Dublin, June 02, 2021 (GLOBE NEWSWIRE) -- The "Glass Fiber Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Fiber Type, Product Type, Application, and Manufacturing Process" report has been added to ResearchAndMarkets.com's offering.
The glass fiber market was valued at US$ 14,193.55 Mn in 2019 and is projected to be worth US$ 19,837.62 Mn by 2027, growing at a CAGR of 4.27% from 2019 to 2027.
Glass fibers possess excellent corrosion resistance, higher stiffness and strength, and high tensile strength along with high-temperature tolerance and durability. These fibers find their application in broad end-use industries such as automotive, construction, marine, wind energy, aerospace & defense, and others. However, competition from carbon fiber and mineral wool is the major restraint for the glass fiber market growth.
Based on fiber type, global glass fiber market is segmented into E/ECR-Glass Fiber, S-Glass Fiber, C-Glass Fiber, and Others. The E/ECR-glass fiber segment accounted for a larger share of the global glass fiber market in 2019. E-glass is among the leading types of glass fibers with properties such as high-strength, good insulation, water-resistance, and corrosion resistance. It is extensively used in aerospace, marine, and industrial applications.
Apart from this, E-glass finds vast applications in automotive & transport, construction, wind energy and pipes & tanks due to its beneficial characteristics and low-cost. ECR-glass fiber also called electronic glass fiber has a high mechanical strength, good waterproofing ratio and electrical acidic and alkali corrosion resistance as compared to E-glass fiber. It is used in transparent GRP panel applications. Growing demand from various end-use industries has spurred the growth of this segment during the forecast period.
Geographically, the glass fiber market is segmented into North America, Europe, AsiaPacific (APAC), South America, and Middle East & Africa (MEA). In 2019, APAC held the largest share of the global glass fiber market. The demand for glass fiber is expected to increase in the region with the growth of various end-use industries such as automotive, construction, aerospace, marine, and wind industry.
The growing needs for glass fibers in industrial applications coupled with low production costs, labor costs, capital costs, and low investment costs, required in the region are the prominent factors leading to market growth. The glass fiber manufacturers are expanding their production activities in developed countries such as China, India, Japan, and South Korea so as to meet the rising demands of glass fibers in the region.
Key Market Dynamics
Growing Demand for Glass Fibers from Construction Industry
Increasing Demand for Fiberglass Composites from Automotive Industry
Competition from Carbon Fiber and Mineral Wool
Development of Advanced Glass Fibers for Wind Energy
Usage of Lightweight Glass Fiber Reinforced Plastic (GFRP) Composites
Jushi Co., Ltd.
Chongqing Polycomp International Corp. (CPIC)
Goa Glass Fiber Ltd
Nippon Electric Glass Co. Ltd
Sichuan Weibo New Material Group Co., Ltd.
Taishan Fiberglass Inc
Taiwan Glass Group
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