Glass Fiber Market - Growth, Demand, Trends, Analysis and Global Forecast 2024
The problem of population explosion has worked in the favor of the global glass fiber market, by creating an unprecedented demand for its products in various sectors. From the automotive to the building and construction sector, the need for glass fiber for various purposes is an undeniable one.
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Transparency Market Research states that the opportunity in the global glass fiber will be worth US$17.44 bn by 2024 from US$8.50 bn in 2014 as the market promises to expand at a CAGR of 7.5% between 2016 and 2024. The wide range of application of glass fiber is primarily due to its unique characteristics such as low weight, excellent resistance, and high strength.
The E-glass fiber has been integral to defining the success of the global glass fiber market. This product has is being largely preferred due to its incredible tensile strength, budget-friendliness, and modulus. The global glass fiber market will largely be driven by the building and construction sector as the exceeding population in certain areas of the world such as Asia Pacific has created a demand for residential buildings. The building and construction application segment is anticipated to rise at a 7.6% CAGR in the forecast period. In the coming years, glass fiber will be used for making furniture and fixtures, pipes, water storage tanks, and wall panels for this sector.
Advent of Alternative Materials Creates Hurdles for Glass Fiber Manufacturers
However, this market does face a few challenges such as the increasing demand for carbon fiber that is known to have better mechanical characteristics. Not only does this material have better strength, but is also lighter than glass fiber. Citing these reasons, carbon fiber is being widely used in areas of transportation, construction, sports and leisure equipment, and wind energy.
Amongst all the application segments, the wind turbine segment is poised to prosper. This trend will continue all throughout forecast period as the word reels under the pressure of global warming. The pursuance of sustainable renewable solutions will propel the demand for glass fibers, which are largely used in making wind turbines. The increasing number of wind turbine installations are also set to accelerate the demand for glass fibers. The mandatory energy regulations will also contribute towards the growth of this application segment in the overall market.
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Asia Pacific Retained Leadership in 2014
Asia Pacific held a significant share in the glass fibers market, accounting for nearly 48% of the overall market in 2014. This share was attributable to the monumental population base that is the undercurrent for the budding building as construction sector as well. The steady stance of this regional market will continue to grow as emerging economies of China and India become the big exporters of glass fiber during the forecast period.
The competitive landscape of the global glass fiber market is consolidated in nature. The top operating players in this market are CHONGQING POLYCOMP INTERNATIONAL CORP, AGY Holding Corp, Jushi Group, Saint-Gobain Vetrotex, Johns Manville, Nippon Electric Glass Co., Ltd, Jiangsu Jiuding New Material Co. Ltd, Taishan Fiberglass, Inc., and Owens Corning, and PPG Industries, Inc. amongst others. Establishing strong export and distribution channels in the international markets will open up bright opportunities for this market. Furthermore, increasing investments in research and development will help these companies improve their product quality, thereby creating a possibility of a niche market in the near future.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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