Global Glass Fiber & Specialty Synthetic Fiber Market - 2020-2027

Global Glass Fiber & Specialty Synthetic Fiber Market - 2020-2027

Market Overview

Glass fibers & specialty synthetic fiber are used as reinforcement for plastics materials to increase tensile strength, flex modulus, creep resistance, impact resistance, dimensional stability, heat, and chemical resistance. Often coupling agents such as silanes are used as sizing on glass fibers to improve reinforcing efficiency in plastics

The Global Glass Fiber & Specialty Synthetic Fiber Market size was worth US$ XX billion in 2019 and further expected to reach US $ XX billion by 2027, with a CAGR of X% during the forecast period (2020-2027).

Market Dynamics

The global glass fibers and specialty synthetic fibers market is anticipated to witness significant growth on account of the increasing demand for lightweight and high strength composite materials. High strength to weight ratio of glass and specialty synthetic fibers is expected to fuel the market demand over the forecast period. Increasing usage of these materials for ballistic equipment manufacturing is expected to augment the market demand as well.

Attractive quality of the material

Consumer-friendly qualities of the material such as stain resistance, waterproofing, and stretching are expected to drive the glass fibers & specialty fibers market over the forecast period. Excellent mechanical properties, durability, and thermal stability than the conventional materials are expected to augment glass fibers and specialty synthetic fibers demand over the forecast period. This may lead to the increase in the growth of the market.

Growing demand in various industries

Various industries such as transportation, marine, aerospace, and automotive are also expected to drive glass fibers and specialty synthetic fibers demand over the forecast period. The growing need for optical fiber cables and expansion of the electronic industry is anticipated to shoot up the demand for glass and specialty synthetic fibers. Numerous innovative applications of glass fibers and synthetic fibers such as adding metallic properties in cloth, usage in battery separators, and in the process of filtration are also expected to augment the glass fibers and specialty fibers demand over the forecast period.

COVID-19 Impact Analysis

The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely in lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods and exhibited changing consumer behavior. One of the major difficulties the market is facing is the shutdown of local and state-wise transportation especially of non-essential goods. Global crisis for all sectors including shipping, which was hit by slowing demand in goods’ production and exports had negatively affected the market for glass & synthetic fiber Market.

Segment Analysis

Based on the fiber type , the Global Glass Fiber & Specialty Synthetic Fiber Market has been classified as- glass, carbon and others.

Glass segment is accounted for the highest share during the forcasting period

Glass fibers are expected to dominate the overall market in terms of volume and value during the next five years. The glass fibers are high in demand as they are low cost and have superior physical & mechanical properties such as strength, durability, flexibility, stability, and lightweight. The normal E-glass fibers are used mostly in wind energy, pipes & tanks, electrical & electronics, and construction & infrastructure industries. High strength glass is such as R, S, S-2, advances, among others, are used in aerospace & defense, automotive & transportation, and wind energy industries.

Based on the application, the global Glass Fiber & Specialty Synthetic fiber market has been classified as- composite and non- composite

Composite application is accounted for the highest share during the forcasting period

Composite application would lead to the market between 2019 and 2024. When these fibers are combined with a matrix, the resulting material is termed as a composite. The use of fibers in composites exhibit superior performance properties when compared to traditional metals. These properties include excellent micro-cracking resistance, good tensile strength, electrical conductivity, high strength-to-weight ratio, and fatigue resistance. There is a staggering demand for glass, carbon, aramid, and UHMWPE fibers based composites in aerospace & defense, automotive & transportation, wind energy, and glass & pipes industries, thus augmenting the sgement growth.

Geographical Analysis

Based on geography, the study analyzes the Global Glass Fiber & Specialty Synthetic Fiber Market in the global market, including Europe, Asia-Pacific, North America, South America, and the Middle East & Africa.

Asia-Pacific leads the global Glass Fiber & Specialty Synthetic fiber market throughout the forecast period

APAC is estimated to be the largest market in the Glass Fiber & Specialty Synthetic fiber market owing to the growing economies of China and India, the presence of prominent players; and expanding transportation, wind energy, and construction & infrastructure industries. In this region, China is projected to grow at the fastest rate during the forecast period. It is the largest market for glass fibers in APAC. The economic growth of the nation is the main factor for the high consumption of glass fibers. The automotive & transportation and construction & infrastructure industries are rapidly expanding in the country, thereby driving the demand for Glass Fiber & Specialty Synthetic fiber market in the region.

Competitive Landscape

Global Glass Fiber & Specialty Synthetic Fiber Market is highly competitive. The key players in Global Glass Fiber & Specialty Synthetic Fiber Market which are contributing to the growth of the global market include Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Micro Epsilon (Japan), DSM (Netherland), Honeywell International, Inc. (US), Jushi Group Co., Ltd. (China), among others.

Owens Corning

Overview: Owens Corning is an American company that develops and produces insulation, roofing, and fiberglass composites and related materials and products. It is the world‘s largest manufacturer of fiberglass composites. It was formed in 1935 as a partnership between two major American glassworks, Corning Glass Works and Owens-Illinois. The company employs approximately 19,000 people around the world. Owens Corning has been a Fortune 500 company every year since the list was created in 1955. The Pink Panther appears in most of the company’s advertisements.

Product Potfolio: Owens Corning offers insulation, roofing, and fiberglass composites and related materials and products.

Why Purchase the Report?
• Visualize the global Glass Fiber & Specialty Synthetic fiber market segmentation composition by fiber type, application and region, highlighting the critical commercial assets and players.
• Identify commercial opportunities in the global Glass Fiber & Specialty Synthetic fiber market by analyzing trends and co-development deals.
• Excel data sheet with thousands of data points of the global Glass Fiber & Specialty Synthetic fiber market - level 3 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The Global Glass Fiber & Specialty Synthetic Fiber Market report would provide access to an approx. 45 market data table, 41 figures and 220 pages.

Target Audience
• Service Providers/ Buyers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals
• Emerging Companies
• Manufacturers