Shift Towards Sustainable Materials and Carbon Neutrality Drives the Demand for Glass Fiber Reinforcements, Expected to Reach 8.4 million metric tons by 2030

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A new report from Industry Experts Inc, on "Glass Fiber Market," reveals that the global demand for glass fibers is projected to reach 8.4 million metric tons by 2030, growing at a CAGR of 4.7% between 2024 and 2030. In value terms, the market is expected to reach US$12.3 billion by 2030.

The year 2023 marked an exceptionally challenging period for the global glass fiber and composites industry. Slower-than-expected demand growth across major application areas, compounded by the effects of earlier overexpansion, especially in China, caused inventory levels to spike. Smaller manufacturers, under financial strain, initiated aggressive price reductions, driving prices of standard products like direct yarn to historic lows. The glass fiber industry demonstrates both cyclical and growth characteristics. Traditional sectors like construction and industrial equipment show cyclic behavior, while emerging applications such as lightweight vehicles, 5G infrastructure, wind and solar energy represent long-term growth opportunities.

The year 2023 marked an exceptionally challenging period for the global glass fiber and composites industry. Slower-than-expected demand growth across major application areas, compounded by the effects of earlier overexpansion, especially in China, caused inventory levels to spike. Maintaining a 2024-2030 CAGR of 4.5%, global consumption of Glass Fibers in Building & Construction sector is further projected to reach 1.9 million metric tons by 2030. In terms of growth between 2024 and 2030, Wind Energy applications of Glass Fibers are slated to grow at a fastest volume CAGR of 8.2% during that period reaching close to 1 million metric tons by 2030.

The global market for glass fiber (reinforcements) is analyzed in this report covering the major regions including North America (The United States and Canada), Europe (France, Germany, Italy, Spain, the United Kingdom and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea and Rest of Asia-Pacific) and Rest of World (Brazil, Russia, Turkiye and Other ROW).

Glass fiber market studied in this report with respect to Product Form - Single-end Rovings, Multi-end Rovings, Woven Rovings, Chopped Strands, Chopped Strand Mat (CSM), Continuous Filament Mat (CFM), Fabrics and Others; and End-Use Applications - Automotive & Transportation, Marine, Wind Energy, Pipe, Tank & Other Corrosion Equipment, Building & Construction, Electricals & Electronics, Consumer Goods, Aerospace & Defense and Others.

About Industry Experts, Inc
Industry Experts, Inc., ranks among the leading market research providers globally. The company's off-the-shelf and customized business intelligence reports offer strategic insights and valuable guidance to enable various stakeholders, such as corporate strategists, analysts, researchers and startups, among others, in obtaining valuable, crisp and unbiased current and future market data. For more information, contact us on +1-320-497-3787 or visit https://industry-experts.com/

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