Market Overview

The market for glass fiber is expected to witness a CAGR of over 4% during the forecast period. One of the major factors driving the market is the increasing demand from the construction Industry. However, competition from carbon fiber and rock wool is likely to restrain the market.

  • Growth in the usage of lightweight glass fiber reinforced plastic (GFRP) composites is likely to act as an opportunity for market growth in the future.
  • Asia-Pacific dominated the glass fiber market across the world and is likely to dominate the market during the forecast period.



Key Market Trends

Construction industry to increase the demand for glass fiber.

  • Glass fiber is used as Eco-friendly construction Material in the form of Glass-Fiber Reinforced Concrete (GRC). The GRC impart buildings with a solid appearance without causing weight and environmental distresses.
  • Glass-Fiber Reinforced Concrete weighs 80% less than the precast concrete. Moreover, the manufacturing process doesn’t compromise on durability factor.
  • Using glass fiber in the cement mix, reinforces the material with corrosion proof sturdy fibers which makes GRC long lasting for any construction requirement. Owing to the lightweight nature of GRC the construction of walls, foundations, panels and cladding becomes much easier and quicker.
  • Glass fiber can also be used in the construction as an Alkali resistant, as construction fiber for plaster, crack prevention, industrial flooring etc.
  • Thus, from the aforementioned factors the demand for glass fiber in construction industry is expected to increase during the forecast period.



Asia-Pacific to Dominate the Market

  • Asia-Pacific is expected to dominate the market for glass fiber during the forecast period.
  • The Asia-Pacific construction sector is the largest in the world and is increasing at a healthy rate, owing to the rising population, increase in middle-class income and urbanization.
  • Thus, the growing construction industry, especially the commercial building sector, is increasing the demand for glass fiber and is expected to drive the market during the forecast period.
  • China’s construction industry is on the rise. Real estate investment, which includes investments in the residential and commercial sector and office spaces increased rapidly. The robust investment in the property sector was supported by steady housing prices and an increase in property construction.
  • China is carrying out as well as planning construction projects in more than 60 countries, along various roads and shipping lanes. Known as the Belt and Road Initiative (BRI), the Chinese Marshall Plan to connect Asia, Africa, and Europe will significantly increase the demand for construction chemicals, in the country.
  • This Belt Initiative is expected to cost more than USD one trillion, with China already investing more than USD 210 billion, the majority of it in Asia.
  • Overall, continuous investments in the infrastructure sector are going to largely boost the consumption of glass fiber, in the Asia-Pacific region.
  • Hence, owing to the aforementioned reasons, Asia-Pacific is likely to dominate the market during the forecast period.



Competitive Landscape

The market for glass fiber is consolidated among the top players, with the top five players accounting for a major chunk of the market. The major companies of the market include Jushi Group Corporation, Owens Corning, Saint-Gobain Vetrotex, Johns Manville and Nippon Electric Glass Co. Ltd.
Reasons to Purchase this report:

  • The market estimate (ME) sheet in Excel format
  • Report customization as per the client’s requirements
  • 3 months of analyst support