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The glass fiber market size is forecast to increase by USD 4.34 billion at a CAGR of 5.2% between 2023 and 2028. The market is experiencing significant growth due to the increasing demand for lightweight and durable materials in various industries. In construction, glass fibers are increasingly being used in doors and window frames due to their strength and insulation properties. Fiberglass composites, including those reinforced with carbon fiber, are also gaining popularity in the production of decking and other building materials. Moreover, the wind energy sector is a major contributor to the market's growth. Glass fiber-reinforced polymers are used extensively in wind turbine blades, making them a crucial component in the renewable energy sector. However, the availability of substitutes such as metal and concrete can pose a challenge to market growth. Additionally, Rockwool, a leading manufacturer of stone wool insulation, is also utilizing glass fibers in its products to offer lightweight and insulating solutions.
The market is a significant sector within the materials industry, characterized by its extensive applications in various industries. This market encompasses a range of products, including fibers, resins, composite materials, glass wool, chopped strand, yarn, and glass fiber mats and cloths. Composite materials, derived from the combination of glass fibers and resins, exhibit remarkable strength and lightweight properties. These materials are widely used in diverse industries, such as automotive and aerospace sectors, to enhance fuel efficiency and reduce weight. In the automotive sector, fiberglass composites are employed for manufacturing body panels, hoods, and other components, while in the aerospace sector, they are used for producing lightweight and durable structures for aircraft.
Moreover, the market finds extensive applications in the construction sector, where fiberglass composites are used for reinforcing concrete, producing insulation materials like glass wool, and manufacturing various components, such as girders, railings, doors, window frames, and decking. The use of glass fiber composites in construction provides benefits like improved durability, corrosion resistance, and reduced maintenance requirements. The market also caters to the energy sector, particularly wind energy. Fiberglass composites are extensively used in the production of wind turbine blades due to their high strength-to-weight ratio and resistance to harsh environmental conditions. Glass fibers are also used in various industries for insulation purposes, such as in the production of rockwool, a type of mineral wool insulation.
In conclusion, The market is a dynamic and evolving sector, driven by the increasing demand for lightweight and durable materials across various industries. The market offers significant growth opportunities for manufacturers and suppliers of glass fibers, composite materials, and related products.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The composites segment is estimated to witness significant growth during the forecast period. Glass fiber composites, also known as Fiber-Reinforced Polymer (FRP) composites, are produced by embedding reinforcing materials, such as glass fibers, into a polymer matrix. The primary industries utilizing glass fiber composites include transportation, construction, and pipe and tank sectors. The growth of the composites segment in The market is attributed to the expansion of residential and commercial development, the ongoing growth of oil and gas operations and water/wastewater infrastructure, and the increasing demand for lightweight cars. The automotive industry's significant presence worldwide is the primary driver for the composites segment's anticipated growth during the forecast period. Glass fiber composites offer superior strength and lightweight properties, making them an ideal choice for various applications in these industries.
Furthermore, in the transportation sector, glass fiber composites are extensively used in the production of automotive parts due to their ability to reduce vehicle weight, enhance fuel efficiency, and improve overall performance. In the construction industry, glass fiber composites are used to reinforce concrete structures, providing them with increased strength and durability. Similarly, in the pipe and tank sectors, glass fiber composites are employed to manufacture pipes and tanks for transporting hazardous and non-hazardous materials due to their resistance to corrosion and high tensile strength. In summary, The market's composites segment is poised for growth, driven by the automotive industry's strong presence and the increasing demand for lightweight and durable materials in various industries.
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The composites segment was valued at USD 8.79 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 59% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in the Asia Pacific (APAC) region is experiencing significant growth due to the increasing demand for glass fibers in various industries, including construction, transportation, consumer electronics, wind farms, and solar installations. The construction sector in APAC is witnessing a rise in activity as a result of rising per capita income, leading to a heightened demand for glass fibers. Key contributors to market revenue in this region are countries such as China, India, and Japan, where the construction industry is thriving. Additionally, the automotive and aerospace sectors in APAC are experiencing growth, driving the demand for lightweight materials like glass fiber composites.
Furthermore, automakers are incorporating these materials to enhance fuel efficiency and reduce carbon emissions, in response to environmental concerns and regulatory requirements. In the energy sector, glass fibers are utilized as insulation materials in wind turbine nacelles and as cable reinforcements in wind farms and solar installations. The petrochemical industry also uses glass fibers as reinforcements in various applications.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing demand for glass fibers in construction is the key driver of the market. The construction industry in countries like China, India, and Japan is experiencing a boom due to advancements in infrastructure development. Glass fibers have gained prominence in this sector, particularly in applications such as power generation, architectural elements, and structural components.
