Glass Fiber Market

The global glass fiber market is expected to experience a slight increase in consumption trend over the next eight years, with a forecasted CAGR of +0.9%. In 2022, consumption of glass fibers increased by 3.3% to 5.5M tons, marking the second consecutive year of growth after four years of decline. China remains the largest consumer and producer of glass fibers, with the market value expected to reach $21.4B by 2030. The highest levels of glass fiber per capita consumption were registered in France, with other major consuming countries including Canada and Spain. Global glass fiber production and exports are showing a mild reduction, while import prices are on the rise. Overall, the global glass fiber market is projected to see gradual growth in the immediate term.

Market Forecast

Driven by rising demand for glass fiber worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.9% for the period from 2022 to 2030, which is projected to bring the market volume to 5.9M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market value to $21.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Voiles, Webs, Mats And Other Articles Of Glass Fibers

In 2022, consumption of voiles, webs, mats and other articles of glass fibers increased by 3.3% to 5.5M tons, rising for the second consecutive year after four years of decline. Overall, consumption, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the consumption volume increased by 5.7%. Global consumption peaked at 6.2M tons in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

The global glass fiber market size expanded slightly to $16.9B in 2022, increasing by 4.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $19.7B. From 2017 to 2022, the growth of the global market remained at a lower figure.

Consumption By Country

China (1.5M tons) remains the largest glass fiber consuming country worldwide, comprising approx. 28% of total volume. Moreover, glass fiber consumption in China exceeded the figures recorded by the second-largest consumer, India (562K tons), threefold. France (520K tons) ranked third in terms of total consumption with a 9.4% share.

In China, glass fiber consumption expanded at an average annual rate of +1.1% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: India (-0.8% per year) and France (+5.2% per year).

In value terms, China ($3.7B), Japan ($2.4B) and India ($1.6B) appeared to be the countries with the highest levels of market value in 2022, together accounting for 46% of the global market. The United States, France, Mexico, the UK, Russia, Germany, Canada, Spain, Turkey and Iran lagged somewhat behind, together accounting for a further 28%.

Among the main consuming countries, France, with a CAGR of +4.5%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of glass fiber per capita consumption was registered in France (7.7 kg per person), followed by Canada (2.7 kg per person), Spain (1.8 kg per person) and the UK (1.7 kg per person), while the world average per capita consumption of glass fiber was estimated at less than 0.1 kg per person.

In France, glass fiber per capita consumption expanded at an average annual rate of +4.9% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Canada (-3.1% per year) and Spain (-2.1% per year).

Production

World Production of Voiles, Webs, Mats And Other Articles Of Glass Fibers

Global glass fiber production contracted slightly to 5.1M tons in 2022, remaining stable against the year before. Overall, production continues to indicate a mild reduction. The pace of growth appeared the most rapid in 2013 when the production volume increased by 6.5%. As a result, production attained the peak volume of 6.2M tons. From 2014 to 2022, global production growth failed to regain momentum.

In value terms, glass fiber production declined to $15.2B in 2022 estimated in export price. In general, production showed a mild decline. The most prominent rate of growth was recorded in 2016 with an increase of 12%. As a result, production attained the peak level of $19.1B. From 2017 to 2022, global production growth failed to regain momentum.

Production By Country

The country with the largest volume of glass fiber production was China (1.8M tons), accounting for 36% of total volume. Moreover, glass fiber production in China exceeded the figures recorded by the second-largest producer, India (524K tons), threefold. France (342K tons) ranked third in terms of total production with a 6.8% share.

In China, glass fiber production remained relatively stable over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: India (-1.3% per year) and France (+3.9% per year).

Imports

World Imports of Voiles, Webs, Mats And Other Articles Of Glass Fibers

In 2022, approx. 2.2M tons of voiles, webs, mats and other articles of glass fibers were imported worldwide; reducing by -4.9% against 2021 figures. The total import volume increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 14%. As a result, imports reached the peak of 2.3M tons, and then dropped slightly in the following year.

In value terms, glass fiber imports totaled $7.3B in 2022. The total import value increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 21%. Over the period under review, global imports attained the peak figure in 2022 and are likely to see steady growth in the immediate term.

