Glass Fiber Market - Growth, Trends, and Forecast (2019 - 2024)

The Glass Fiber Market is Segmented by Resin Type (Glass wool, Roving, and Yarns), by Application (Composites and Insulation), by End-user Industry (Building and Construction, Automotive, Aerospace and Defense, Alternative Energy, Consumer Goods, Industrial, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East & Africa).

Market Snapshot

Glass Fiber - Market Summary
Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

Key Players:

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Market Overview

The market for glass fiber is expected to witness a CAGR of over 4% during the forecast period of 2019-2024. One of the major factors driving the market is the increasing demand from the construction Industry. However, competition from carbon fiber and rockwool is likely to restrain the market.

  • Increasing demand for fiberglass composites from the automotive industry is also likely to boost the market growth during the forecast period.
  • Growth in the usage of lightweight glass fiber reinforced plastic (GFRP) composites is likely to act as an opportunity for market growth in the future.
  • Asia-Pacific dominated the glass fiber market across the world in 2018 and is likely to dominate the market during the forecast period.

Scope of the Report

The glass fiber market report includes:

Resin Type
Glass Wool
Roving
Yarn
Application
Composites
Insulation
End-user Industry
Buildings and Construction
Automotive
Aerospace and Defense
Alternative Energy
Consumer Goods
Industrial
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa (MEA)

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Key Market Trends

Automotive Industry to Witness the Highest Growth Rate

  • Glass fiber is extensively used in the automotive industry to meet the demand for lightweight materials for vehicles. Fiber yarns are used in applications, such as drive belts, clutch discs, and brake pads due to their high tensile strength and temperature resistance.
  • The high strength-to-weight ratio and endless customization ability have made glass fiber a widely popular material for use in the automotive industry.
  • It is widely used in the automotive industry, due to the ability to be molded in any shape and size (especially glass fiber modified polymer), offering both creative and structural benefit in manufacturing automotive parts.
  • Currently, automakers have been majorly focusing on reducing the weight of vehicles in order to improve the efficiency, thus, increasing the use of these materials.
  • Due to the increasing environmental concerns, various governments, worldwide, have been taking initiatives to promote the usage of electric and hybrid vehicles to curb harmful emissions.
  • Such initiatives of governments and automakers are expected to increase the automotive production in the next five years considerably.
  • Hence, owing to the above-mentioned reasons, the automotive industry is likely to witness the highest growth rate during the forecast period.
Glass Fiber - Segmentation

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Asia-Pacific to Dominate the Market

  • Asia-Pacific is expected to dominate the market for glass fiber during the forecast period.

  • The electronics industry is expected to witness major growth in the region, as China is one of the biggest global manufacturers, followed by South Korea and Japan.

  • In addition to this, the construction sector is also on its growth path in these countries owing to major upcoming construction projects in the region.

  • Thus, the growing construction industry, especially the commercial building sector, is increasing the demand for glass fiber and is expected to drive the market during the forecast period.

  • In India, the automotive industry is expanding rapidly in the country with higher demand and an increase in income level of consumers. Also, the demand for light vehicles has increased with awareness about fuel efficiency and environmental benefits. With the rapid increase in manufacturing capacities in the country, the consumption of glass fiber is also expected to increase during the forecast period.

  • Hence, owing to the aforementioned reasons, Asia-Pacific is likely to dominate the market during the forecast period.

Glass Fiber Market - Regional Trends

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Competitive Landscape

The market for glass fiber is consolidated among the top players, with the top five players accounting for a major chunk of the market. The major companies of the market include Jushi Group Corporation, Owens Corning, Saint-Gobain Vetrotex, and Nippon Electric Glass Co. Ltd.

Major Players

  1. Jushi Group Corporation
  2. Owens Corning
  3. Saint-Gobain Vetrotex
  4. Nippon Electric Glass Co. Ltd.

* Complete list of players covered available in the table of contents below

Glass Fiber - Market Concentration

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 High Demand from the Construction Industry

      2. 4.1.2 Increasing Demand for Fiberglass Composites from the Automotive Industry

    2. 4.2 Restraints

      1. 4.2.1 Low Profit Margin on Sales

      2. 4.2.2 Competition from Carbon Fiber and Rockwool

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Policies and Regulations

    6. 4.6 Technological Snapshot

  5. 5. MARKET SEGMENTATION

    1. 5.1 Resin Type

      1. 5.1.1 Glass Wool

      2. 5.1.2 Roving

      3. 5.1.3 Yarn

    2. 5.2 Application

      1. 5.2.1 Composites

      2. 5.2.2 Insulation

    3. 5.3 End-user Industry

      1. 5.3.1 Buildings and Construction

      2. 5.3.2 Automotive

      3. 5.3.3 Aerospace and Defense

      4. 5.3.4 Alternative Energy

      5. 5.3.5 Consumer Goods

      6. 5.3.6 Industrial

      7. 5.3.7 Other End-user Industries

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 ASEAN Countries

        6. 5.4.1.6 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 France

        3. 5.4.3.3 United Kingdom

        4. 5.4.3.4 Italy

        5. 5.4.3.5 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle East & Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle East & Africa (MEA)

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 AGY

      2. 6.4.2 ASAHI FIBER GLASS Co. Ltd

      3. 6.4.3 Braj Binani Group

      4. 6.4.4 Chongqing Polycomp International Corp. (CPIC)

      5. 6.4.5 GUARDIAN INDUSTRIES

      6. 6.4.6 Johns Manville

      7. 6.4.7 Jushi Group Co. Ltd

      8. 6.4.8 Nippon Electric Glass Co. Ltd

      9. 6.4.9 Owens Corning

      10. 6.4.10 PFG FIBER GLASS CORPORATION

      11. 6.4.11 Saint-Gobain Vetrotex

      12. 6.4.12 Taishan Fiberglass Co. Ltd

      13. 6.4.13 TAIWAN GLASS IND. CORP.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Growth in the Usage of Lightweight Glass Fiber Reinforced Plastic (GFRP) Composites

    2. 7.2 Increasing Demand of fiberglass composite materials for the Wind Energy Sector

**Subject to Availability

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