- In 2018, the global specialty synthetic & glass fiber market is expected to have a CAGR of 6.5%.
- Increasing demand for specialty synthetic & glass fiber in wind energy will spur revenue growth during the forecast period.
- Asia Pacific region holds the largest share in the global specialty synthetic & glass fiber market in terms of market revenue.
The specialty synthetic and glass fiber market has been gaining remarkable momentum. A gradually intensifying demand for specialty synthetic and glass fiber due to rising environmental concerns and technological advancements are influencing market growth.
Rising innovation and investment in research and development making lightweight and durable products is expected to present lucrative opportunities for the growth of specialty synthetic & glass fiber market.
The specialty synthetic & glass fiber market was valued at $64.3 Bn in 2018 and is expected to expand at a CAGR of 6.5% throughout the forecast period from 2019 to 2027.
In addition, a growing automotive industry, and expanded building & construction (especially in India, and China) are anticipated to bolster demand for specialty synthetic & glass fiber products. However, high cost of production, the high energy intensive production process and low market penetration are factors hampering market growth.
in June 2018, Owens Corning has signed a strategic partnership and supply agreement with Chongqing Polycomp International Corp. (CPIC) for the manufacture of high modulus fiberglass products in China. This agreement allows both companies to supply high-end fiberglass products to the wind energy sector.
In July 2019, Mitsubishi Chemical Corporation announced its expansion plans to start a new carbon fiber sheet production facility in Italy. Through this, the company plans to expand its geographical presence in the European region and increase its product penetration in Europe.
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Key Market Movements
Based on application, the market is classified into composite, and non-composite. Composite segment leads the specialty synthetic and glass fiber market and contributed more than 55% of the revenue share globally. Owing to new technological advancements in composite solutions, high performance, and increased application in various end-use industries including automotive, aerospace & defense, wind energy, and building and construction among others.
The use of fiber in composites offers benefits including better performance than traditional
metals, micro-crack resistance, electrical conductivity, and fatigue resistance among others.
Asia Pacific region holds the largest share in the global specialty synthetic & glass fiber market in terms of market revenue. This can be associated with rapidly increasing infrastructure sector, automotive sector and presence of major players among others in the growing economies of China and India.
List of Companies Covered: Owens Corning, Nippon Electrical Glass Co., Honeywell International, Jushi Group Co. Ltd., Toray Industries, Inc., SGL Group, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, DuPont and Royal DSM.