Booming Automotive Industry to Become Cornerstone of Growth for Glass Fiber Market : TMR
The competitive landscape in the global glass fiber market is fairly consolidated, finds TMR in a new study. The leading players in the overall market are focusing on developing export channels to increase their international presence and subdue China’s hold in the foreign markets.
TMR’s findings also indicate that major companies are focusing on aligning their research and development activities to develop improved product portfolio. For instance, Jiangsu Jiuding New Material Co. Ltd. invested about US$3.2 mn in R&D in 2013. This move enabled the company to create 44 technology and product patents. Similarly, Nippon Electric Glass Co., Ltd. is gunning for expanding its capacities to improve its market position and cater to the pharmaceutical sector as well.
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Heightened Marine and Automotive Production Improves Glass Fiber Demand
Exceptional qualities of glass fiber such as low weight, higher impact resistance, and superior strength make it a popular choice of material across the building and construction industry. TMR analyst says, “The growing population of Asia Pacific, which accounted for 60.5% of the total global population, has spurred a huge demand for construction of residential projects. These interlinked factors have created a massive demand for glass fiber that is largely used for building walls, pipes, and furniture and fixtures amongst others.”
The rise of the marine and the automotive sector has also contributed significantly to the demand and usage of glass fiber. Their peculiar characteristic of being lightweight has won them a special place in these industries. Over the years, e-glass fibers and performance glass fibers have played an important role in the design of high-speed vehicles and vessels and will continue to do so with increasing research and development.
The growing pressure to reduce carbon footprint has prompted several governments across the globe to investment in renewable energy. This, in turn, has created a demand for wind turbines, which use glass fiber to a large extent. Therefore, as the operations to devise sustainable solutions for renewable energy remain underway, they will boost the glass fiber market by generating a demand for wind turbines. Strict renewable energy targets are thus likely to create a lucrative opportunity for the growth of wind turbine market.
China Holds the Lion’s Share in Overall Market
In terms of geographical segmentation of the market, Europe and North America are facing a challenge in the overall glass fiber market due to China’s stronghold. The dominating nature of China’s glass fiber market, which is exceptionally export oriented, is creating an insurmountable hurdle. The generous government subsidies given to China-based manufacturers of glass fiber are preventing other regional markets from winning bigger shares.
The research report states that the opportunity of the glass fiber market will be worth US$17.44 bn by 2024 as compared to US$8.50 bn in 2014. Between the forecast period of 2016 and 2024, this market will expand at an impressive CAGR of 7.5%.
In terms of volume Asia Pacific accounted for a share of 47.5% in the overall market in 2014. Research projects demand from China will keep this region in the forefront in the near future as well.
The review of the global glass fiber market and its products and applications is based on the observations and inferences of a Transparency Market Research report. The document, titled “Glass Fiber – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024,” includes a comprehensive outlook of the elements shaping the trajectory of this market.
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