Latest News- Glass Fiber Market: Composites is expected to lead the Application segment during 2024-2028

The Glass Fiber Market is being driven by Increasing demand for glass fibers in construction

The Glass Fiber Market is expected to grow at a CAGR of 5.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4341.4 million. In the construction, automotive, and renewable energy sectors, the push for lightweight, robust materials with superior durability is driving market growth. Glass fibers, with their exceptional strength-to-weight ratio, have emerged as a preferred alternative to steel and aluminum in automobile manufacturing. These fibers offer significant weight reduction at a relatively low cost, making them an attractive choice for various industries. Notably, glass fibers are approximately 60% lighter than steel and contribute to reduced greenhouse gas emissions and improved fuel efficiency in automobiles and wind energy applications. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Composites
  • Insulation
• End-user
  • Construction
  • Transportation
  • Consumer products
  • Wind turbines
  • Others
• Geography
  • APAC
    • China
    • India
  • North America
    • US
  • Europe
    • France
    • Germany
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for glass fibers in construction
• Rising demand for glass fibers in transportation industry
• Increasing number of opportunities for textile glass fibers and glass fibers in electronics sector

However, the market also witnesses some limitations, which are as follows:

• Availability of substitutes
• Health hazards associated with glass fibers
• Disadvantages of glass fibers

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Market Scope in Glass Fiber Market Research Report

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Research Analysis Overview

The Glass Fiber Market encompasses the production, application, and sales of composite materials, specifically those made from Glass Fibers. These fibers, derived from Glass wool or chopped strands, are often combined with resins to create lightweight yet strong composite materials. This market finds significant demand in various industries, including Wind Energy, where Glass Fiber Reinforced Polymer (GFRP) composites are used for decking, window frames, doors, railings, girders, and even in the production of blades. Moreover, Glass Fibers are extensively utilized in sectors like aerospace and automotive, where lightweight and high-strength materials are essential for fuel efficiency and improved performance. In construction, Glass Fiber Reinforced Concrete (GFRC) is gaining popularity due to its durability and resistance to corrosion. The versatility of Glass Fibers extends to applications in bridges, metal components, and even in the production of cloth mats and fiberglass yarns. Overall, the Glass Fiber Market is poised for growth, driven by the increasing demand for lightweight, strong, and corrosion-resistant materials across various industries.

Market Research Overview

The Glass Fiber Market is a segment of Technavio's comprehensive analysis of the global Diversified Metals and Mining Market. This market encompasses businesses involved in the production or extraction of a range of metals and minerals, including non-ferrous metals such as lead, nickel, tin, and others, as well as salt, borate, phosphate rock, and diversified mining operations. The market size is determined by the consolidated revenue generated by these companies in the metals and minerals sector and their diversified mining operations.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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