“The glass & specialty synthetic fiber market is projected to register a CAGR of 6.8% during the forecast period.”
The global glass & specialty synthetic fiber market size is projected to grow from USD 65.9 billion in 2019 to USD 91.4 billion by 2024, at a CAGR of 6.8% between 2019 and 2024. The glass & specialty synthetic fiber offer exceptional properties, such as stiffness, strength, tenacity, density, and thermal & electrical conductivity, fatigue, and corrosion resistance. Owing to these outstanding properties offered by the glass & specialty synthetic fiber, the demand for glass & specialty synthetic fiber is increasing in various end-use industries.
“Carbon fiber is the fastest-growing fiber type in terms of value.”
Carbon fibers are considered to the significant replacement material for steel, especially in the automotive & transportation and aerospace & defense industries. Most of the auto components are made from steel. Replacing these metals with carbon fibers would help to reduce the weight of most automobiles by at least 60%. This drop in the weight would reduce fuel consumption by 30% and also contribute to the reduction of greenhouse gases and other emissions by around 20%. These fibers also have high demand from wind energy and sporting goods industries.
“Composite is the fastest-growing resin type of composites, in terms of value.”
The use of fibers in composite applications offer properties such as incombustibility, corrosion resistance, high strength, thermal stability, and lightweight. In non-composite applications, the fibers are used as reinforcements without any matrices. Thus, there is a huge demand for glass, carbon, aramid, and UHMWPE fibers based composites in various end-use industries.
“Wind energy is the fastest-growing end-use industry of composites, in terms of value.”
The wind energy is expected to grow at the highest CAGR during the forecast period. The use of glass and carbon fibers in wind turbines provides high tensile strength, helping manufacturers to achieve larger blades and higher energy output. Due to its corrosion resistance properties, composites have helped the wind industry to grow by allowing wind turbines to work in the harshest environments.
“APAC is the fastest-growing composites market.”
APAC is projected to register the highest CAGR in terms of value in the global glass & specialty synthetic fiber market during the forecast period. APAC dominated the glass & specialty synthetic fiber industry in 2018. The composites manufacturing companies have ample opportunities in the APAC market in comparison to the European and North American counterparts owing to low-cost labor and raw materials. The growth of the glass & specialty synthetic fiber market in this region is supported by the advancement of composite technology solutions and penetration in various end-use industries.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following three categories:
- By Company Type- Tier 1- 40%, Tier 2- 33%, and Tier 3- 27%
- By Designation- C Level- 50%, Director Level- 20%, and Others- 30%
- By Region- Europe- 50%, North America- 20%, APAC- 15%, MEA-10%, Latin America-5%,
The report provides a comprehensive analysis of company profiles listed below:
- Owens Corning (US)
- Toray Industries, Inc. (Japan)
- Teijin Limited (Japan)
- Mitsubishi Chemical Holdings Corporation (Japan)
- Hexcel Corporation (US)
- SGL Group (Germany)
- Nippon Electrical Glass Co. Ltd. (Japan)
- DSM (Netherlands)
- Honeywell International, Inc. (US)
- Jushi Group Co., Ltd. (China)
This report covers the global glass & specialty synthetic fiber market and forecasts the market size until 2024. The report includes the market segmentation – Fiber Type (Glass Carbon, Aramid, UHMWPE, PPS, and Other Fibers), Application (Composite and Non-Composite), End-use Industry (Aerospace & Defense, Wind Energy, Transportation, Construction & Infrastructure, Marine, Pipes & Tanks, Electrical & Electronics, Protective Clothing, and Others) and Region (Europe, North America, APAC, Latin America, and MEA). Porter’s Five Forces analysis, along with the drivers, restraints, opportunities, and challenges, are discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global glass & specialty synthetic fiber market.
Key benefits of buying the report:
The report will help market leaders/new entrants in this market in the following ways:
- This report segments the global glass & specialty synthetic fiber market comprehensively and provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
- The report helps stakeholders understand the pulse of the glass & specialty synthetic fiber market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreement, and acquisitions.
Reasons To Buy the report:
- The report will help market leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall glass & specialty synthetic fiber market and the sub-segments.
- This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.
- The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.