According to the recent study the glass fiber market is projected to reach an estimated $21.1 billion by 2028 from $15.9 billion in 2022, at a CAGR of 5.8% from 2022 to 2028. Growth in this market is primarily driven by rise in demand for products made of glass composites; these include bathtubs, pipes, tanks, printed circuit boards, wind blades, and automotive parts.
Browse 104 figures / charts and 78 tables in this 219 -page report to understand trends, opportunities and forecast in glass fiber market by end use (marine, transportation, pipe and tank, aerospace, construction, electrical and electronics, consumer goods, wind energy, and others), manufacturing process (hand lay-up, spray up, resin infusion, filament winding, pultrusion, compression molding, prepreg layups, injection molding, and others), product type (single end roving, multi end roving, chopped strand mat, fabrics, chopped strand mat, continuous filament mat, chopped strand, and woven roving), and region (North America, Europe, Asia Pacific, and Rest of the World)?
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“Electrical and electronics market is expected to remain the largest segment during the forecast period.”
Based on end use, the glass fiber market is segmented into marine, transportation, pipe and tank, aerospace, electrical and electronics, electrical and electronics, consumer goods, wind energy, and others. Lucintel forecasts that the electrical and electronics market is expected to remain the largest segment due to the growing market of communication devices are driving the demand for high performance PCBs which significantly drives the glass fiber market.
“Within the glass fiber market, the chopped strand segment is expected to remain the largest product type”
Based on product type the chopped strand segment is expected to witness the highest growth over the forecast period due to its increasing use in automotive applications.
“Asia pacific will dominate the glass fiber market in near future”
Asia Pacific is expected to remain the largest region by value and volume over the forecast period because of growth in electrical and electronics, transportation, and the electrical and electronics segments. Growing economy, growth in population, and urbanization are the major forces that drive the electrical and electronics segment, especially in China and India.
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Major players of glass fiber market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Owens Corning, Jushi Group Co., Ltd., Chongqing Polycomp International Corporation, Taishan Fiberglass Inc., Taiwan Glass Group, Nippon Electric Glass Co. Ltd., Sichuan Weiibo. Co. Ltd, 3B the Fiber Glass Company (Goa Glass Fiber), Johns Manville Corporation, and Nitto Boseki Co. Ltd are among the major glass fiber providers.
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