"Increasing demand for specialty synthetic & glass fiber in wind energy will spur revenue growth during the forecast period"
The specialty synthetic and glass fiber has been gaining remarkable momentum. The gradually intensifying demand for specialty synthetic and glass fiber owing to rising environmental concerns, technological advancements in application of fibers especially in industries such as aerospace and defense, and wind energy among others are influencing the growth of the market. The rising innovation and investments in research and development for making light weight and durable products is expected to present lucrative opportunities for the growth of specialty synthetic & glass fiber market.
In addition, growing automotive, and building & construction industry especially in the developing nations including India, and China among others are anticipated to bolster the demand for specialty synthetic & glass fiber products thus driving the specialty synthetic & glass fiber market growth. Moreover, high cost of production, high energy intensive production process and low market penetration are factors hampering the market growth.
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• For instance, 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.
Key Market Movements
• In 2018, the global specialty synthetic & glass fiber market was valued US$ 64.3 Bn and is mounting at a CAGR of 6.5%.
• 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 offer 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
• Royal DSM
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