Glass & Specialty Synthetic Fiber Market Growth, Opportunities Business Scenario, Share, Scope, Key Segments and Forecast
Glass & specialty synthetic fibers are used for composite and non-composite applications in a variety of end-use industries, including aerospace & defense, transportation, wind energy, marine, pipe & tank, construction & infrastructure, protective clothing, and electrical & electronics. The glass fiber & specialty synthetic fiber market is growing at a rapid pace. The global glass & specialty synthetic fibers market was USD 65.9 billion in 2019 and is projected to reach USD 91.4 billion by 2024, growing at a CAGR of 6.8% between 2019 and 2024.
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Over the past years, companies have strengthened their position in the global composites market by adopting strategies such as expansions, partnership, agreement, new product/technology launch, joint venture, contract, and merger & acquisition. From 2014 to 2019, expansion and merger & acquisition were the key strategies adopted by the market players to maintain growth in the global composites market. For instance, Honeywell International, Inc. increased the production capacity of its Spectra fiber PE in November 2019 to meet the demands of the defense industry for high-performing and lightweight armors. This helped the company to solidify its position as a leading provider of solutions for the defense industry.
The major manufacturers profiled in this report include Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electrical Glass Co. Ltd. (Japan), DSM (Netherland), Honeywell International, Inc. (US), Jushi Group Co., Ltd. (China), among others. These companies have adopted various organic and inorganic growth strategies. For instance, in July 2019, Owens Corning (US) announced the signing of a definitive agreement where it will acquire Saint-Gobain’s Reinforcement and Composites business for USD 640 million. This would build Owen’s Corning’s position as a market leader in the glass fiber market.
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Owens Corning (US), Jushi (China), CPIC (China), Toray Industries, Inc. (Japan), Teijin Limited (Japan), and Mitsubishi Chemical Holdings Corporation (Japan) are the major players in the composites market. These companies are the most significant contributor to the growth of the glass & specialty synthetic fiber industry. These companies are specialized in manufacturing glass & specialty synthetic fibers having sustainable properties. For instance, Owens Corning (US) specializes in manufacturing composite materials namely glass fibers, for the composites industry globally. Similarly, Toray Industries, Inc. (Japan) specializes in manufacturing carbon fibers globally. These companies have vast global presence. These companies are among the key players present in the global composites market.
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