Zion Market Research has published a new report titled “Glass Fiber Market by Product Type (Multi-End Roving, Single-End Roving, CSM, Woven Roving, CFM, Fabrics, CS, DUCS, and Others), by Manufacturing Process (Spray Up, Hand Lay-Up, Pultrusion, Prepreg Lay Up, Injection Molding, Resin Infusion, Compression Molding, and Others) by Application (Transportation, Marine, Pipe & Tank, Construction, Aerospace, Electrical & Electronics, Wind Energy, Consumer Goods, and Other Applications) – Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, the global glass fiber market was valued at USD 10.47 billion in 2017 and is expected to reach USD 17.04 billion in 2024. The market is anticipated to grow at a CAGR of 7.2% between 2018 and 2024.
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Glass fiber is the fiber that is widely used in several applications such as transportation, aerospace, marine, wind energy, consumer goods, and others. Basically, glass fiber is made from numerous fine fiber strands and is also known as fiberglass. Due to its versatile properties such as lightweight, fire-resistant, weather-resistant, and corrosion resistant, it is widely used in the electronics and construction industries. Globally, the construction industry is increasing which is expected to boost the demand for the global glass fiber market. Presently, glass fiber has been prolifically used in the fields of commercial structures, homebuilding, and infrastructure construction. Additionally, it is also used in the composite material, roofing laminate, and even in structural support in structures.
The global glass fiber market is expected to grow at the fastest pace during the forecast period, attributed to increasing construction and automotive industry. In the construction industry, glass fiber is used to manufacture components such as facade panels, roofing laminate, and various other building components. Moreover, due to the low signal attenuation and RF permeability properties of glass fiber, it is widely used in the telecommunications industry for shrouding antennas. However, increasing demand for carbon fiber in several applications is replacing glass fiber, which is expected to impel the demand for glass fiber in the forecast period. Additionally, the fluctuating prices of the product may hinder the market in the upcoming years. Furthermore, increasing usage of glass fiber in power generation is anticipated to spur the demand for the glass fiber market in the forecast period.
The global glass fiber market can be segmented on the basis of type, manufacturing process, application, and regions. On the basis of product type, the global market is segregated into woven roving, single-end roving, multi-end roving, CSM, CFM, CS, DUCS, fabrics, and others. Amongst all the types of glass fiber, multi-end roving is the largest used glass fiber which has contributed the highest market share in 2017. On the basis of the manufacturing process, the glass fiber market is classified into spray up, hand lay-up, pultrusion, prepreg lay-up, injection molding, resin infusion, compression molding, and others. Injection molding is anticipated to grow at the fastest pace in the forecast period, followed by pultrusion process. Moreover, the increasing usage of glass fibers in several end-use industries is expected to boost the demand for the global glass fiber market. Furthermore, the global glass fiber market is segmented on the basis of applications such as transportation, construction, marine, aerospace, pipe & tank, electrical & electronics, wind energy, consumer goods, and other applications. Due to the versatile properties of glass fiber, it is widely used in construction and automotive industries for several purposes. With the growing population, the demand for construction is expected to increase which, in turn, is projected to boost the demand for glass fiber market globally.
The Asia Pacific emerged as the largest market for glass fiber followed by Europe and North America. Economies such as Japan, China, and Japan within the Asia Pacific are expected to contribute the largest share in the global glass fiber market within the forecast period. The Asia Pacific is expected to boost the demand for glass fiber owing to the growth of the automotive and construction industry. Moreover, Europe and North America have immense potential due to the rising automotive and aerospace industries in the region. Thus, this is expected to propel the product demand over the forecast period. Latin America is expected to show sluggish growth rate over the forecast period. The Middle East & Africa is projected to grow substantially in near the future with rising demand for consumer goods.
The glass fiber market consists of a large number of players. Companies operating in this market are such as BGF Industries, Advanced Glassfiber Yarns LLC, Johns Manville, Nitto Boseki Co. Ltd., Jushi Group Co. Ltd., Chomarat Group, Asahi Glass Company Limited, Owens Corning, and Saint-Gobain Vetrotex, among others.
The report segments the global glass fiber market as:
Global Glass Fiber Market: Product Type Analysis
- Multi-End Roving
- Single-End Roving
- Woven Roving
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Global Glass Fiber Market: Manufacturing Process Analysis
- Hand Lay-Up
- Prepreg Lay Up
- Injection Molding
- Resin Infusion
- Compression Molding
Global Glass Fiber Market: Application Analysis
- Pipe & Tank
- Electrical & Electronics
- Wind Energy
- Consumer Goods
Global Glass Fiber Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa