Glass Fiber Market Is Projected To Grow At A Robust CAGR Of 4.1% , 2023-2033

(MENAFN- Ameliorate Digital Consultancy) According to the Market Statsville Group (MSG), the global glass fiber market size is expected to grow from USD 16011.91 million in 2022 to USD 24911.57 million by 2033 , growing at a CAGR of 4.1 % from 2023 to 2033. The growing demand for glass fibers in the building is propelling the glass fiber industry forward. Increased development in rising nations such as China, India, and Japan have resulted in a tremendous expansion in these countries' building industries. In the other hand, the availability of replacements is the key constraint hindering the glass fiber market expansion. The availability of replacements such as carbon create salt fiber, and natural fiber create difficulties for the worldwide glass fiber industry. Moreover, the growing amount of wind energy capacity projects is a growth opportunities potential for the fiberglass industry. Definition of the Global Glass Fiber Market

Glass fibers are one of the most versatile industrial materials, consisting of several incredibly thin glass strands. Thin strands of silica-based or other glass are extruded into fibers, which can then be treated further depending on the application. Glass fibers have desired bulk features such as hardness, transparency, chemical resistance, stability, and inertness, as well as desirable fiber attributes such as strength, flexibility, and stiffness. Glass fiber can be used for reinforcing and insulation. These characteristics, together with its cheap cost, make it an important reinforcing material in the plastics industry. Glass fibers are utilized as polymer reinforcement in a variety of industries, including aerospace, automotive, marine, athletic and leisure products, and construction and civil engineering.

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COVID 19 Impact on the Global Glass Fiber Market

The decline in automotive sales caused by the COVID-19 epidemic had a significant influence on market growth. This also caused its pricing to fluctuate. The closure of manufacturing activity and the limited availability of vehicle components impacted demand from manufacturers. On the supply side, automobile sales were down, and working capital was down. According to the Society of Indian Automobile Manufacturers (SIAM), Indian automobile sales fell by 78.7% from April to June 2020 when compared to the same period in 2019. Moreover, in June 2020, governments began steps to re-establish the economic value chain by assisting firms in resuming operations. According to the European Automobile Manufacturers' Association (ACEA), car sales will increase by 10% in 2021 compared to 2020. The situation is progressively returning to normal, and market participants are creating chances as a result of improved worldwide demand from the automotive sector. In the next years, the increased usage of lightweight components for vehicles with high efficiency, durability, and reliability is projected to drive product demand.

Global Glass Fiber Market Dynamics Drivers : Huge adoption of fiber glass composites in the construction and infrastructure industries

In the form of glass-fiber reinforced concrete (GRC), glass fiber is employed as an eco-friendly construction material. Buildings with GRC have a robust appearance without adding weight or incurring environmental issues. Precast concrete weighs 80% more than glass-fiber reinforced concrete, which weighs 80% less. In addition, the manufacturing method ensures that the durability factor is not compromised. Glass fiber in the cement mix reinforces the material with corrosion-resistant, strong fibers, making GRC durable for any building need. Because of GRC's small weight, it's considerably easier and faster to build walls, foundations, panels, and cladding.

Further, the surge in demand for various fiberglass (glass fiber) items such as pipes and tanks, bathtubs, and FRP panels is due to the construction of water supply systems and an increase in oil and gas development activities. Because fiberglass (glass fiber) is corrosion-resistant and can survive high temperatures and unfavourable circumstances, manufacturers like to use it as a key component in their products.

Restraints : Issues related to glass wool recycling and adverse effects of glass fiber

Glass wool insulation consists of glass fibers and phenolic resin as a binder to be a texture similar to wool, resulting in high thermal insulation properties. A large amount of them was used for energy conservation of buildings and recently disposed at landfill sites to be pressured because of large volume to mass. The recycling of glass wool is a key impediment to the growth of the fiberglass market. Glass wool material, as well as the mask and protective clothes worn by individuals involved in the disposal procedure, must be disposed of using proper disposal processes. Furthermore, as public awareness of waste management regulations and environmental legislation grows, engineering materials from items such as vehicles, wind turbines, and aircraft that have outlived their useful lives must now be properly recovered and recycled.

