According to a new market report published by Lucintel, […]
According to a new market report published by Lucintel, the future of the European glass fiber market is promising with opportunities in the transportation, construction, electrical and electronics, pipe and tank, wind energy, and consumer goods industries. The European glass fiber market is expected to reach an estimated $2.1 billion by 2023 with a CAGR of 2.8% from 2018 to 2023. The major growth driver for this market is rise in demand for products made of glass composites; these include pipes, tanks, wind blades, bathtubs, and automotive parts.
In this market, different types of product type such as single end roving, multi end roving, woven roving, fabrics, CSM, CFM, DUCS, and CS are used in European glass fiber. Lucintel forecasts that E (ECR) glass is expected to be the largest product type of glass fiber by value and volume over the forecast period.
Within the European glass fiber market, transportation is expected to remain the largest and witness the highest growth market by value and volume Glass Fiber Fabric Manufacturers consumption. Government regulations, such as carbon emission targets in Europe, are putting pressure on OEMs to incorporate lightweight materials to curb the overall vehicle weight, and this is the key driver for glass fiber in the transportation industry.
In terms of supply, the European glass fiber capacity was ~1.9 billion pound in 2017.Lucintel predicts that the glass fiber plant capacity utilization will go down in 2018 as glass fiber suppliers increase production capacity. For example, in 2018, Owens Corning plans to build additional capacity in France, and Şişecam Group is installing a new plant in Turkey.
Emerging trends, which have a direct impact on the dynamics of the European glass fiber industry, include cost optimization and performance enhancement of glass fibers. Owens Corning, Johns Manville, 3B glass fiber, Nippon Electric Glass and Lanxess and others are among the major European glass fiber manufacturers.