The global glass fiber market has a bright future, with growth opportunities in the transportation, construction, pipeline and storage tanks, electrical and electronics, consumer goods and wind energy industries. By 2024, the global glass fiber market is expected to reach approximately $ 10 billion, with a compound annual growth rate of 3.9% from 2019 to 2024. Factors driving the growth of the global fiberglass market are increased demand for fiberglass composite products, including pipes, storage tanks, printed circuit boards, wind blades and automotive parts.
Emerging trends have a direct impact on the development of the glass fiber industry, including reduced cost and improved performance of glass fiber.
Based on comprehensive research, Lucintel predicts that E (ECR) glass fiber will remain the largest and most valuable fiber type in the forecast period.
In the global fiberglass market, due to government regulations (such as US company average fuel economy standards and European carbon emissions indicators), transportation will remain the largest value and usage market during the forecast period. OEMs are putting pressure on the use of lightweight materials in automobile manufacturing to reduce overall vehicle weight.
Due to growth in the construction, transportation, and electrical and electronics sectors, the Asia-Pacific region is expected to remain the region with the highest value and usage, and is also expected to achieve the highest growth over the forecast period. Especially in China and India, economic growth, population growth and urbanization are the main forces driving the development of the construction industry.