Glass Fiber Market Trends and Forecast
Lucintel finds that the future of the global glass fiber market is promising with opportunities in the marine, transportation, pipe and tanks, aerospace, construction, electrical and electronics, consumer goods, and wind energy. The glass fiber material market is expected to reach an estimated $15 billion by 2030 with a CAGR of 3% from 2023 to 2030. The major driver for this market is rise in demand for products made of glass composites; these include bathtubs, pipes, tanks, printed circuit boards, wind blades, and automotive parts.
Glass fiber is an adaptable material that consists of tiny filaments of glass. It has qualities such as ability to withstand stretching forces, protection against corrosion, resistance to heat and electricity flow. The use of glass fibers in the form of glass fiber is widespread across several sectors e.g. composites, insulation and textile for reinforcing operations. The history of the expansion trend in key glass fiber markets reflects increasing demand for lighter materials with better performance characteristics from different end-user industries. The cost of glass fiber is lower than that of its more advanced substitutes such as carbon and aramid fibers. Even though it has a much higher strength-to-weight ratio, its costliness makes it applicable in high-end products only. Also, aramids are expensive compared to glass fibers since they possess resistance to impact. Due to balancing between cost and performance, glass fiber becomes highly demanded in many spheres like automotive industries, construction companies, wind energy among others. In addition to being versatile and also cost-effective, this gives the material a competitive advantage against other types of composites available in the market.
• Lucintel forecasts that construction will remain the largest end use by value and volume due to growing infrastructure development and rising demand for energy-efficient buildings. Aerospace is expected to witness highest growth over the forecast period.
• Single end roving will remain the largest product type by volume over the forecast period.
• Asia Pacific is expected to remain the largest region by value and volume over the forecast period because of growth in construction, pipe and tanks, and the electrical and electronics segments. Growing economy, growth in population, and urbanization are the major forces that drive the construction segment, especially in China and India and it is also expected to witness the highest growth over the forecast period.
Country wise Outlook for the Glass Fiber Market
Composites in the global fiber market is witnessing substantial growth globally, driven by increased demand from various markets such as construction, transportation, electrical and electronics, consumer goods, wind energy. Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major composites in the global glass fiber producers in key regions: the USA, Germany, Brazil, China, and India.
Emerging Trends in the Glass Fiber Market
Emerging trends in the glass fiber market shaping its future applications and market dynamics:
1. Rising Adoption in Wind Energy: Increasingly, renewable energy investments are generating higher demand for glass fiber used in wind turbine blades because of its high strength-to-weight ratio and resistance properties.
2. Advancements in Manufacturing Processes: The methods of production such as continuous fiber processing and automated manufacturing have witnessed some developments therefore resulting to increased efficiency with reduced costs.
3. Increasing Demand for Lightweight Automotive Applications: In order to further reduce the weight of vehicles and improve fuel economy particularly electric vehicles and hybrids, the automotive industry has begun using glass fiber composites.
4. Sustainability and Recycling: Environmental sustainability is what people are more concerned about hence they are opting for more recyclable glass-fiber composites as well as production processes that take into consideration environmental friendliness.
5. Infrastructure Development: The increasing amount of infrastructure projects especially in developing countries has led to the rise in use of glass fiber reinforced materials which have been chosen due to their durability, highly resistant properties against corrosion and ability to withstand extreme weather patterns.
These trends indicate a shift towards more sustainable, innovative, and technologically advanced solutions in the glass fiber market to meet evolving consumer and regulatory demands globally.
A total of 104 figures / charts and 78 tables are provided in this 219-page report to help in your business decisions. A sample figure with insights is shown below.
Recent Developments in the Glass Fiber Market
Recent developments in global glass fiber market which by various highlights ongoing innovations and advancements across different sectors.
• Increased Fiber Production Techniques: Innovations like automated fiber placement and continuous filament winding are increasing production efficiency and quality control.
• Strong High-Performance Glass Fibers: Development of high-modulus glass fibers, offering enhanced mechanical properties is widening their use in demanding applications such as aerospace and defense.
• Green Resins: Bio-based and recyclable resins have been introduced to make glass fiber composites more sustainable; this coincides with global environmental objectives.
• Hybrid Composites: For instance, the development of hybrid composites that mix glass fibers with other materials (e.g., carbon fibers) is a way to optimize performance characteristics for particular applications.
• New Advanced Construction Materials: The development of new formulations of glass fiber reinforced material in construction applications which provide greater strength and durability for modern infrastructure projects.
