Glass Fiber for Sprayup Market Trends and forecast
The future of the global glass fiber market for sprayup looks promising with opportunities in the construction, automotive, and marine markets. The global glass fiber market for sprayup is expected to grow with a CAGR of 3.0% from 2024 to 2030. The major drivers for this market are increasing demand for lightweight and durable materials and growing adoption of glass fiber composites.
• Lucintel forecasts that single end roving is expected to witness the highest growth over the forecast period.
• Within this market, automotive is expected to witness the highest growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for the Glass Fiber for Sprayup Market
• United States: In the United States, AOC Aliancys, a leading resin manufacturer, unveiled plans to collaborate with fiberglass producers to develop specialized resins tailored for spray-up applications. This initiative aims to enhance product performance and process efficiency in the production of composite parts for various industries, including marine, automotive, and construction. Additionally, AOC Aliancys announced its commitment to achieving a 15% reduction in resin waste during the spray-up process by optimizing material formulations and manufacturing techniques. The U.S. government's support for infrastructure development and renewable energy projects is expected to drive demand for spray-up composites in the construction and wind energy sectors.
• India: In India, Bharat Heavy Electricals Limited (BHEL) announced a partnership with local fiberglass manufacturers to enhance the indigenous production of spray-up composites for use in power generation equipment and infrastructure projects. BHEL aims to reduce reliance on imported materials by promoting domestic manufacturing capabilities and technology transfer initiatives. The Indian government's 'Atmanirbhar Bharat' (Self-Reliant India) campaign encourages investments in domestic manufacturing and innovation, providing incentives and subsidies for companies expanding their presence in the composites industry. BHEL set ambitious targets to increase the utilization of spray-up composites in its product portfolio, aiming to improve efficiency and reduce environmental impact.
• China: In China, Jushi Group disclosed plans to expand its production capacity for spray-up fiberglass products to meet the growing demand from the automotive and transportation sectors. The company aims to leverage advancements in manufacturing technology to enhance product quality and cost competitiveness. Jushi Group also announced its commitment to reducing energy consumption and emissions during the production process through investments in clean energy and efficiency upgrades. The Chinese government's support for electric vehicle manufacturing and infrastructure development is expected to drive demand for lightweight and durable spray-up composites in the automotive sector.
• Germany: In Germany, Sika AG, a leading provider of specialty chemicals, introduced a new range of additives and accelerators designed to improve the performance and processing characteristics of spray-up composites. The company's investment in research and development aims to address the specific requirements of customers in the automotive, aerospace, and wind energy industries. Sika AG set targets to increase market share in the European spray-up market by offering innovative solutions that enhance product quality and production efficiency. The German government's focus on sustainable development and renewable energy initiatives is expected to create opportunities for growth in the spray-up composite market, particularly in the construction and renewable energy sectors.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Glass Fiber for Sprayup Market by Segment
The study includes a forecast of the global glass fiber for sprayup market by product type, application, and region.
Glass Fiber Market for Sprayup by Product Type [Value from 2018 to 2030]:
• DUCS
• Single End Roving
• Multi-End Roving
• Yarn
• Continuous Filament Mat
Glass Fiber Market for Sprayup by Application [Value from 2018 to 2030]:
• Construction
• Automotive
• Marine
• Others
Glass Fiber Market for Sprayup by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Glass Fiber Companies for Sprayup Market
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies glass fiber companies for sprayup market cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the glass fiber companies for sprayup market are profiled in this report include-
• Company 1
• Company 2
• Company 3
• Company 4
• Company 5
Recent Development in the Glass Fiber Market for Sprayup
• Owens Corning: The company announced the launch of a new range of spray-up glass fiber products featuring enhanced wet-out properties and improved mechanical performance. This initiative aims to cater to the growing demand for lightweight and durable composite materials in various industries such as automotive, marine, and infrastructure construction.
• Reichhold: Reichhold introduced a novel resin system specifically formulated for spray-up applications in the transportation sector. The resin offers superior adhesion and chemical resistance, making it ideal for manufacturing components such as vehicle panels and body parts. This initiative underscores Reichhold's commitment to innovation and product development in the glass fiber composites market.
• Chongqing Polycomp International Corporation (CPIC): CPIC unveiled plans to expand its production capacity for glass fiber reinforcements used in spray-up applications. The company's investment in advanced manufacturing technologies aims to meet the growing demand for high-quality composite materials in the automotive, wind energy, and infrastructure sectors.
• Ashland: Ashland announced the introduction of a new series of specialty additives designed to enhance the processing and performance of spray-up composites. These additives improve resin flow, reduce shrinkage, and enhance surface finish, addressing key challenges faced by manufacturers in the production of complex composite parts. Ashland's initiative reflects the company's commitment to providing comprehensive solutions to customers in the glass fiber market.
Features of the Global Glass Fiber Market for Sprayup
Market Size Estimates: Glass fiber market for sprayup size estimation in terms of value ($B).
Trend and forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Glass fiber market for sprayup size by product type, application, and region in terms of value ($B).
Regional Analysis: Glass fiber market for sprayup breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different product types, applications, and regions of the glass fiber market for sprayup.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the glass fiber market for sprayup.
Analysis of competitive intensity of the industry based on Porter’s Five forces model.
FAQ
Q1. What is the growth forecast for glass fiber market for sprayup?
Answer: The global glass fiber market for sprayup is expected to grow with a CAGR of 3.0% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the glass fiber market for sprayup?
Answer: The major drivers for this market are increasing demand for lightweight and durable materials and growing adoption of glass fiber composites.
Q3. What are the major segments for glass fiber market for sprayup?
Answer: The future of the glass fiber market for sprayup looks promising with opportunities in the construction, automotive, and marine markets.
Q4. Who are the key glass fiber companies for sprayup market?
Answer: Some of the key glass fiber companies for sprayup market are as follows:
• Company 1
• Company 2
• Company 3
• Company 4
• Company 5
Q5. Which glass fiber market for sprayup segment will be the largest in future?
Answer: Lucintel forecasts that single end roving is expected to witness the highest growth over the forecast period.
Q6. In glass fiber market for sprayup, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities of the glass fiber market for sprayup by product type (ducs, single end roving, multi-end roving, yarn, and continuous filament mat), application (construction, automotive, marine, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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