Glass Fiber Market Size, Trends and Growth Analysis by 2027

The glass fiber industry was valued at approximately US$ 14,193.55 million in 2019 and is anticipated to reach around US$ 19,837.62 million by 2027, reflecting a compound annual growth rate (CAGR) of 4.3% from 2020 to 2027.

Glass fibers are renowned for their remarkable properties, including exceptional corrosion resistance, enhanced stiffness and strength, high tensile strength, as well as durability and high-temperature tolerance. These fibers are utilized across a wide range of end-use sectors, including automotive, construction, marine, wind energy, aerospace and defense, among others. Nevertheless, the glass fiber market faces significant challenges due to competition from alternatives such as carbon fiber and mineral wool, which may hinder its growth.

The global glass fiber market is categorized by fiber type into several segments: E/ECR-Glass Fiber, S-Glass Fiber, C-Glass Fiber, and Others. In 2019, the E/ECR-glass fiber segment dominated the market share. E-glass fibers are particularly prominent due to their high strength, excellent insulation properties, water resistance, and corrosion resistance. They are widely employed in aerospace, marine, and industrial applications. Additionally, E-glass fibers are extensively used in the automotive and transport sectors, construction, wind energy, and in the manufacturing of pipes and tanks, owing to their advantageous characteristics and cost-effectiveness. ECR-glass fiber, also known as electronic glass fiber, offers superior mechanical strength, a favorable waterproofing ratio, and enhanced resistance to electrical, acidic, and alkaline corrosion compared to E-glass fibers. This type of fiber is commonly used in transparent GRP panel applications. The increasing demand from various industries is expected to drive the growth of this segment throughout the forecast period.

From a geographical perspective, the glass fiber market is divided into regions including North America, Europe, Asia-Pacific (APAC), South America, and Middle East & Africa (MEA). In 2019, the APAC region held the largest market share for glass fibers. The demand for glass fibers in this region is projected to rise, driven by the expansion of several end-use industries such as automotive, construction, aerospace, marine, and wind energy. The increasing requirements for glass fibers in industrial applications, combined with lower production, labor, and capital costs in the region, are key factors contributing to market growth. Manufacturers of glass fibers are ramping up their production capabilities in developed nations like China, India, Japan, and South Korea to satisfy the growing demand for glass fibers in these markets.

The COVID-19 pandemic, which originated in Wuhan, China, in December 2019, has rapidly spread worldwide. By March 2021, countries such as the USA, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain were among the most severely impacted in terms of confirmed cases and fatalities. The pandemic has significantly disrupted economies and industries globally due to lockdowns, travel restrictions, and business closures. Furthermore, the international travel bans imposed by various countries in Europe, Asia, and North America have adversely affected business collaborations and partnership opportunities. These factors are expected to negatively impact the chemicals and materials sector, thereby acting as a constraint on the growth of the glass fiber market.

Key players in the global glass fiber market include Johns Manville, Jushi Co., Ltd., Chongqing Polycomp International Corp. (CPIC), Goa Glass Fiber Ltd, Nippon Electric Glass Co. Ltd, Saint-Gobain Vetrotex, Sichuan Weibo New Material Group Co., Ltd., Taishan Fiberglass Inc, Taiwan Glass Group, and Owens Corning. These companies are significant contributors to the global glass fiber market landscape.

The overall size of the global glass fiber market has been determined through a combination of primary and secondary research methodologies. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders and experts to validate the findings and gain deeper analytical insights. Participants in this research included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the glass fiber market.