The global glass fibers and specialty synthetic fibers market is anticipated to witness significant growth on account of the increasing demand for lightweight and high strength composite materials. High strength to weight ratio of glass and specialty synthetic fibers is expected to fuel the market demand over the forecast period. Consumer-friendly qualities of the material such as stain resistance, waterproofing, and stretching are also expected to drive the glass fibers & specialty fibers market over the forecast period. Excellent mechanical properties, durability, and thermal stability than the conventional materials are expected to augment glass fibers and specialty synthetic fibers demand over the forecast period. Various industries such as transportation, marine, aerospace, and automotive are also expected to drive glass fibers and specialty synthetic fibers demand over the forecast period. The growing need for optical fiber cables and expansion of the electronic industry is anticipated to shoot up the demand for glass and specialty synthetic fibers. Numerous innovative applications of glass fibers and synthetic fibers such as adding metallic properties in cloth, usage in battery separators, and in the process of filtration are also expected to augment the glass fibers and specialty fibers demand over next seven years. Increasing usage of these materials for ballistic equipment manufacturing is expected to augment the market demand as well.
High production cost on account of high raw material expenditures is expected to hinder the market growth over the forecast period. Highly energy-intensive production processes are also expected to restrain market growth over the forecast period. Low market penetration is also anticipated to hamper the glass fibers and specialty synthetic fibers market growth. Properties such as less resistance to heat, not skin-friendly, highly combustible can be expected to hinder the market growth. Non-biodegradable nature of these fibers is also expected to pose a challenge in front of the market. The requirement of huge investment in R&D, raw material and production units is also expected to restrain the market growth over the forecast period.
Specialty fibers are segmented into meta aramids, para aramids, and carbon fiber. Glass fiber accounts for maximum share in the global glass fiber and specialty fibers market. Carbon Fiber is expected to witness the highest growth rate over the forecast period on account of its high strength to weight ratio. Significant carbon fiber demand from the automotive and aerospace industries is expected to drive the global glass fibers and specialty synthetic fibers market over the forecast period.
Europe accounts for maximum share in the global market on account of the presence of large end-use industries in the region. Growing automotive and aviation & defense industries in the region are expected to fuel the market growth over the forecast period. Stringent governmental regulations regarding automotive pollution control are expected to augment glass fibers and specialty fibers demand from the automotive industry in the region. North America market is anticipated to witness significant growth over the forecast period on account of growing automotive, defense, and aviation markets. Growing wind energy and automotive markets in the Asia Pacific region are expected to drive glass fibers and specialty synthetic fibers market in the region. Middle East & Africa and Central and South America hold very low market share and are also expected to witness lower market growth over the forecast period.
The key trend observed with the manufacturers includes an increased focus on R&D activities to develop the new grade of glass and specialty fibers along with the development of low-cost precursors. Technological innovations are expected to develop cost-effective manufacturing technologies. These trends are expected to create new opportunities for market participants in existing as well as new applications over the forecast period.
Key players operating in the global glass fibers and specialty synthetic fibers market include DuPont, Teijin Limited, Jushi Group, Honeywell International Inc, Royal DSM, Toray Industries Inc. Toho Tenax and Owens Corning.
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The shortage in supply of raw materials from Chinese manufacturers has resulted in a severe demand-supply gap. The manufacturers are further expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to lockdown amid COVID-19. However, the producers are expected to move away from China aiming to reduce the future risks that would affect the business and to reduce the manufacturers' cluster in a single country in order to smoothen the supply chain. The report will account for Covid19 as a key market contributor.