Glass Fiber for Hand Layup Market Trends and forecast
The future of the global glass fiber market for hand layup market looks promising with opportunities in the wind energy, transportation, construction, and aerosapce markets. The global glass fiber market for hand layup market is expected to grow with a CAGR of 3.0% from 2024 to 2030. The major drivers for this market are growing demand for lightweight materials, increasing usage of glass fiber-reinforced composites, and rising use of composite materials in various industries, such as aerospace, automotive, and wind energy.
• Lucintel forecasts that single end roving is expected to witness the highest growth over the forecast period.
• Within this market, transportation is expected to witness the highest growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook of the Glass Fiber for Hand Layup Market
• United States: In the United States, Owens Corning announced a strategic partnership with a leading composite manufacturer to develop advanced glass fiber solutions for hand layup applications in the marine industry. The collaboration aims to leverage Owens Corning's expertise in glass fiber technology with the partner's manufacturing capabilities to introduce innovative products catering to the growing demand for lightweight and durable materials in boat construction. Owens Corning also set ambitious targets to increase the production capacity of its glass fiber facilities in the U.S. by 20% over the next two years, aiming to meet the rising market demand.
• India: In India, Jushi Group, a prominent player in the global glass fiber market, unveiled plans to establish a state-of-the-art manufacturing facility for hand layup products in Gujarat. The company's investment aligns with the Indian government's 'Make in India' initiative, aimed at promoting domestic manufacturing and reducing dependency on imports. Jushi Group aims to capture a significant market share in India's burgeoning composites industry by offering high-quality glass fiber solutions tailored to local market needs. Additionally, the Indian government announced incentives and subsidies for companies investing in the production of advanced materials like glass fiber, further boosting the growth prospects of the industry in the country.
• China: In China, China Fiberglass Co., Ltd. disclosed its strategy to expand its presence in the hand layup market segment by introducing innovative glass fiber products targeting the automotive and construction sectors. The company aims to capitalize on the country's rapid industrialization and urbanization by providing cost-effective and high-performance materials for infrastructure development and vehicle manufacturing. China Fiberglass Co., Ltd. set ambitious sales targets for its hand layup products, aiming for a double-digit growth rate in revenue over the next fiscal year. The Chinese government also announced initiatives to promote the development of the glass fiber industry, including subsidies for research and development and tax incentives for companies investing in advanced manufacturing technologies.
• Germany: In Germany, AGY Holding Corp. announced the launch of a new research and development center dedicated to advancing glass fiber technology for hand layup applications. The facility will focus on developing next-generation materials with improved mechanical properties and processing efficiency, catering to the evolving needs of the European market. AGY Holding Corp. aims to collaborate with industry partners and academic institutions to accelerate innovation and bring cutting-edge products to market. The German government unveiled its 'Industry 4.0' initiative, which emphasizes the digitalization and automation of manufacturing processes, offering funding support and grants to companies investing in technology-driven solutions for the glass fiber industry.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Glass Fiber for Hand Layup Market by Segment
The study includes a forecast of the global glass fiber for hand layup market by product type, application, and region.
Glass Fiber Market for Hand Layup Market by Product Type [Value from 2018 to 2030]:
• DUCS
• Single End Roving
• Multi-End Roving
• Yarn
• Continuous Filament Mat
Glass Fiber Market for Hand Layup Market by Application [Value from 2018 to 2030]:
• Wind Energy
• Transportation
• Construction
• Aerosapce
• Others
Glass Fiber Market for Hand Layup Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Glass Fiber Companies for Hand Layup Market
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies glass fiber companies for hand layup market cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the glass fiber companies for hand layup market are profiled in this report include-
• Company 1
• Company 2
• Company 3
• Company 4
• Company 5
Recent Development in the Glass Fiber Market for Hand Layup Market
• Owens Corning: The company announced the expansion of its glass non-wovens capacity to meet the rising demand for hand layup applications. The initiative includes investing in advanced manufacturing technologies to enhance product quality and efficiency.
• Johns Manville: Recently, Johns Manville introduced a new range of glass fiber products specifically designed for hand layup processes. These products boast enhanced mechanical properties and compatibility with various resin systems, catering to the diverse needs of the market.
• PPG Industries: PPG Industries unveiled a novel glass fiber formulation optimized for hand layup applications in marine and recreational vehicle manufacturing. This development aims to offer superior wet-out properties and improved surface finish, resulting in enhanced product performance and aesthetics.
• Saint-Gobain: Saint-Gobain launched a sustainability-focused initiative in its glass fiber division, emphasizing the use of eco-friendly materials and manufacturing processes for hand layup applications. This includes the development of bio-based resins and recycled glass fiber products, aligning with global environmental standards.
Features of the Global Glass Fiber Market for Hand Layup Market
Market Size Estimates: Glass fiber market for hand layup market size estimation in terms of value ($B).
Trend and forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Glass fiber market for hand layup market size by product type, application, and region in terms of value ($B).
Regional Analysis: Glass fiber market for hand layup market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different product types, applications, and regions of the glass fiber market for hand layup market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the glass fiber market for hand layup market.
Analysis of competitive intensity of the industry based on Porter’s Five forces model.
FAQ
Q1. What is the growth forecast for glass fiber market for hand layup market?
Answer: The global glass fiber market for hand layup market is expected to grow with a CAGR of 3.0% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the glass fiber market for hand layup market?
Answer: The major drivers for this market are growing demand for lightweight materials, increasing usage of glass fiber-reinforced composites, and rising use of composite materials in various industries, such as aerospace, automotive, and wind energy.
Q3. What are the major segments for glass fiber market for hand layup market?
Answer: The future of the glass fiber market for hand layup market looks promising with opportunities in the wind energy, transportation, construction, and aerosapce markets.
Q4. Who are the key glass fiber companies for hand layup market?
Answer: Some of the key glass fiber companies for hand layup market are as follows:
• Company 1
• Company 2
• Company 3
• Company 4
• Company 5
Q5. Which glass fiber market for hand layup market segment will be the largest in future?
Answer: Lucintel forecasts that single end roving is expected to witness the highest growth over the forecast period.
Q6. In glass fiber market for hand layup market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities of the glass fiber market for hand layup market by product type (ducs, single end roving, multi-end roving, yarn, and continuous filament mat), application (wind energy, transportation, construction, aerosapce, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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