Chopped Strand Market is Forecasted to Reach US$ 2.1 billion in 2030, Says Stratview Research

The global chopped strand market is projected to witness a growth rate of 3.9% annually from 2024 to 2030, with an anticipated size of US$ 2.1 billion by 2030, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global chopped strand market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/3803/chopped-strand-market.html#form

Report Highlights:
Market Size in 2030: US$ 2.1 billion
Growth (CAGR): 3.9% during 2024-2030
Forecast Period: 2024-2030
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 5
Number of Tables & Graphs: 100+

Segment Insights on the Chopped Strand Market:
The global chopped strand market is segmented based on end-use industry type, product type, resin type, process type, and region.

Based on end-use industry type - The market is segmented into transportation, construction, consumer goods, electrical & electronics, and others. Transportation is expected to remain dominant, whereas construction is likely to remain the fastest-growing end-use market during the forecast period.
Glass fiber chopped strands are widely favored due to their attributes, such as lightweight, corrosion resistance, and superior mechanical properties compared to traditional materials. The automotive industry, striving for lightweight and fuel-efficient vehicles, is one of the significant growth drivers propelling the market forward.The automotive industry had three years of serious disruption, with the COVID crisis from 2020-2021, the semiconductor crisis from 2021-22, and the Ukraine war contributing to rising energy costs and high inflation. All these factors combined profoundly shook up the automotive supply chain.
However, there seems to be light appearing at the end of the tunnel. The global light vehicle volumes have only just recovered to pre-pandemic levels, from 89 million units in 2019 to 90 million units in 2023. And recovery, though slow is discernible.
Similarly, the upsurge in the construction sector, with its ongoing quest for durable and robust materials, plays a pivotal role in the consumption of glass fiber chopped strands.

Based on the resin type - The market is segmented into polypropylene (PP), polyamide (PA), polybutylene terephthalate (PBT), polyphenylene sulfide (PPS), polycarbonate (PC), polyester, and others. Polyamide is expected to remain the preferred resin for chopped strands during the forecast period. The majority of chopped strands are going in the form of short-fiber thermoplastics where a wide array of thermoplastics are used such as PP, PA, PBT, PPS, and PC. PA remains one of the most widely used resin systems in SFT, the sole reason for its dominance in the chopped strand business. Polyester and phenolic are the major resin systems for chopped strands going into BMC applications.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/3803/chopped-strand-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is likely to remain at the forefront, offering a pool of opportunities in the coming years, mainly fueled by China and India. This growth outlook is majorly attributed to the following-
- Different regions exhibit diverse market dynamics due to varying industrial development, technological advancements, and economic factors.
- Asia-Pacific, for instance, has emerged as a dominant region due to the booming construction industry and the presence of major automotive manufacturers.
- For the 14th consecutive year (2023), China dominated global motor vehicle production by manufacturing over 30.16 million vehicles. In terms of the construction industry, China accounts for almost 30% of global construction activity.
- India surged ahead to become the fourth-largest auto market for light vehicles.

Chopped Strand Market Drivers:

Some of the key drivers listed in the report are given below.
- Rising demand for lightweight, durable composite materials in automotive, construction, and other industries.
- Growth in wind energy installations and infrastructure development further boosts demand.

Top Companies in the Chopped Strand Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• China Jushi CO. Ltd.
• Owens Corning
• Taishan Fibreglass Inc.
• Nippon Electric Glass Co. Ltd.
• Chongqing Polycomp International Corp (CPIC)
• 3B-Fibreglass
• Johns Manville
• Taiwan Glass Group
• Saint Gobain S.A.

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the Chopped Strand Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

400 Renaissance Center, Suite 2600,
Detroit, Michigan, MI 48243
United States of America

Website: www.stratviewresearch.com
Mail Us: sales@stratviewresearch.com
Press: media@stratviewresearch.com

Call Us: +13133074176

Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.