Furthermore, using glass fiber for manufacturing and building has resulted in a variety of health issues, including skin rashes, irritation in the eyes and stomach, and pain in the throat and lungs. As small glass fibers can reach the lower sections of internal organs, including the stomach, lungs, and skin, manufacturers and constructors continue to be concerned about the danger of unwanted health impacts. The global fiberglass (glass fiber) market is expected to suffer difficulties over the forecast period due to the aforementioned negative consequences of glass fiber.

Opportunities : Increasing demand for fiberglass composite materials for the wind energy sector

For new players in the market, the need for renewable energy in the form of wind turbines represents a significant opportunity. Glass fiber has proven to be one of the most versatile composite materials available. The capacity to mould glass fiber into intricate geometries allows the blade producer to come up with a variety of solutions for any given challenge. When compared to other commonly used composite materials like carbon or aramid fibers, glass fibers are a very cost-effective material to utilize. This is one of the main reasons for the extensive use of glass fiber.

The worldwide capacity for fossil fuels is dwindling. As a result, increasing the usage of renewable energy sources is critical. One of the most important renewable energy sources is wind energy. The fiberglass market is being driven by the growing need for wind energy. In wind turbines, fiberglass composites are utilized to strengthen the blades and give high fatigue and corrosion resistance. Surging instalments of wind capacity across the world is creating a lucrative growth opportunity for the market in the forecast period.

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Scope of the Global Glass Fiber Market

The study categorizes the glass fiber market based on glass type, product type, and application area at the regional and global levels.

By Glass Type Outlook ( Sales, USD Million, 2019-2033 )
  • E-glass
  • ECR-Glass
  • H-Glass
  • AR-glass
  • S-Glass
  • Others
By Product Type Outlook ( Sales, USD Million, 2019-2033 )
  • Glass Wool
  • Direct and Assembled Roving
  • Chopped Strand
  • Yarn
  • Others
By Application Outlook ( Sales, USD Million, 2019-2033 )
  • Composites
  • Insulation
By Region Outlook ( Sales, USD Million, 2019-2033 )
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • France
    • UK
    • Spain
    • Poland
    • Russia
    • The Netherlands
    • Norway
    • Czech Republic
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Malaysia
    • Thailand
    • Singapore
    • Australia & New Zealand
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Northern Africa
    • Rest of MEA
The e-Glass segment accounts for the largest market share by glass type

Based on the glass type, the market is divided into E-Glass, ECR-Glass, H-Glass, AR-glass, S-Glass and Others. The e-glass segment is expected to dominate the market share in 2022 in the global glass fiber market. Electrical glass is another name for e-glass. E-glass is made from magnesium, silicon, calcium, aluminum, and boron oxides. E-glass products are extremely resistant to abrasion and vibration and have high flexibility. This lightweight woven plastic fabric is frequently utilized in maritime, industrial, and aerospace applications. E-glass fabric is the industry standard and provides an excellent cost-performance balance. Throughout the forecast period, the market is likely to be driven by the increasing adoption of environmentally friendly boron-free fiber.

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Asia Pacific is expected to witness the largest market share by Region

Based on the regions, the global glass fiber market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. Asia Pacific is projected to account for the highest market share in 2022. Increasing building demand in emerging nations like India, Indonesia, and Thailand is expected to drive the market. The product's application in electrical and thermal insulation is expected to enhance the Region's market, along with growing industrialization and government investment in a building. Moreover, the increased emphasis on emission control legislation, as well as the growing demand for environmentally friendly products, have resulted in scientific developments in the field of composites. The replacement of conventional materials, such as steel and aluminum, with fiberglass is contributing to the growth of the fiberglass market in the Asia Pacific. Furthermore, increased demand for fiberglass from industries such as construction, transportation, automotive, and electronics is likely to fuel the Region's fiberglass market expansion.

Competitive Landscape: Global Glass Fiber Market

The glass fiber market is a significant competitor, and extremely cutthroat in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.

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Major key players in the global glass fiber market are:
  • lanxess
  • owens corning
  • 3B – The Fiberglass Comp
  • Shandong Fiberglass Group Corp
  • Nippon Electric Glass Co., Ltd
  • Taishan Fiberglass Inc. (CTG)
  • Chongqing Polycomp International Corp.
  • johns manville
  • Saint-Gobain Vetrotex
  • China Jushi Co., Ltd.
  • Taiwan Glass Industry Corporation
  • PFG Fiber Glass Corporation
  • Asahi Fiber Glass Co., Ltd.
  • Knauf Insulation

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