Strategic Growth Opportunities for the Glass Fiber Market
The glass fiber market is poised for substantial growth due to its versatile applications and superior performance characteristics. Some key strategic growth opportunities for this market include:
Diversification of Product Offerings
• Extensive Application Expansion: Fabricate specialty glass fiber composites for various sectors such as aerospace, automotive, building, and electronics tailored to specific industry requirements.
• New Developments: Invest in R&D to produce advanced fibers with qualities such as higher strength, durability, and thermal resistance that keep up with changing market trends.
Market Expansion in Emerging Economies
• Local Market Domination: Take advantage of infrastructure development and growth in auto manufacturing particularly in Asia Pacific and Latin America by either having local production or joint ventures.
• Domestic Markets: Adapt products and services to suit the culture and legislations in the target areas thereby offering competitive edge when penetrating new markets.
Focus on Lightweight Solutions
• Automotive Sector: Improve glass fiber composites for lightening applications on electric vehicles (EVs) as well as conventional vehicles targeting fuel efficiency goals besides emission reductions.
• Aircraft Applications: Make high-strength-to-weight ratio fibers that are suitable for aircraft making them highly efficient yet cheaper to run.
Innovation in Renewable Energy
• Wind Power Generation: Enhance our position within wind turbine blades segment by providing tough but light weight glass fiber composites.
• .
Advancements in Manufacturing Technologies
• Automation and Digitalization: Implement automation systems that will simplify manufacturing processes reduce costs and ensure consistent quality of products as well as customization possibility.
• Smart Manufacturing: Improve market flexibility while reacting to customer demands through smart manufacturing techniques.
Glass Fiber Market Drivers and Challenges
Lightweight and durable properties have driven the glass fiber market across construction, automotive and renewable energy sectors. For industries aiming at better efficiency and sustainability, raw material cost fluctuations, environmental regulations, and competition from alternative materials are among the obstacles that need to be overcome. To grow sustainably in this evolving market companies should not only innovate manufacturing processes and materials but also adapt strategically to regulatory as well as market pressures.
The glass fiber market is driven by the following factors:
• Increasing Construction Activities: Growth in global construction especially targeting residential and commercial real estate will drive demand for glass fiber in applications like grating, utility pole, FRP panel, bathtub, door, and window etc. When it comes to improving building materials use in construction activities, glass fiber’s high strength nature coupled with durability as well as resistance against corrosion is ideal.
• Automotive Light Weighting: The automotive industry has largely adopted lightweight materials to improve fuel economy and reduce emissions. Glass fiber composites have been commonly used in producing different car parts like bumpers body panels among others due to their lightness yet having a lot of strength.
• Growing Wind Energy Market: A significant consumption of glass fibers composite is observed within wind turbine blade manufacturing sector which plays an important role within wind energy. The wind turbines must withstand such loads with minimal weight; hence lightweight but stiffening properties provided by the fibers made them outstanding options.
Challenges in the Glass Fiber Market:
• Raw Material Costs: Profit margins and pricing strategies are impacted by changes in input costs such as silica sand or other chemical inputs into making glass fibers.
• Environmental Concerns: Environmental worries have risen owing to the energy-intensive character of these substances’ manufacture process including their disposal. Regulation for emission control requires compliance alongside continuous improvement on production practices as waste management becomes stricter.
The future of the glass fiber market lies in combining innovation with addressing environment plus economic issues head-on. The growth that meets vast demands of various industries is driven by the progress in manufacturing technologies coupled with sustainable practices. As a result, continuous adaptation is necessary when it comes to varying raw material prices as well as competition from other materials. Strategic investment on innovation and compliance will be crucial in maintaining the leadership as well as building market resilience.
Glass Fiber Suppliers and Their Market Shares
In this globally competitive market, several key players such as, Owens Corning, Jushi Group, Chongqing Polycomp International, Taishan Fiberglass, Taiwan Glass Group and etc. dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players, contact us.
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 global glass fiber companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the global glass fiber companies profiled in this report include.
• Owens Corning
• Jushi Group Co., Ltd.
• Chongqing Polycomp International Corporation
• Taishan Fiberglass Inc.
• Taiwan Glass Group
• Nippon Electric Glass Co. Ltd.
• Sichuan Weibo. Co. Ltd
• 3B the Fiber Glass Company ( Goa Glass Fiber)
• Johns Manville Corporation
• Nitto Boseki Co. Ltd
Glass Fiber Market by Segment
In the growth of the glass fiber market, major areas are where demand for robust light weight turbine blades has fueled rapid expansion in the wind energy sector. In the automotive industry, lighter and more fuel efficient vehicles are being made of glass fiber composites especially in electric and hybrid vehicles. They were also preferred by construction industry for their durability and strength characteristics. Moreover, these components are being used in high performance electronic and telecommunication systems.
