Dublin, Dec. 09, 2022 (GLOBE NEWSWIRE) -- The "Specialty Synthetic & Glass Fiber (SSGF) Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030" report has been added to ResearchAndMarkets.com's offering.
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.
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.
List of Companies Covered:
Nippon Electrical Glass Co.
Jushi Group Co. Ltd.
Toray Industries, Inc.
Mitsubishi Chemical Holdings Corporation
Specialty Synthetic Fiber
Aerospace & Defense
Building & Construction
Electrical & Electronics
Others (Marine, Pipes & Tanks, etc.)
Key Topics Covered:
2. Executive Summary
3. Specialty Synthetic & Glass Fiber (SSGF) Market: Business Outlook & Market Dynamics
4. Specialty Synthetic & Glass Fiber (SSGF) Market: By Material Type , 2020-2030, USD (Billion)
5. Specialty Synthetic & Glass Fiber (SSGF) Market: By Application , 2020-2030, USD (Billion)
6. Specialty Synthetic & Glass Fiber (SSGF) Market: By End-user , 2020-2030, USD (Billion)
7. North America Specialty Synthetic & Glass Fiber (SSGF) Market, 2020-2030, USD (Billion)
8. UK and European Union Specialty Synthetic & Glass Fiber (SSGF) Market, 2020-2030, USD (Billion)
9. Asia Pacific Specialty Synthetic & Glass Fiber (SSGF) Market, 2020-2030, USD (Billion)
10. Latin America Specialty Synthetic & Glass Fiber (SSGF) Market, 2020-2030, USD (Billion)
11. Middle East and Africa Specialty Synthetic & Glass Fiber (SSGF) Market, 2020-2030, USD (Billion)
12. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/fu1mc1
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