Glass Fiber Market to Reach US$17.44 Billion by 2024 - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024: TMR

May 11, 2016, 08:30 ET from Transparency Market Research

ALBANY, New York, May 11, 2016 /PRNewswire/ --

Transparency Market Research has published a new market report titled "Glass Fiber Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024." According to the report, the global glass fiber market was valued at US$8.50 bn in 2014 and is anticipated to reach US$17.44 bn by 2024, expanding at a CAGR of 7.5% between 2016 and 2024.

Glass fiber is a material produced from several minute fibers of glass. Glass fibers are ultra-thin strands of glass that are commonly woven in the form of a mat. In conjunction with the resin matrix, these form glass fibers reinforced plastic. Glass fibers are obtained from the chemical reaction between various natural minerals and chemicals at high temperatures. Silica sand is the primary raw material used in the manufacture of glass fibers. Various quantities of minerals and chemicals such as feldspar, anhydrous borax, sodium sulfate, alumina, calcium oxide, magnesium oxide, and cullet (recycled glass) are also employed as per the end-use requirements of glass fibers.  

Glass fiber is the most widely used reinforcing material in composites across the world. It accounts for almost 90% of the reinforcement materials used in fiber reinforced plastics. Low weight, high strength, and impact resistance are some of the qualities of glass fibers that make these materials suitable for usage in various end-use applications. Glass fiber is employed in a wide range of applications such as building & construction, transportation, consumer goods, industrial and wind turbine. It is generally classified into e-class glass fiber and performance glass fiber. E-class glass fiber is the most preferred product type due to its lower cost, high tensile strength, and modulus. Building & construction application accounts for the largest demand for glass fibers, followed by transportation.

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Glass fibers are used for insulation, and residential and commercial building applications. Glass fiber reinforced concrete is used for construction purposes. Wind turbine is the fastest-growing application segment of the glass fiber market owing to the high demand for renewable energy and fast installation rate of wind turbines across the world. Glass fiber is the material of choice for most automotive manufacturers, as it helps reduce vehicular weight while providing superior mechanical properties compared to aluminum and steel.

The global market for glass fiber has been segmented into regions such as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific accounted for the largest share of glass fiber market in 2014 due to the strong growth of the building & construction industry in the region. Wind energy generation is expected to drive the growth of the glass fiber market in the near future owing to the increasing number of wind turbine installations in Asia Pacific. The region is anticipated to maintain its dominance during the forecast period, led by the growth in the manufacturing economies such as China, India, and Japan. China is the largest manufacturer of glass fiber in the world; the country accounts for more than 50% share of the global production. The glass fiber manufacturers in China receives subsidy grants from the government. This enables the country to export glass fibers at low cost to Europe and North America.  

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The glass fibers market is consolidated; a few companies hold the major share of the market. Small players in the market pose little threat to established players who have achieved economies of scale and are able to produce at low costs. Large players operate through market goodwill and supply agreements with major composites manufacturers. However, the market gets adversely affected when demand growth is slower than the capacity addition rate. This also marginally affects large-scale manufacturers. Government subsidies are available to China-based players. This enables them to produce at lower costs vis-à-vis their Europe and North America based counterparts. This results in higher competition among manufacturers based in these regions.

Major players operating in the glass fiber market include AGY Holding Corp, CHONGQING POLYCOMP INTERNATIONAL CORP, Jiangsu Jiuding New Material Co. Ltd, Jushi Group, Johns Manville, Nippon Electric Glass Co., Ltd, Owens Corning, PPG Industries, Inc, Saint-Gobain Vetrotex, and Taishan Fiberglass, Inc.

This report segments the global glass fiber market as follows: 

Glass Fiber Market - Product Analysis 

  • E-Class Glass Fiber
  • Performance Glass Fiber

Glass Fiber Market - Application Analysis 

  • Building & Construction
  • Transportation
  • Industrial
  • Consumer Goods
  • Wind Turbine
  • Others (Including Oil & Gas, etc.)

Glass Fiber Market - Regional Analysis 

North America 

  • U.S.
  • Rest of North America

Europe 

  • U.K.
  • Spain
  • France      
  • Germany
  • Italy
  • Rest of Europe

Asia Pacific 

  • China
  • Japan
  • ASEAN
  • Rest of Asia Pacific

Latin America 

  • Brazil
  • Rest of Latin America

Middle East & Africa (MEA) 

  • GCC
  • South Africa
  • Rest of MEA

Browse Regional Market Analysis: http://www.europlat.org/global-glass-fiber-market-worth-us17-44-bn-by-2024-demand-from-renewable-energy-sector-in-apac-to-steer-growth.htm

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