This glass fiber market report provides a comprehensive analysis of the market's current trends, growth drivers, challenges, and future prospects in all major segments like above. It covers various segments, including manufacturing processes, product type, and end-user industries. The report offers insights into regional dynamics, highlighting the major markets for carbon fiber and their growth potentials. The study includes trends and forecast for the global glass fiber market by end use, product type, manufacturing process, and region as follows:
Glass Fiber Market by End Use [Value ($M) and Volume (M lbs) Shipment Analysis for 2018 – 2030]:
• Marine
• Transportation
• Pipe and Tank
• Aerospace
• Construction
• Electrical & Electronics
• Consumer Goods
• Wind Energy
• Others
Glass Fiber Market by Manufacturing Process [Volume (M lbs) Shipment Analysis for 2018 – 2030]:
• Hand Lay-Up
• Spray Up
• Resin Infusion
• Filament Winding
• Pultrusion
• Compression Molding
• Prepreg Layup
• Injection Molding
• Others
Glass Fiber Market by Product Type [Volume (M lbs) Shipment Analysis for 2023]:
• Single End Roving
• Multi End Roving
• DUCS
• Continuous Filament Mat
• Yarn
Glass Fiber Market by Region [Value ($M) and Volume (M lbs) Shipment Analysis for 2018 – 2030]:
• North America
• US
• Canada
• Mexico
• Europe
• Germany
• United Kingdom
• Spain
• France
• Italy
• Asia Pacific
• China
• India
• Japan
• Taiwan
• Rest of the World
• Brazi
Features of Global Glass Fiber Market
• Market Size Estimates: Glass fiber market size estimation in terms of value ($M) and volume (M lbs).
• Trend and Forecast Analysis: Market trends (2018-2023) and forecast (2024-2030) by various segments and regions.
• Segmentation Analysis: Glass fiber market size by various segments, such as end use, manufacturing process, and product type in terms of value and volume.
• Regional Analysis: Glass fiber market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
• Growth Opportunities: Analysis on growth opportunities in different end use, manufacturing process, product type, and regions for the glass fiber market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the global glass fiber market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
If you are looking to expand your business in composites in the global glass fiber market or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.
FAQ_
Q1. What is the global glass fiber size?
Answer:The global glass fiber is expected to reach an estimated to $15 billion by 2030.
Q2. What is the growth forecast for global glass fiber market?
Answer:The glass fiber market is expected to grow at a CAGR of 3% from 2023 to 2030.
Q3. What are the major drivers influencing the growth of the global glass fiber market?
Answer: The major driver for this market is rise in demand for products made of glass composites; these include bathtubs, pipes, tanks, printed circuit boards, wind blades, and automotive parts.
Q4. What are the major end uses of the global glass fiber market?
Answer:Construction and transportation are the major end uses of glass fiber.
Q5. What are the emerging trends of the global glass fiber market?
Answer:Emerging trends, which has a direct impact on the dynamics of the industry, includes rising adoption in wind energy, advancements in manufacturing processes, increasing demand for lightweight automotive applications, sustainability and recycling, and infrastructure development.
Q6. Who are the global glass fiber companies?
Answer:Some of the key global glass fiber companies are as follows:
• Owens Corning
• Jushi Group Co., Ltd.
• Chongqing Polycomp International Corporation
• Taishan Fiberglass Inc.
• Taiwan Glass Group
• Nippon Electric Glass Co., Ltd.
• Sichuan Weiibo. Co. Ltd
• 3B the Fiber Glass Company ( Goa Glass Fiber)
• Johns Manville Corporation
• Nitto Boseki Co, Ltd
Q7. In glass fiber market, which region is expected to be the largest in next 7 years?
Answer:APAC is expected to remain the largest region and witness the highest growth over next 7 years.
Q8. What is the price of Glass Fiber?
Answer: The cost of single-end roving glass fiber (GF) typically ranges from $0.50 to $0.80 per pound, with variations depending on the region. Factors influencing these regional price differences may include availability of raw materials, transportation expenses, and regional demand for glass fiber products.
Q9. 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 potential, high-growth opportunities for the global glass fiber market by end use (marine, transportation, pipe and tank, aerospace, construction, electrical and electronics, consumer goods, wind energy, and others), manufacturing process (hand lay-up, spray up, resin infusion, filament winding, pultrusion, compression molding, prepreg layups, injection molding, and others), product type (single end roving, multi end roving, DUCS, continuous filament mat, and yarn), 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 regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are 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 being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?