Lightweight materials in automotive and aerospace for fuel efficiency and performance is expected to further boost the demand for glass fibers.
— David Correa
WILMINGTON, DELAWARE, UNITED STATES, February 12, 2024 /EINPresswire.com/ — Allied Market Research has recently released a report titled “Glass Fiber Market by Type, Application, End-Use Industry, and Region – Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global glass fiber market reached a valuation of $20.9 billion in 2022 and is projected to grow to $34.8 billion by 2032, exhibiting a CAGR of 5.3% during the forecast period.
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Key Growth Drivers:
– The automotive and aerospace industries utilize glass fiber composites to reduce weight while maintaining strength, which is driving demand in these sectors.
– Increasing focus on lightweight materials in automotive and aerospace for fuel efficiency and performance is expected to further boost the demand for glass fibers.
– The building and construction industry’s growing use of glass fiber offers lucrative opportunities for market expansion.
Impact of the Russia-Ukraine Conflict:
– The conflict between Russia and Ukraine could disrupt the supply chain, leading to price volatility in the glass fiber market.
– Shortages caused by supply disruptions might result in higher prices, affecting businesses relying on glass fibers for various applications.
– Geopolitical tensions could introduce uncertainties in international trade and investment, potentially impacting market growth in certain regions.
– Sanctions on Russia may limit its ability to export glass fiber products, creating opportunities for other global players but also increasing competition and trade uncertainties.
– The E/ECR glass fiber segment held the largest market share in 2022 and is expected to maintain dominance due to increasing demand for flame-retardant materials in applications like automotive, construction, and electronics.
– S glass fiber segment is projected to exhibit the highest CAGR of 5.6% from 2023 to 2032.
– Insulation segment led the market in 2022 and is expected to continue dominating due to rising global awareness of energy conservation and implementation of energy efficiency regulations.
– Optical fibers segment is anticipated to manifest the highest CAGR of 4.9% from 2023 to 2032.
– Asia-Pacific accounted for the highest market share in 2022 and is projected to maintain its dominance throughout the forecast period.
– China’s rapid industrialization and infrastructure development are driving the demand for glass fiber, particularly in automotive components and construction materials.
– India’s investments in renewable energy projects, particularly in the wind energy sector, also contribute to market growth.
Leading Market Players:
Key players in the global glass fiber market include Honeywell International Inc., Nippon Electric Glass Co., Ltd., SGL Carbon, Mitsubishi Chemical Group Corporation, Owens Corning, and others.
These players employ various strategies such as new product launches, collaborations, expansions, and agreements to enhance their market presence.
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