Glass & Specialty Synthetic Fiber Market Worth $91.4 Billion by 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 4, 2020 /PRNewswire/ -- According to the new market research report "Glass & Specialty Synthetic Fiber Market by Fiber Type (Glass, Carbon, Aramid, UHMWPE, PPS), Application (Composite, Non-Composite), End-Use Industry, and Region (North America, Europe, APAC,MEA, Latin America) - Global Forecast to 2024", published by MarketsandMarkets™, the global Glass & Specialty Synthetic Fiber Market size is expected to grow from USD 65.9 billion in 2019 to USD 91.4 billion by 2024, at a CAGR of 6.8% during the forecast period.
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The glass & specialty synthetic fiber market is growing due to the increase in the demand for high-performance materials with properties such as high operating temperature, high strength to weight ratio, good tensile strength, electrical conductivity among others.
Glass fiber composites comprise a major share of the glass & specialty synthetic fiber market in terms of value and volume.
The glass fiber composites have superior attributes, such as strength, flexibility, durability, stability, lightweight, and resistance to heat, temperature, and moisture. Owing to its properties, glass fiber is used in different end-use industry segments, such as construction, wind, pipe & tanks, marine, and transportation. Also, owing to its low cost and easy manufacturing process, glass fiber composites are produced in bulk, and they accounted for the largest share in the global glass & specialty synthetic fiber market.
The composite application accounted for the largest market share in the global glass & specialty synthetic fiber market during the forecast period in terms of value and volume.
The large market for composites application is supported by the advancement of composite technology solutions and high performance when combined with various resins. Glass & specialty synthetic fibers in the form of composites have high demand from various end-use industries such as aerospace & defense, pipe & tank, construction & infrastructure, transportation, and wind energy.
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The aerospace & defense end-use industry accounted for the largest market share in the global glass & specialty synthetic fiber market during the forecast period in terms of value.
In terms of value, the aerospace & defense industry led the global market. Growing environmental concerns and search for high strength light-weighting material to increase fuel efficiency have put glass & specialty synthetic fibers in the limelight in the aerospace & defense industry. Leading aircraft manufacturers such as Boeing and Airbus are increasing the use of carbon composites in their commercial aircraft. The glass & specialty synthetic fibers are used in fuselage, wings, tail, tail fin, wing box, trailing edge, engine nacelles, engine, and other structural parts.
APAC is expected to account for the largest market share in the glass & specialty synthetic fiber market during the forecast period.
APAC is the largest market for glass & specialty synthetic fiber. Major glass, carbon, and aramid fiber manufacturers are present in the region. These players along with major international players, are exploring opportunities in the region owing to cheap labor, raw materials, and high demand from various end-use industries, such as pipes & tanks, wind energy, and construction & infrastructure.
The key players in the market include Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electrical Glass Co. Ltd. (Japan), DSM (Netherland), Honeywell International, Inc. (US), Jushi Group Co., Ltd. (China), among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the Glass & Specialty Synthetic Fiber Market. These players have taken different organic and inorganic developmental strategies over the past five years.
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