The glass fiber market was valued at US$ 14,193.55 million in 2019 and is projected to be worth US$ 19,837.62 million by 2027, growing at a CAGR of 4.3% from 2020 to 2027.

Glass fibers possess excellent corrosion resistance, higher stiffness and strength, and high tensile strength along with high-temperature tolerance and durability. These fibers find their application in broad end-use industries such as automotive, construction, marine, wind energy, aerospace & defense, and others. However, competition from carbon fiber and mineral wool is the major restraint for the glass fiber market growth.

Based on fiber type, global glass fiber market is segmented into E/ECR-Glass Fiber, S-Glass Fiber, C-Glass Fiber, and Others. The E/ECR-glass fiber segment accounted for a larger share of the global glass fiber market in 2019. E-glass is among the leading types of glass fibers with properties such as high-strength, good insulation, water-resistance, and corrosion resistance. It is extensively used in aerospace, marine, and industrial applications. Apart from this, E-glass finds vast applications in automotive & transport, construction, wind energy and pipes & tanks due to its beneficial characteristics and low-cost. ECR-glass fiber also called electronic glass fiber has a high mechanical strength, good waterproofing ratio and electrical acidic and alkali corrosion resistance as compared to E-glass fiber. It is used in transparent GRP panel applications. Growing demand from various end-use industries has spurred the growth of this segment during the forecast period.

Geographically, the glass fiber market is segmented into North America, Europe, AsiaPacific (APAC), South America, and Middle East & Africa (MEA). In 2019, APAC held the largest share of the global glass fiber market. The demand for glass fiber is expected to increase in the region with the growth of various end-use industries such as automotive, construction, aerospace, marine, and wind industry. The growing needs for glass fibers in industrial applications coupled with low production costs, labor costs, capital costs, and low investment costs, required in the region are the prominent factors leading to market growth. The glass fiber manufacturers are expanding their production activities in developed countries such as China, India, Japan, and South Korea so as to meet the rising demands of glass fibers in the region.

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. As of March 2021, USA, India, Brazil, Russia, France, UK, Turkey, Italy and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to affect the chemicals and materials industry in a negative manner and thus act as restraining factor for the growth of glass fiber market.

Johns Manville; Jushi Co., Ltd.; Chongqing Polycomp International Corp. (CPIC); Goa Glass Fiber Ltd; Nippon Electric Glass Co. Ltd; Saint-Gobain Vetrotex; Sichuan Weibo New Material Group Co., Ltd.; Taishan Fiberglass Inc; Taiwan Glass Group; and Owens Corning are among the major players operating in the global glass fiber market.

The overall global glass fiber market size has been derived in accordance with to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the global glass fiber market.