The automotive and aerospace sectors utilize glass fiber composites to reduce weight while maintaining strength, contributing to market growth.
WILMINGTON, DELAWARE, UNITED STATES, April 19, 2024 /EINPresswire.com/ — Allied Market Research recently released a comprehensive 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 was valued at $20.9 billion in 2022 and is expected to reach $34.8 billion by 2032, with a compound annual growth rate (CAGR) of 5.3% from 2023 to 2032.
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Key Growth Drivers:
The automotive and aerospace sectors utilize glass fiber composites to reduce weight while maintaining strength, contributing to market growth.
Continued emphasis on lightweight materials in industries like automotive and aerospace for fuel efficiency and performance drives demand for glass fibers.
Opportunities arise from increased use of glass fiber in the building and construction industry.
Challenges:
High investment costs associated with glass fibers hinder market growth to some extent.
Concerns regarding the environmental impact and low weight restrain market expansion.
Impact of the Russia-Ukraine Conflict:
The conflict has potential impacts on the glass fiber market, including supply chain disruptions, price volatility, and uncertainties in international trade and investment.
Trade restrictions and sanctions on Russia limit its ability to export glass fiber, creating opportunities for other global players but also increasing competition and trade uncertainties.
The conflict diverts resources and attention away from research and development in the glass fiber sector within the region, impacting long-term growth prospects.
Segment Insights:
E/ECR glass fiber segment is expected to dominate the market throughout the forecast period due to increased demand driven by stringent fire safety regulations.
Insulation segment is anticipated to lead the market by 2032, fueled by global awareness of energy conservation and implementation of energy efficiency regulations.
Building and construction segment is projected to maintain its dominance, driven by the excellent electrical insulation properties of glass fibers.
Regional Dominance:
Asia-Pacific held the highest market share in 2022 and is expected to maintain its dominance throughout the forecast period, driven by rapid industrialization and infrastructure development in countries like China and India.
Leading Market Players:
Key players in the global glass fiber market include Honeywell International Inc., Nippon Electric Glass Co., Ltd., TAIWAN GLASS IND. CORP, SGL Carbon, Mitsubishi Chemical Group Corporation, Owens Corning, 3B – The Fibreglass Company, Johns Manville, Montex Glass Fibre Industries Pvt. Ltd., and China Jushi Co., Ltd.
These players employ strategies such as new product launches, collaborations, expansions, and agreements to increase market share and maintain dominance.
The report offers a detailed analysis of market players’ performance, product portfolio, and strategic moves, providing valuable insights into the competitive landscape.
Want to Access the Statistical Data and Graphs, Key Players’ Strategies: https://www.alliedmarketresearch.com/glass-fiber-market/purchase-options
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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