Glass Fiber: Innovation and value addition remains core strategies of leading companies and toils glass fiber to $10.6 Billion glass fiber market value by 2025
The 2019 Global Glass Fiber Market outlook identifies the latest Glass Fiber Market key trends and drivers, amid which include technology advancement, product innovation to meet the rising consumer demand, more focus on eco-friendly & bio-degradable raw materials, and low production costs.
Open innovation trends, acquisitions summoned with a significant volume of investments dedicated to R&D activities by leading companies on glass chemistry, coating technology, and product customization for achieving sustainable growth.
Market leaders such as China Jushi Co., Ltd, Owens Corning, and Johns Manville are centric on tailor-made solutions to clients.
Further, Braj-Binani, PFG Fiber Glass and CertainTeed Corporation are focusing on the launch of innovative products to strengthen their presence across a wide range of applications.
On the other hand, companies like Nippon Electric Glass Co., Ltd, Knauf Insulation, and AGY Holding Corporation are focusing on product innovations to target end-user verticals.
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Recent developments enticing the global glass fiber market growth in 2018
Johns Manville announced that it has completed the new production expansion for the manufacture of 12-foot-wide TPO roofing sheets in Scottsboro, Alabama.
Nippon Electric Glass Co., Ltd. has developed a new flat glass fiber for the application of reinforcement of thermoplastic resins.
Owens Corning completed the acquisition of Guangde SKD Rock Wool Manufacture Co., Ltd., a Chinese Mineral Wool Manufacturer.
Eco-friendly manufacturing techniques are increasing global glass fiber market size
Modernization and maintenance of plant and equipment to reduce GHG emissions are being observed worldwide, predominantly from companies with operations in Europe and U.S and are also deploying ISO 14001 environmental management system.
An increasing trend towards sales of environment-friendly materials is being observed; along with the procurement of raw materials from vendors opting for stringent environmental conservation activities is widely preferred across the construction and transportation sectors.
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Strong growth in wind turbine paves opportunities for global glass fiber market outlook
Increasing drive towards clean fuel is driving the growth of wind power plants worldwide, predominantly in Europe and North America.
Accordingly, high strength and corrosion resistance fiberglass composites used in wind turbines are targeted by glass fiber manufacturers, hence these end-user industries are likely to be strong in the medium to long term future.
Automotive/aerospace sector significantly drives the global glass fiber market by application
Demand for fiberglass for bulletproof glasses is rapidly increasing. Manufacturing companies such as AURUM Security GmbH, Securico Co., Ltd., and RIDA Armoring and cars stretching and Centigon Security Group are modelling the cars with bulletproof glasses.
Carbon fiber reinforced plastics (CFRP) and glass fiber reinforced plastics (GFRP) are widely used across military, aerospace and automobiles manufacturing.
Asia Pacific countries characterized by low production costs across the global glass fiber market
Jushi group, Taiwan Glass Industry Corporation, CPIC, Braj Binani group, and other companies have a strong presence in the Asia-Pacific region. Economic labor costs and ease of availability of raw materials is encouraging the companies to invest in Asia-Pacific region.
Owens Corning, Taishan, and other players have plans for capacity expansion in Asia Pacific countries.
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Prominent players across global glass fiber market
- AGY Holding Corporation
- Johns Manville
- Owens Corning
- ASAHI FIBER GLASS Co., Ltd.
- PFG FIBER GLASS CORPORATION
- Taishan Fiberglass Inc. (CTG)
- Chongqing Polycomp International Corp.
- Nippon Electric Glass Co., Ltd.
- Saint Gobain Vetrotex Company
- Jushi Group Co., Ltd.
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