The market for Specialty Synthetic & Glass Fiber (SSGF) Market is expected to reach US$ 64.3 Bn in 2027.
The global specialty synthetic & glass fiber market accounted for US$ 64.3 Bn in 2018 and is growing at a CAGR of 6.5% throughout the forecast period from 2019 to 2027.
Cutting-edge research and development has created new fibers that expand beyond conventional, natural, and organic ones. This has resulted in the development of innovative products for various end-use industries, including healthcare and automotive, among others. Rising demand for low-weight and high-strength composite material coupled with consumer-friendly benefits offered by materials including waterproofing, stain resistance, durability, mechanical properties, and flexibility, fueling the specialty synthetic and glass fiber market growth. Rising demand for optical fiber cables and expansion of the electronics industry along with substantial growth in automotive, marine, and aerospace industries, among others, are anticipated further to boost the market growth of glass and specialty fiber.
In addition, the high demand of glass fiber pipes in emerging economies and the increasing demand of glass fiber from the building & construction industry, especially in the middle east and Africa region, are presenting lucrative opportunities for the growth of specialty synthetic and glass fiber market. Additionally, the growing usage of specialty synthetic and glass fiber for manufacturing ballistic equipment is anticipated to enhance the market growth. However, a combination of factors, including the high cost of production, less resistance to heat, issues related to recycling, and lack of research and development in specialty synthetic fiber, are hindering the market growth.
Based on material type, the specialty synthetic & glass fiber market is classified into a glass and specialty synthetic fiber. Glass segment leads the global specialty synthetic & glass fiber market and is projected to grow significantly during the forecast years. In 2018, the glass segment contributed more than 60% of revenue share globally. This can be associated with low cost and superior mechanical properties, including durability, flexibility, and strength. Apart from that, enhanced applications of high-end glass fiber in various end-use industries, including wind energy, automotive, aerospace and defense, and electrical and electronics, will further spur revenue growth globally.
In contrast, the carbon fiber segment is anticipated to expand at a significant rate. It is in demand by various end-user industries owing to its benefits offered by it, including lightweight, stain resistance, and durability.
On the basis of end-user, the global specialty synthetic & glass fiber market is further classified into automotive, aerospace & defense, building & construction, wind energy, electrical & electronics, and others (marine, pipes & tanks, etc.). In 2018, the aerospace and defense segment led the specialty synthetic & glass fiber market. The segment accounted for more than 25% share in terms of revenue. This can be associated with rising environmental concern and demand for lightweight and high-strength material to increase fuel efficiency. In addition, manufacturers, including Boeing and Airbus, are rapidly deploying carbon composites in their aircraft.
In contrast, the wind energy segment is projected to grow rapidly in the future. Owing to the high demand of specialty synthetic and glass fiber, especially carbon composites, in the manufacturing of wind blades and hubs, among others. For instance, in September 2016, Mitsubishi Rayon Co. Ltd. And Fiberline Composites collaborated to distribute and manufacture carbon fiber composite laminates for wind turbine blades.
In 2018, the Asia Pacific region dominated the global specialty synthetic & glass fiber market and contributed approximately 30% of revenue globally. The growth in the region can be attributed to rapidly growing industries, including building and construction, automotive, aerospace and defense, and wind energy, among others. China holds the largest market share in terms of revenue owing to increasing government spending on infrastructural development, rising industrialization, and the presence of large number of players in the region, among others. In April 2018, Owens Corning entered a licensing agreement with Taiwan Glass Ind. This agreement will help Owens Corning penetrate further into the Asia Pacific region.
In contrast, the Asia Pacific region is trailed by Europe and North America. However, the North American region is expected to grow significantly during the forecast period owing to the growing automotive and, aerospace & defense industry in the region.
This study report represents analysis for each segment from 2017 to 2027, considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
Segmentation Material Type Segment (2017–2027; US$ Bn)
Application Segment (2017–2027; US$ Bn)
End-user Segment (2017–2027; US$ Bn)
Geography Segment (2017–2027; US$ Bn)
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities that give a better market understanding of the overall specialty synthetic & glass fiber market. In addition, the global report also represents the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.
The market for Specialty Synthetic & Glass Fiber (SSGF) Market is expected to reach US$ 64.3 Bn in 2027.
The Specialty Synthetic & Glass Fiber (SSGF) Market is expected to see significant CAGR growth over the coming years, at 6.5%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
Royal DSM, Hexcel Corporation, Toray Industries, Inc., Nippon Electrical Glass Co. are some of the major players in the global market.