fiber demand in this region. High investments in infrastructure development, rising disposable income, and growing automotive manufacturing are other prospects that could boost sales of glass fiber in this region over the coming years. India, China, Japan, and South Korea are estimated to be the key markets for glass fiber manufacturers as well as distributors in the Asia Pacific region.
A high focus on sustainability is a key factor that allows Europe to account for a notable share of the global glass fiber marketplace. Surging demand for lightweight materials in different industries in this region is slated to boost demand for glass fiber in Europe going forward. Burgeoning automotive manufacturing activity in this region also contributes to rising glass fiber sales. Germany, France, and the United Kingdom are slated to be the key markets for glass fiber companies in the European region.
Global Glass Fiber Market By Region
- Largest
- Fastest
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Glass Fiber Market Dynamics
Drivers
High Demand for Lightweight Materials
- Glass fibers play a crucial role in the development and manufacturing of novel composite lightweight materials that are high in demand across different industry verticals such as automotive and aerospace.
Rising Construction Activity
- Glass fibers are also being used extensively in different construction applications to develop new construction materials or strengthen existing ones by incorporating glass fibers in them thereby driving market growth as well.
Restraints
Availability of Alternatives
- Carbon fiber has emerged as a popular alternative to fiber glass materials and with increasing investments in new material development, more alternatives are projected to be available in the future. This high availability of different low-cost alternatives could slow down market growth going forward.
Volatility in Raw Material Pricing
Prices of raw materials required to make glass fiber are subject to major fluctuations and this is a key factor that could impede the glass fiber market growth in the future. Companies also struggle to keep up their profit margins due to this volatility and further slow down market progress.
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Glass Fiber Market Competitive Landscape
Glass fiber manufacturers are estimated to invest in the R&D of novel materials and products to satisfy the surging demand for new lightweight and durable materials. Companies can also collaborate and partner with renowned automotive, aerospace, and construction companies to create custom materials to expand their business potential. Mergers and acquisitions are also estimated to be popular strategies adopted by glass fiber companies to expand their global market presence. The global glass fiber market is nearing consolidation and high costs of production are also making this a tough market to penetrate for new companies.
Top Player’s Company Profiles
- Jushi Group Co., Ltd.
- Owens Corning Corporation
- PPG Industries, Inc.
- China Beihai Fiberglass Co., Ltd.
- CPIC (China Fiberglass Co., Ltd.)
- Taishan Fiberglass Inc. (Sinoma)
- Sichuan Weibo New Material Group
- Johns Manville Corporation
- Nippon Electric Glass Co., Ltd.
- Saint-Gobain Vetrotex
- AGY Holdings Corp.
- Binani Industries (3B Fiberglass)
- Changzhou Tianma Group
- Jiangsu Jiuding New Material Co., Ltd.
- Knauf Insulation
- Advanced Glassfiber Yarns (AGY)
- Lanxess (via Bond-Laminates)
- Nitto Boseki Co., Ltd.
- Wuxi Honghui New Material Technology Co., Ltd.
- Braj Binani Group
Recent Developments
- In October 2023, Ahlstron OYJ, a renowned supplier of fiber-based products, announced the launch of a new glass fiber tissue. The newly launched glass fiber is suitable for high-performance construction materials, which are high in demand on a global level.
- In September 2022, SABIC, a leading name in the glass fiber products space, announced the launch of its new glass-fiber reinforced polypropylene compounds for structural applications in the automotive industry.
- Fortis3D, a start-up based in Canada focused on providing 3D printing materials announced the launch of its new glass fiber nylon filaments for 3D printing applications back in March 2023.
Glass Fiber Key Market Trends
- Growing Use of GFRP and GFR Concrete: Glass fiber-reinforced polymers are gaining popularity in different applications, and this is why glass fiber providers are continually focusing on innovation to improve their business potential. Glass fiber-reinforced concrete is also being used extensively in construction applications, which is also estimated to offer attractive new growth opportunities for glass fiber market players over the coming years.
Glass Fiber Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per our analysis, rising demand for lightweight and durable materials in different industry verticals is projected to primarily augment the demand for glass fiber on a global level. The increasing use of glass fiber in construction, automotive, and aerospace applications is also estimated to bolster market growth in the future. However, the increasing availability of alternative materials for glass fibers such as carbon fiber is predicted to impede market development in the long run. Robust manufacturing and construction activity makes the Asia Pacific region a dominant market in the global landscape. Collaborations and partnerships are slated to be key strategies that will allow glass fiber market players to fast-track product development and launches to stand out in the competitive landscape. The rising use of glass fiber-reinforced polymers and concrete around the world is slated to offer new moneymaking opportunities across the forecast period and beyond.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 24.1 billion |
| Market size value in 2031 | USD 40.8 billion |
| Growth Rate | 6.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Glass Fiber Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Glass Fiber Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Glass Fiber Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Glass Fiber Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Glass Fiber Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Glass Fiber Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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