"Increase use of specialty synthetic & glass fiber ballistic manufacturing will spur the market revenue growth"
The global specialty synthetic & glass fiber market accounted for US$ 76.8 Bn in 2021 and is growing at a CAGR of 6.5% throughout the forecast period from 2023 to 2030.
Cutting-edge research and development has resulted in creating new fibers which expand beyond conventional, natural and organic ones. This in turn has resulted into development of innovative products for various end-use industries including, healthcare, and automotive among others. Rising demand of low weight and high strength composite material coupled with consumer friendly benefit offered by materials including water proofing, stain resistance, durability, mechanical properties and flexibility are factors fueling the specialty synthetic and glass fiber market growth. Rising demand of optical fiber cables and expansion of electronics industry along with substantial growth in automotive, marine and aerospace industry among others are anticipated to further boost the market growth of glass and specialty fiber market.
In addition, high demand of glass fiber pipes in emerging economies along with increasing demand of glass fiber from building & construction industry especially in the middle east and Africa region are presenting lucrative opportunities for the growth of the specialty synthetic and glass fiber market. Additionally, growing usage of specialty synthetic and glass fiber for manufacturing ballistic equipment is anticipated to enhance the market growth. However, a combination of factors including high cost of production, less resistance to heat, issues related to recycling, and lack of research and development in specialty synthetic fiber among others are hindering the market growth.
"Glass segment to dominate the market throughout the forecast period"
Based on material type, the specialty synthetic & glass fiber market is classified into glass, and specialty synthetic fiber. Glass segment leads the global specialty synthetic & glass fiber market and is projected to grow significantly during the forecast years. In 2021, the glass segment contributed more than 60% of revenue share globally. This can be associated with low cost, superior mechanical properties including durability, flexibility, and strength among others. Apart from that, enhanced applications of high-end glass fiber in various end-use industries including wind energy, automotive, aerospace and defense, and electrical and electronics among others will further spur revenue growth globally.
In contrast, carbon fiber segment anticipated to expand at a significant rate and is in demand by various end-user industry owing to the benefits offered by it including, light weight, stain resistant, and durability.
"Aerospace & Defense segment expected to dominate the market during the forecast period"
On the basis of end-user, the global specialty synthetic & glass fiber market is further classified into automotive, aerospace & defense, building & construction, wind energy, electrical & electronics, others (marine, pipes & tanks, etc.). In 2021, aerospace and defense segment led the specialty synthetic & glass fiber market. The segment accounted for more than 25% share in terms of revenue. This can be associated with rising environmental concern and demand for light weight, and high strength material to increase fuel efficiency. Manufacturers including Boeing and Airbus among others are rapidly deploying carbon composites in their aircrafts.
In contrast, wind energy segment is projected to grow at a rapid pace during the years to come. Owing to high demand of specialty synthetic and glass fiber especially carbon composites in the manufacturing of wind blades and hubs among others. For instance, in September 2016, Mitsubishi Rayon Co. Ltd. And Fiberline Composites collaborated to distribute and manufacture carbon fiber composite laminates for wind turbine blades.
"Rapid industrialization to spur revenue in Asia Pacific region"
In 2021, Asia Pacific region dominated the global specialty synthetic & glass fiber market and contributed approximately 30% of revenue share globally. The growth in the region can be attributed to, rapidly growing industries including building and construction, automotive, aerospace and defense and wind energy among others. China holds the largest market share in terms of revenue owing to increasing government spending on infrastructural development, rising industrialization and presence of large number of players in the region among others. In April 2020, Owens Corning entered into a licensing agreement with Taiwan Glass Ind. Corp. This agreement will help Owens Corning to penetrate further into the Asia Pacific region.
In contrast, Asia Pacific region is trailed by Europe and North America. North America region is expected to grow significantly during the forecast period owing to growing automotive and aerospace & defense industry in the region.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Specialty Synthetic & Glass Fiber (SSGF) market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
