The report “Global Glass Fiber Market – Size, Trends and Forecasts (2018 – 2024)"
The Global glass fibre market is estimated to grow to USD 17.4 Billion in 2024 from USD 9.4 Billion in 2017 with CAGR of 7.6% during forecast period (2018-2024). In the construction industries, the usage of glass fibres is high so the market is extensively high in this sector.
The glass fibres are also used in automotive industries for improving the quality and to increase the number of wind turbine installations.
Chopped strand is estimated to be the fastest-growing type segment in the global glass fibre market during the forecast period
In the automotive and construction applications, Chopped strands are glass fibre strands used to provide reinforcements.
Chopped strands used together with polyester resign produce strong, stiff, robust material and tough laminates and hence are used in boats, water tanks and many industrial applications. These can be mixed with resign to produce reinforcing gap fillers in construction type activities.
Chopped strand are also capable for hand lay-up process using thermo set resin in chemical industries, automobiles.,. Growing automotive production in the Asia Pacific and Europe is expected to grow the demand in the chopped strand type segment market.
Composites are the fastest growing application segment in the global glass fibre market during the forecast period.
Composites are having fastest growing applications during the forecast period. This material is less brittle and far cheaper.
The strength to weight ratio of glass fibre is higher than aluminium and steel. The reduction in weight for a given level of strength makes the use of glass fibre in automotive industry.
The glass fibre applications market for the automotive industry is in a beginning stage with the key drivers being low cost and processing time. A number of glass fibre producers and car manufacturers are entering into the mass production of glass fibre rich automotive parts.
Features like weight reduction, increasing efficiency of the vehicle, increased processing speed, and low volatile organic compounds (VOC) emissions are driving the glass fibre market in automotive applications. Glass fibre allows automotive manufacturers to produce structural components that may replace conventional metal components.
Automotive applications also include bumper beams, exterior panels, interiors of cars and trains and under hood applications in automobiles. However, the drawbacks are low margin profit on sales and growing competition of rock wool and carbon fibre.
Asia Pacific region is expected to hold the largest market for glass fibre in 2024
The Asia Pacific is estimated to be the largest market for glass fibre in 2024 as the cost of glass fibres in Asia Pacific are comparatively low and the demand for glass fibre composites are high due to the manufacturing of lightweight vehicles and hence is expected to raise the Asia Pacific glass fibre market. Europe is estimated to be the second largest market in 2024, due to the increase in demand from the fast growing marine, aerospace, transportation, defence and wind energy applications.
The increasing demand for glass fibre composites to manufacture light weight vehicles is expected to grow the glass fibre market.
The vital players in the global glass fibre market are
Chongqing Polycomp International Corp. (China),China Jushi Co. Ltd (China), PPG Industries, Inc.
(US), Taishan Fiberglass INC. (China), Nippon Electric Glass Co., Ltd. (Japan), Binani 3B-The Fibreglass Company (India), and Johns Manville Corp.
(US), Owens Corning (US) among others.
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• Competitive Analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors.
• Monitoring the external and internal factors which affect the market dynamics with the aid of PESTLE analysis.
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• Year on Year basis generation of revenue is studied.
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