Glass Specialty Synthetic Fiber Market: Global Industry Analysis and Forecast (2022-2029) by Fiber Type, Application, End-Use, and Region

Glass Specialty Synthetic Fiber Market size was valued at US$ 75.16 Billion in 2021 and the total Glass & Specialty Synthetic Fiber revenue is expected to grow at 6.8% through 2022 to 2029, reaching nearly US$ 127.23 Billion.
Glass Specialty Synthetic Fiber Market Overview:
Fibers, such as polymers and carbon fiber, have mechanical qualities that are generally equivalent to glass fiber. Although not as stiff as carbon fiber, when used in composites, it is far less expensive and brittle. As a result, glass fibers are utilized as a reinforcing agent in various polymer goods to create glass-reinforced plastic, commonly known as fiberglass which is an extremely hard and lighter in weight material. Extruding small fragments of silica-based glass into numerous fibers with tiny diameters suited for textile processing produces glass fiber. Since the revelation that asbestos causes cancer followed by its removal from most items, glass fiber has grown in favor. The safety of glass fiber, on the other hand, is being questioned, since research reveals that the influence of this substance might induce toxicity akin to asbestos.To know about the Research Methodology:- Request Free Sample Report
Glass Specialty Synthetic Fiber Market Dynamics:
Because of the rising need for lightweight and high-strength composite materials, the glass fibers and specialized synthetic fibers market is expected to grow significantly. Glass fibers with high strength-to-weight ratios are expected to drive the market demand throughout the forecast period (2021-27). Over the forecast period, consumer-friendly characteristics of the material such as e.g. waterproofing are likely to drive the glass fibers & specialty fibers market. Glass fibers and specialty synthetic fibers are predicted to outperform traditional materials in terms of mechanical characteristics throughout the forecast period.

A major restraint in the market growth is the high manufacturing costs due to high raw material costs. Over the forecast period, highly energy-intensive manufacturing techniques are also likely to limit the market growth. The growth of the glass fibers and specialized synthetic fibers markets is expected to be hampered by low market penetration as well.

A notable trend seen among producers is a greater emphasis on research and development operations to develop new grades of glass and specialized fibers, as well as the production of low-cost precursors. Cost-effective manufacturing technologies are likely to emerge as a result of technological advancements. These developments are projected to generate new possibilities for market participants in both existing and new applications in the same forecast period.
Glass Specialty Synthetic Fiber Market Segment Analysis:
By Fiber Type, Glass fiber accounted for the highest shares in terms of value and volume in 2021. It is expected to grow at the annual CAGR of 7.8% in the aforementioned forecast period.

At the end of the forecast period, glass fibers are expected to dominate the market both volume and value. Because of their inexpensive cost and exceptional physical and mechanical features e.g. strength and stability and lightweight, glass fibers are in great demand. Wind energy, pipelines and tanks, electrical and electronics, and building and infrastructure industries all employ standard E-glass fibers. High-strength glass is utilized in the aerospace and military, automotive, and transportation sectors, among others.

By Application, the Composite segment dominated the market in 2021. It is expected to grow at the CAGR of 6.7% in the same forecast period. This can be attributed to the unique properties of composite fibers.

The composite material is created when these fibers are mixed with a matrix. When compared to standard metals, the utilization of fibers in composites provides higher performance advantages. Microcracking resistance, strong tensile strength, electrical conductivity, etc are among these qualities. Glass, carbon, aramid, and Ultra-High Molecular Weight Polyethylene fiber-based composites are in high demand in the aerospace and military, automotive, and other sectors

By End-Use, the Wind energy segment is expected to grow at the highest CAGR of 7.2% in the same forecast period. In the production of wind turbine blades, glass and specialty synthetic fibers are in great demand. Many businesses are investing in the development of composite materials for the wind energy sector.

The wind energy segment is expected to be followed by the aerospace segment in terms of market growth. This growth can be attributed to many factors. Glass and glass-ceramics are appreciated in the aircraft sector for their excellent heat resistance compared to polymers and traditional aerospace metals, high strength-to-weight ratio, corrosion resistance, and comparably inexpensive manufacturing costs.
Glass Specialty Synthetic Fiber Market Regional Insights:
Because of the developing economies of China and India, the presence of important players, and rising transportation, building & infrastructure sectors, Asia-Pacific is expected to be the largest market in the glass & specialized synthetic fiber market at the end of the forecast period. The Chinese market is expected to grow at the quickest rate of 11.2% in the region throughout the same forecast period. In the Asia-Pacific region, China is the largest market for glass fibers. The fundamental reason for the rising use of glass fibers is the country's economic growth. The automotive and transportation industries, as well as construction and infrastructure, are quickly developing in the country, generating demand for glass and specialty synthetic fibers.

The objective of the report is to present a comprehensive analysis of the Glass Specialty Synthetic Fiber Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Glass Specialty Synthetic Fiber Market dynamics, structure by analyzing the market segments and projecting the Glass Specialty Synthetic Fiber Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Glass Specialty Synthetic Fiber Market make the report investor’s guide.
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Glass Specialty Synthetic Fiber Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2021-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 75.16 Bn.


Forecast Period 2021 to 2029 CAGR:
6.8 %
Market Size in 2029:
US $127.23 Bn.


 Segments Covered:
by Fiber Type
• Glass
• Carbon
• Aramid
• Ultra-High Molecular Weight Polyethylene (UHMWPE) Fibers
• Polyphenylene Sulfide (PPS) Fibers
• Other Fibers


by Application
• Composite
• Non-Composite


by End-Use
• Aerospace & defense
• Wind Energy
• Transportation
• Construction & Infrastructure
• Marine
• Pipe & Tank
• Electrical & Electronics
• Protective Clothing
• Others



Glass Specialty Synthetic Fiber Market by Region
• North America
• Europe
• Asia Pacific
• The Middle East and Africa
• South America
Glass Specialty Synthetic Fiber Market Key Players
• Owens Corning
• Toray Industries, Inc.
• Teijin Limited
• Mitsubishi Chemical Holdings Corporation
• Hexcel Corporation
• SGL Group
• Nippon Electrical Glass Co. Ltd.
• DSM
• Honeywell International, Inc.
• Jushi Group Co., Ltd.
• Toyobo Co., Ltd.
• Kuraray Co., Ltd.
• Solvay
• PBI Performance Products, Inc.
• AGY
• 3B Fiberglass

Frequently Asked Questions:

1. Which region has the largest share in Global Glass Specialty Synthetic Fiber Market?
Ans: Asia Pacific region held the highest share in 2021.

2. What is the growth rate of Global Glass Specialty Synthetic Fiber Market?
Ans: The Global Glass Specialty Synthetic Fiber Market is growing at a CAGR of 6.8% during forecasting period 2022-2029.

3. What is scope of the Global Glass Specialty Synthetic Fiber market report?
Ans: Global Glass Specialty Synthetic Fiber Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Glass Specialty Synthetic Fiber market?
Ans: The important key players in the Global Glass Specialty Synthetic Fiber Market are – Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, SGL Group, Nippon Electrical Glass Co. Ltd., DSM, Honeywell International, Inc., Jushi Group Co., Ltd., Toyobo Co., Ltd., Kuraray Co., Ltd., Solvay, PBI Performance Products, Inc., AGY, and 3B Fiberglass

5. What is the study period of this market?
Ans: The Global Glass Specialty Synthetic Fiber Market is studied from 2021 to 2029.