Furthermore, glass Fiber Reinforced Concrete (GFRC), a composite material made of sand, hydrated cement, and glass fibers, is increasingly used for building facades, channels, and piping. Its high tensile, flexural, and compressive strength, coupled with its lightweight and anti-corrosive properties, make it a preferred choice over traditional materials like steel. GFRC is 75% lighter and twice as strong as steel, offering numerous benefits for construction projects. These advantages have led to its widespread use in various applications, including domes, bridges, decks, girders, railings, and power generation equipment. GFRC's versatility and durability make it an excellent investment for infrastructure projects, ensuring long-term cost savings and sustainability.
Rising preference for lightweight materials is the upcoming trend in the market. The global market for glass fibers has experienced significant growth due to the increasing demand for lightweight materials in various industries, including construction, automotive, and wind energy. Manufacturers are continually seeking innovative designs and materials to increase their market shares and gain a competitive edge. Glass fibers, with their lightweight properties and impressive strength, have emerged as a popular alternative to steel and aluminum in automobiles and wind turbines.
Furthermore, these materials offer numerous benefits, such as high strength-to-weight ratios and significant weight reduction potential at a relatively low cost. In the automotive sector, glass fibers are approximately 60% lighter than steel, making them an attractive choice for manufacturers looking to reduce greenhouse emissions and improve fuel efficiency. Furthermore, The wind energy industry also benefits from the use of glass fibers in the production of wind turbine blades, which results in lighter, stronger, and more durable components.
Availability of substitutes is a key challenge affecting the market growth. The market faces competition from alternatives like carbon fiber, basalt fiber, and natural fiber. These substitutes are utilized in various sectors such as construction, automotive, wind energy, consumer goods, and industries. In comparison to glass fiber, carbon fiber boasts advantages such as lightweight property, superior tensile strength, rigidity, and density. As a result, it is extensively employed in manufacturing composites for applications in construction, industrial automation, robotics, marine and aircraft interiors, electronics enclosures, and automotive components.
Furthermore, Basalt fiber and natural fiber are also popular choices in construction, automotive, and other industries due to their unique properties. Carbon fiber composites are gaining traction in the market due to their high performance and versatility. The market's growth is influenced by factors such as increasing demand from end-use industries, technological advancements, and government regulations.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Ahlstrom Munksjo - The market caters to the demand for glass fibers utilized in flooring, construction, and transportation industries.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to the increasing demand for composite materials in various industries. Glass fibers, available in forms such as fibers, mats, cloth, and yarn, are the primary component of composite materials. These materials offer high strength-to-weight ratio, making them ideal for use in automotive and aerospace sectors. In the automotive industry, glass fibers are used to manufacture lightweight components, such as body panels and structural supports, which enhance fuel efficiency and reduce emissions. In the aerospace sector, fiberglass composites are used to produce parts for aircraft, including wings, fuselages, and engine components, due to their superior strength and corrosion resistance.
Moreover, glass fibers find extensive applications in the construction sector, particularly in insulation materials, filtration media, and reinforcements. In the concrete industry, glass fibers are used as reinforcements to improve the strength and durability of structures. In the consumer electronics industry, glass fibers are used in the production of flame retardants, wiring harnesses, gaskets, and interior materials. Optical fibers, protected by safety codes, are commonly used in cables and connectors for high-speed data transmission, while decorative features and Glass Fiber Reinforced materials enhance their durability and aesthetic appeal in various applications. The recycling of glass fibers and the development of recycling infrastructure are key trends in the market. The use of glass fibers in wind energy, particularly in wind turbine nacelles and blades, is also driving market growth. The petrochemical industry and power generation sectors are other significant end-users of glass fibers.
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Market Scope |
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Report Coverage |
Details |
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Page number |
177 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.2% |
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Market growth 2024-2028 |
USD 4.34 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.9 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 59% |
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Key countries |
China, US, Germany, India, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
3B the fiberglass Co., AGY Holding Corp., Ahlstrom, CertainTeed, China Beihai Fiberglass Co. Ltd., China Jushi Co. Ltd., Chongqing Polycomp International Corp., Compagnie de Saint-Gobain S.A., Excel Glass Fiber industries P Ltd., Fiber Tech Industries Inc., Lanxess AG, Nippon Electric Glass Co. Ltd., Nitto Boseki Co. Ltd., Owens Corning, Revex Plasticisers Pvt Ltd., Taishan Fiberglass Inc., Taiwan Glass Ind. Corp., and Thinh Phat Fiber Fiber Co. Ltd. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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