Market Introduction
The companies are continuously improving the overall business processes to meet the customers' demand for superior quality products and services in the best possible way. Several domestic and multinational companies already have a strong foothold in North American countries like the U.S. and Canada. The extensive use of glass fibers in the construction activities is anticipated to drive the glass fiber market growth in North America. Glass fiber, which is also described as fiberglass, is mainly used as cladding, insulation, surface coating, and roofing raw material in the construction sector. The construction industry in North America is expanding tremendously due to a strong economy, combined with an increase in federal and state funding for public works and institutional buildings. Extensive growth in the automotive and construction sectors, primarily in the US, is driving the market growth in the region. Glass fiber is widely used in various applications due to its benefits. Glass fibers are used to reinforce polymers in several fields such as automobile, marine, aerospace, and construction & civil engineering. Rapid industrialization and urbanization are also fueling the growth of the glass fiber market in North America. Additionally, the automotive industry of North America is one of the most advanced across the globe, with substantial investments in infrastructure, R&D activities, and new production facilities driving the overall glass fiber market. Significant developments in the automotive sector have led to vital product innovations in the glass fiber industry. Increasing vehicle numbers and increased per capita income is leading to surging demand for advanced versions of glass fiber on a large scale. This will strengthen the procurement rate of glass fiber during the forecast period, thereby aiding the glass fiber market growth in North America.
In case of COVID-19, North America is highly affected specially the US which got the highest number of confirmed cases of COVID-19, as, compared to Mexico and Canada. This is likely to impact the chemical and materials industry in the region as, due to the COVID-19, the supply chain is likely to get affected. In addition, the overall manufacturing processes, research, and development activities will also impact market growth. The North American chemical and materials industry is one of the major industries that is suffering serious disruptions such as supply chain breaks, technology events cancellations, office shutdowns etc. because of this outbreak. In addition to this, the global travel bans imposed by countries across North America are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to affect the chemical and materials industry in a negative manner and thus act as restraining factor for the growth of various markets related to this industry in the coming months.
Market Overview and Dynamics
The North America glass fiber market is expected to grow from US$ 3,400.45 million in 2020 to US$ 4,588.68 million by 2027; it is estimated to grow at a CAGR of 4.4% from 2020 to 2027. The demand for renewable energy sources is increasing due to decline in fossil fuel capacity. Wind energy is one of the most important renewable energy sources. Increase in use of renewable energy sources has led to a surge in demand for wind farms, with large tracts of land and coastal areas devoted to the installation and operation of wind turbines. The companies operating in the market have discovered that the longer the blades are on a turbine, the more energy can be generated, and thus, the wind turbine manufacturers strive to produce more efficient and longer blades. Advanced composite materials such as E-Glass and S+R Glass are a growing part of the construction of wind turbines, specifically the blades. Low density, excellent corrosion resistance, good mechanical properties, tailor ability of material properties, and versatility of fabrication methods have made them suitable for wind turbine rotor blades. They show higher stiffness and provide high strike resistance, compressive strength, and ultimate strain, resulting into thinner, stiffer, and lighter blades. The high stiffness of glass fiber reduces blade deflection, allowing a larger tower diameter for a given blade-to-tower clearance. Glass fiber composites are used in the nacelle, which is the most important component of wind turbine. Since one type of fiber does not have all the desired properties, turbine manufacturers are innovating new and improved composites for turbines. For example, glass/carbon hybrid composite. Such composites can provide the required strength and stiffness with improved impact resistance while keeping the weight less and cost down. So, escalating development of advanced glass fibers for the wind energy is expected to drive the North America glass fiber market.
Key Market Segments
In terms of fiber type, the E/ECR glass fiber segment accounted for the largest share of the North America glass fiber market in 2019. In terms of product type, the others segment held a larger market share of the North America glass fiber market in 2019. In terms of application, the transportation segment held a larger market share of the North America glass fiber market in 2019. Further, the others segment held a larger share of the North America glass fiber market based on manufacturing process in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the North America glass fiber market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are China Jushi Co., Ltd.; Chongqing Polycomp International Corp. (CPIC); Johns Manville; Nippon Electric Glass Co.,Ltd.; Owens Corning; SAINT GOBAIN S.A.; and Taishan Fiberglass Inc. (CTG).
Reasons to buy report
North America Glass Fiber Market Segmentation
North America Glass Fiber Market - By Fiber Type
North America Glass Fiber Market - By Product Type
North America Glass Fiber Market - By Application
North America Glass Fiber Market - By Manufacturing Process
North America Glass Fiber Market - By Country
North America Glass Fiber Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 3,400.45 Million |
| Market Size by 2027 | US$ 4,588.68 Million |
| CAGR (2020 - 2027) | 4.4% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2027 |
| Segments Covered |
By Fiber Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Glass Fiber Market is valued at US$ 3,400.45 Million in 2020, it is projected to reach US$ 4,588.68 Million by 2027.
As per our report North America Glass Fiber Market, the market size is valued at US$ 3,400.45 Million in 2020, projecting it to reach US$ 4,588.68 Million by 2027. This translates to a CAGR of approximately 4.4% during the forecast period.
The North America Glass Fiber Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Glass Fiber Market report:
The North America Glass Fiber Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Glass Fiber Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Glass Fiber Market value chain can benefit from the information contained in a comprehensive market report.
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