According to our latest market study on “Glass Fiber Market Forecast to 2027 – COVID-19 Impact and Global Analysis – By Fiber Type ( E/ECR-Glass Fiber, S-Glass Fiber, C-Glass Fiber, and Others ), Product Type ( Single-End Roving, Multi-End Roving, Woven Roving, and Others ), Application ( Marine, Transportation, Aerospace, Construction, Electrical and Electronics, Consumer Goods, and Others ), Manufacturing Process ( Hand Lay Up, Spray Up, Prepreg Lay Up, Injection Molding, Compression Molding, Resin Infusion, and Others)”, the market was valued at US$ 14,193.55 million in 2019 and is projected to reach US$ 19,837.62 million by 2027; it is expected to grow at a CAGR of 4.3% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Growing demand for Glass Fibers from the Construction Industry is going to Escalate Glass fiber Market Growth during 2020–2027
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Impact of COVID-19 Pandemic on Glass fiber Market
The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of December 2020, the US, Brazil, India, Russia, Spain, and the UK are among the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Chemical and materials is one the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. Although China is the global manufacturing hub and largest raw material supplier for various industries, it is also one of the worst affected countries. The lockdown of various plants and factories in China is disrupting the global supply chains and hindering manufacturing activities, delivery schedules, and various materials sales. Various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia, and North America is hampering the business collaborations and partnerships opportunities. All these factors are restraining the growth of various markets related to the chemicals and materials industry.
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 are among the well-established players in the global glass fiber market.
Glass fiber is a material consisting of extremely fine filaments of glass that are combined in yarn and woven into fabrics. It is made by blending and melting silica (SiO2), limestone, and soda ash in a three-stage furnace, extruding the molten glass through a bushing in the bottom of the forehearth and then cooling the filaments with water. 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 end-use industries such as automotive, construction, marine, wind energy, and aerospace & defense. However, the challenges of the production process, cost-intensive nature of new technologies and low profit margins of glass fiber are limiting the market growth.
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The report includes the segmentation of the Global Glass Fiber market as follows:
Glass Fiber Market, by Fiber Type
Glass Fiber Market, by Product Type