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

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).

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. '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 '

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.

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.

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.