At 6.60% Global CAGR of Glass Fiber Market Size Worth USD 25232.22281 Million by 2028: Zion Market Research
NEW YORK, May 2, 2022 /PRNewswire/ -- As per Zion Market Research study, The global Glass Fiber market was worth around USD 17,195.40 million in 2021 and is estimated to grow to about USD 25232.22281 million by 2028, with a compound annual growth rate (CAGR) of approximately 6.60 percent over the forecast period. The report analyzes the digital remittance market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.
Key Industry Insights & Finding of the Glass Fiber Market Reports:
- As per the analysis shared by our research analyst, the Glass Fiber Market is expected to grow annually at a CAGR of around 6.60% (2022-2028).
- Through the primary research, it was established that the Glass Fiber Market was valued approximately USD 17,195.40 Million in 2021 and is projected to reach to roughly USD 25232.22 Million by 2028.
- North American demand for fiberglass accounts for the largest share.
- APAC is predicted to be the fastest-growing market for glass fibers.
Zion Market Research published the latest report titled as "Glass Fiber Market By Type (Glass, Carbon, Aramid, Ultra-High Molecular Weight Polyethylene (UHMWPE) Fibers, Polyphenylene Sulfide (PPS) Fibers And Other Fibers), By Application (Composite And Non-Composite), By End Use (Aerospace & Defense, Wind Energy, Transportation, Construction & Infrastructure, Marine, Pipe & Tank, Electrical & Electronics, Protective Clothing And Others) And By Region – Global Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data And Forecasts 2022 – 2028." into their research database.
Glass Fiber Market: Overview
Glass fibers are one of the most versatile industrial materials, consisting of numerous extremely fine glass fibers. Glass fibers are used as polymer reinforcement in a variety of industries, including aerospace, automotive, marine, sporting and leisure goods, and construction and civil engineering. During the next five years, glass fibers are expected to dominate the overall market in terms of volume and value. Because of their low cost and superior physical and mechanical properties such as strength, durability, flexibility, stability, and lightweight, glass fibers are in high demand. E-glass fibers are commonly used in the wind energy, pipes and tanks, electrical and electronics, and construction and infrastructure industries. High strength glass, such as R, S, S-2, and advances, is used in the aerospace and defense, automotive and transportation, and wind energy industries, among others.
The automotive and transportation industries have witnessed a significant increase in demand for fiberglass panels, fiberglass resin, and fiberglass epoxy. The demand for these composite materials is driven by their ability to make vehicle structures lower in weight while maintaining strength. The growing popularity of electric vehicles has raised the need to make vehicles lighter, which is likely to drive demand for fiberglass materials.
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- Zion Market Research methodology
Industry Dynamics:
Glass Fiber Market: Growth Dynamics
Drivers
- In the renewable energy sector, there is a growing demand for advanced materials.
- Automobile, aerospace, and marine industries are all in high demand.
- Optical Fiber Cables and Electronics are in High Demand.
Restraint
- High production costs
- Recycling issues
- A lack of R&D funding for specialty synthetic fibers
Opportunity
- Glass Fiber Pipes are in high demand in emerging economies.
- In the Middle East and North Africa, there is a growing need for glass fibers in the construction and infrastructure industries.
Challenge
- Developing Low-Cost fibers.
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Recent Developments
- In July 2019, Teijin and AEV Robotics (Australia) have agreed to collaborate on lightweight automobile solutions for future transportation. Teijin's high-performance carbon and aramid fibers would be used in these automobile solutions.
- In June 2020, Valmiera's production facility in Dublin, GA was recently purchased by Vetrotex. The company's footprint in America will be strengthened as a result of this investment.
Global Glass Fiber Market: Segmentation
- The global Glass Fiber market is segregated based on Type, Application and End use.
By end use, the market is classified into Aerospace & defense, Wind Energy, Transportation, Construction & Infrastructure, Marine, Pipe & Tank, Electrical & Electronics, Protective Clothing and Others. This category had a significant share in 2021 and is expected to maintain its dominance throughout the forecast period. Wind energy is expected to have the biggest share in terms of volume during the projection period. In the production of wind turbine blades, nacelles, and hubs, glass and specialty synthetic fibers are in high demand. Many businesses are investing in the development of composite materials for the wind energy industry.
By application, the market is divided into composites and non-composites. Composites accounted for the highest share of the market and are expected to increase rapidly over the forecast period. Composites are multiphase materials that have been synthesized artificially in order to achieve a favorable mix of materials. Composites are typically materials made up of high-strength fibers with a high modulus inserted in or bonded to a matrix with different interfaces.
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List of Key Players of Glass Fiber Market:
- Owens Corning (US)
- Toray Industries Inc. (Japan)
- Teijin Limited (Japan)
- Mitsubishi Chemical Holdings Corporation (Japan)
- Hexcel Corporation (US)
- SGL Group (Germany)
- Nippon Electrical Glass Co. Ltd. (Japan)
- DSM (Netherland)
- Honeywell international Inc. (US)
- Jushi Group Co.Ltd. (China).
Key questions answered in this report:
- What are the growth rate forecast and market size for Glass Fiber Market?
- What are the key driving factors propelling the Glass Fiber Market forward?
- What are the most important companies in the Glass Fiber Market Industry?
- What segments does the Glass Fiber Market cover?
- How can I receive a free copy of the Glass Fiber Market sample report and company profiles?
Report Scope:
Free Brochure: https://www.zionmarketresearch.com/requestbrochure/glass-fiber-market
Regional Dominance:
- Asia Pacific market for healthcare IT outsourcing's growth prospects in the coming years.
North American demand for fiberglass accounts for the largest share. Increased investment in the construction and building industries is expected to drive North American fiberglass consumption.
In the global glass Fiber market, Asia Pacific accounted for the greatest proportion. In the future years, APAC is predicted to be the fastest-growing market for glass fibers. The need for glass Fiber has increased significantly in the region as a result of the expansion of the transportation, construction, electrical and electronics, aerospace, and other industries. Glass fibers are used extensively in the construction industry. The need for advanced glass fibers is being driven by rapid infrastructure development in emerging economies such as India and China.
Global Glass Fiber Market is segmented as follows:
Glass Fiber Market: By Fiber Type Outlook (2022-2028)
- Glass
- Carbon
- Aramid
- Ultra-High Molecular Weight Polyethylene (UHMWPE) Fibers
- Polyphenylene Sulfide (PPS) Fibers
- Other Fibers
Glass Fiber Market: By End-use industry Outlook (2022-2028)
- Aerospace & defense
- Wind Energy
- Transportation
- Construction & Infrastructure
- Marine
- Pipe & Tank
- Electrical & Electronics
- Protective Clothing
- Others
Glass Fiber Market: By Application Outlook (2022-2028)
- Composite
- Non-Composite
Glass Fiber Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Press Release For Glass Fiber Market: https://www.zionmarketresearch.com/news/global-glass-fibre-market
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- Microcrystalline Cellulose Market - Global Industry Analysis: The global microcrystalline cellulose market is likely to grow from $570.1 million in 2021 to $818.2 million by the end of 2028. It is likely to exhibit exponential growth with a healthy CAGR of 4.8% during the forecast period.
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