Specialty Synthetic & Glass Fiber (SSGF) Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030

Key Market Insights

The global specialty synthetic & glass fiber market accounted for US$ 76.8 Bn in 2021 and is growing at a CAGR of 6.5% throughout the forecast period from 2022 to 2030.

Cutting-edge research and development has resulted in creating new fibers which expand beyond conventional, natural and organic ones. This in turn has resulted into development of innovative products for various end-use industries including, healthcare, and automotive among others. Rising demand of low weight and high strength composite material coupled with consumer friendly benefit offered by materials including water proofing, stain resistance, durability, mechanical properties and flexibility are factors fueling the specialty synthetic and glass fiber market growth. Rising demand of optical fiber cables and expansion of electronics industry along with substantial growth in automotive, marine and aerospace industry among others are anticipated to further boost the market growth of glass and specialty fiber market.

In addition, high demand of glass fiber pipes in emerging economies along with increasing demand of glass fiber from building & construction industry especially in the middle east and Africa region are presenting lucrative opportunities for the growth of the specialty synthetic and glass fiber market. Additionally, 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 high cost of production, less resistance to heat, issues related to recycling, and lack of research and development in specialty synthetic fiber among others are hindering the market growth.

Material Type Analysis

Glass segment to dominate the market throughout the forecast period

Based on material type, the specialty synthetic & glass fiber market is classified into 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 2021, the glass segment contributed more than 60% of revenue share globally. This can be associated with low cost, superior mechanical properties including durability, flexibility, and strength among others. 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 among others will further spur revenue growth globally.

In contrast, carbon fiber segment anticipated to expand at a significant rate and is in demand by various end-user industry owing to the benefits offered by it including, light weight, stain resistant, and durability.

End-user Analysis

Aerospace & Defense segment expected to dominate the market during the forecast period

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, others (marine, pipes & tanks, etc.). In 2021, 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 light weight, and high strength material to increase fuel efficiency. Manufacturers including Boeing and Airbus among others are rapidly deploying carbon composites in their aircrafts.

In contrast, wind energy segment is projected to grow at a rapid pace during the years to come. Owing to 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.

Regional Analysis

Rapid industrialization to spur revenue in Asia Pacific region

In 2021, Asia Pacific region dominated the global specialty synthetic & glass fiber market and contributed approximately 30% of revenue share 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 presence of large number of players in the region among others. In April 2020, Owens Corning entered into a licensing agreement with Taiwan Glass Ind. Corp. This agreement will help Owens Corning to penetrate further into the Asia Pacific region.

In contrast, Asia Pacific region is trailed by Europe and North America. North America region is expected to grow significantly during the forecast period owing to growing automotive and aerospace & defense industry in the region.

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
• DuPont
• Royal DSM

Key Industry Development:

• In November 2019, Nippon Electric Glass Co. Ltd. Announced the expansion of its Westerbroek plants production capacity. The company has approved an investment of Yen 7 Bn for the same.
• In October 2016, Nippon Electric Glass Co. Ltd. Announced the acquisition of PPG's European fiber glass operations. Through this acquisition Nippon Electric Glass Co. Ltd. Plans to expand in the Europe region, and increase its chopped fiber strands business.
• In August 2016, Mitsubishi Chemical Corporation acquired Nippon Synthetic Chemical Industry Co. This acquisition will help the company to further expand its product portfolio and market penetration.
• In February 2020, Mitsubishi Chemical Corporation displayed its new innovative lightweight material at JEC World 2020. This will help the company to gain competitive advantage in the specialty synthetic and glass fiber market globally.

Historical & Forecast Period

This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Specialty Synthetic & Glass Fiber (SSGF) market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Specialty Synthetic & Glass Fiber (SSGF) market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Market Segmentation

Material Type

• Glass Fiber
• Specialty Synthetic Fiber
• Carbon Fiber
• Uhmwpe Fiber
• Aramid Fiber
• PPS Fiber
• Others

Application

• Non-composite
• Composite

End-user

• Automotive
• Aerospace & Defense
• Building & Construction
• Wind Energy
• Electrical & Electronics
• Others (Marine, Pipes & Tanks, etc.)

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Specialty Synthetic & Glass Fiber (SSGF) market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2030.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Specialty Synthetic & Glass Fiber (SSGF) market?
• Which is the largest regional market for Specialty Synthetic & Glass Fiber (SSGF) market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Specialty Synthetic & Glass Fiber (SSGF) market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Specialty Synthetic & Glass Fiber (SSGF) market worldwide?

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