Imports By Country

The countries with the highest levels of glass fiber imports in 2022 were France (238K tons), the United States (192K tons), Germany (152K tons), Canada (148K tons), Mexico (101K tons), Poland (79K tons), Belgium (69K tons), Spain (66K tons), the UK (63K tons), the Netherlands (55K tons), India (54K tons) and Italy (51K tons), together resulting at 57% of total import. Australia (49K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +8.8%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest glass fiber importing markets worldwide were the United States ($777M), Germany ($515M) and France ($500M), with a combined 25% share of global imports. Mexico, Canada, the UK, Italy, Poland, Spain, the Netherlands, India, Belgium and Australia lagged somewhat behind, together accounting for a further 28%.

India, with a CAGR of +8.5%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Non-woven glass fibre webs, felts, mattresses and boards (889K tons) and glass fibres and glass wool (744K tons) represented the key types of voiles, webs, mats and other articles of glass fibers in 2022, resulting at near 40% and 34% of total imports, respectively. Glass fibre mats (356K tons) held the next position in the ranking, followed by glass fibre voiles (227K tons). All these products together took approx. 26% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading imported products, was attained by glass fibres and glass wool (with a CAGR of +4.7%), while imports for the other products experienced more modest paces of growth.

In value terms, glass fibres and glass wool ($3.9B), non-woven glass fibre webs, felts, mattresses and boards ($2B) and glass fibre mats ($757M) constituted the products with the highest levels of imports in 2022, together accounting for 91% of global imports.

Among the main imported products, glass fibres and glass wool, with a CAGR of +5.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

The average glass fiber import price stood at $3,281 per ton in 2022, growing by 5.6% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 6% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by the product type; the product with the highest price was glass fibres and glass wool ($5,174 per ton), while the price for glass fibre mats ($2,130 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by glass fibre voiles (+1.1%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average glass fiber import price stood at $3,281 per ton in 2022, rising by 5.6% against the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 6% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Mexico ($4,387 per ton), while Belgium ($1,721 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+3.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Voiles, Webs, Mats And Other Articles Of Glass Fibers

In 2022, approx. 1.7M tons of voiles, webs, mats and other articles of glass fibers were exported worldwide; waning by -16.8% on 2021. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 14% against the previous year. Over the period under review, the global exports reached the maximum at 2.1M tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, glass fiber exports reduced to $6.6B in 2022. The total export value increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 20% against the previous year. As a result, the exports reached the peak of $7.1B, and then declined in the following year.

Exports By Country

In 2022, China (300K tons), followed by Belgium (195K tons), Germany (150K tons), the United States (96K tons), the UK (90K tons) and the Czech Republic (89K tons) represented the major exporters of voiles, webs, mats and other articles of glass fibers, together achieving 53% of total exports. France (60K tons), Spain (57K tons), Poland (55K tons), Italy (46K tons), Canada (44K tons), Turkey (44K tons) and the Netherlands (42K tons) held a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +6.7%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest glass fiber supplying countries worldwide were China ($1B), the United States ($981M) and Germany ($642M), together accounting for 41% of global exports.

In terms of the main exporting countries, Germany, with a CAGR of +7.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

In 2022, non-woven glass fibre webs, felts, mattresses and boards (691K tons) and glass fibres and glass wool (628K tons) represented the major types of voiles, webs, mats and other articles of glass fibersin the world, together achieving 75% of total exports. It was distantly followed by glass fibre mats (297K tons) and glass fibre voiles (131K tons), together constituting a 25% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exported products, was attained by glass fibres and glass wool (with a CAGR of +2.1%), while the other products experienced more modest paces of growth.

In value terms, glass fibres and glass wool ($3.6B) remains the largest type of voiles, webs, mats and other articles of glass fibers supplied worldwide, comprising 54% of global exports. The second position in the ranking was held by non-woven glass fibre webs, felts, mattresses and boards ($1.7B), with a 26% share of global exports. It was followed by glass fibre mats, with a 10% share.

For glass fibres and glass wool, exports increased at an average annual rate of +4.1% over the period from 2012-2022. For the other products, the average annual rates were as follows: non-woven glass fibre webs, felts, mattresses and boards (-0.2% per year) and glass fibre mats (+1.3% per year).

Export Prices By Type

In 2022, the average glass fiber export price amounted to $3,758 per ton, growing by 11% against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was glass fibres and glass wool ($5,694 per ton), while the average price for exports of glass fibre mats ($2,278 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by glass fibres and wool (+2.0%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2022, the average glass fiber export price amounted to $3,758 per ton, with an increase of 11% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($10,180 per ton), while Turkey ($1,440 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+13.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform