(MENAFN- America News Hour)
The Global Glass Fiber Market is projected to register a CAGR of over 4.5% during the forecast period.
Due to COVID-19, the building and construction industry has been affected adversely owing to the lockdown regulations, shortage of labours, production halt, etc. This in turn has affected the glass fiber market as building and construcion is a major end-user industry for glass fibers. Moreover, COVID-19 has negatively impacted the aerospace and automotive industry and thus negatively impacted the glass fiber market. According to OICA, the global production of vehicles in the third quarter of 2019 is over 65 million and is decreased drastically in 2020 recording around 50 million vehicles in the third quarter of 2020. The market situation is expected to recover as most of the production units had been resumed in the third quarter of 2020.
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– Over the medium term, the major factor driving the growth of the market studied is high demand from the construction industry.
– On the flip side, low profit margin on sales and competition from carbon fiber and rockwool has restrained the growth of glass fiber market during the forecast period.
– Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Key Market Trends
Building and construction industry to increase the demand for glass fiber
– Glass fiber is used as Eco-friendly construction Material in the form of Glass-Fiber Reinforced Concrete (GRC). The GRC impart buildings with a solid appearance without causing weight and environmental distresses.
– Glass-Fiber Reinforced Concrete weighs 80% less than precast concrete. Moreover, the manufacturing process doesn't compromise on the durability factor.
– Using glass fiber in the cement mix reinforces the material with corrosion-proof sturdy fibers which make GRC long-lasting for any construction requirement. Owing to the lightweight nature of GRC the construction of walls, foundations, panels, and cladding becomes much easier and quicker.
– Popular applications for glass fiber in the construction industry include paneling, bathrooms and shower stalls, doors, and windows. Development is powered by continuous job gains, low mortgage rates and slowing inflation in house prices.
– Glass fiber can also be used in the construction as an alkali resistant, as construction fiber for plaster, crack prevention, industrial flooring etc.
– United states has one of the world's largest construction industry and it recorded an annual revenue of USD 1,306 billion in 2019. The United States is a major industrialized nation that houses multiple industries in heavy-scale, medium-scale, and small-scale categories. The country is known for its booming commercial activities.
Asia-Pacific to Dominate the Market
– Asia-Pacific is expected to dominate the market for glass fiber during the forecast period.
– The Asia-Pacific construction sector is the largest in the world and is increasing at a healthy rate, owing to the rising population, increase in middle-class income and urbanization in the countries China, India and Japan.
– Thus, the growing construction industry, especially the commercial building sector, is increasing the demand for glass fiber and is expected to drive the market during the forecast period.
– China's construction industry is on the rise. Real estate investment, which includes investments in the residential and commercial sector and office spaces increased rapidly. The robust investment in the property sector was supported by steady housing prices and an increase in property construction.
– China is investing on infrastructure development projects, according to Civil Aviation Administration of China (CAAC) the country has stated operation in 12 new airports and working on 13th airport Ankang Fuqiang Aiport in Shaanxi province. Additionally, the country has extended the runway at Zhangjiakou Ningyuan Airport and expand the airport serving capacity from 600,000 to one million passengers per year, key airport for hosting 2022 Beijing winter Olympics.
– Additionally, the country is working on expansion of 30 airport in order to improve the connectivity to country's forth largest international hub Chengdu Tianfu International Airport. According to CAAC, China's 13th five-year plan include the expansion of air transportation services in low-income areas for poverty alleviation in 2020.
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– The country is investing USD 1.43 trillion in the next five year till 2025, in major construction projects which includes ultra high voltage energy projects, big data centers, high speed railway and intercity tracks & stations, 5G base stations, electric vehicles charging station, and various others. According to National Development and Reform Commission (NDRC), Shanghai plan includes the investment of USD 38.7 billion in next three years, whereas Guangzhou has signed 16 new infrastructure projects with and investment of USD 8.09 billion.
The glass fiber market is consolidated in nature. Some of the major players in the market include China Jushi Co., Ltd, Owens Corning, Saint-Gobain Vetrotex, Johns Manville and Nippon Electric Glass Co., Ltd. among others.
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 High Demand from the Construction Industry
4.1.2 Increasing Demand for Fiberglass Composites from the Automotive Industry
4.2.1 Low Profit Margin on Sales
4.2.2 Competition from Carbon Fiber and Rockwool
4.2.3 Impact of COVID-19
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
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