Growth prospects for glass fiber comes from aerospace and defense, wind energy
The Indian glass fiber market will reach an estimated value of $636.6 million by 2028, exhibiting a robust Compound Annual Growth Rate (CAGR) of 7.3% from 2022 to 2028.
The market’s growth is primarily driven by increasing domestic consumption by government entities, NGOs, and civic bodies, says a ResearchAndMarkets report “Indian Glass Fiber Market: Trends, Opportunities and Competitive Analysis 2023-2028”.
The future of the Indian glass fiber market looks promising, with significant opportunities emerging across various end-use industries. The key sectors presenting growth prospects include pipe and tank, aerospace and defense, wind energy, electrical and electronics, construction, transportation, and marine applications.
The wind energy sector is expected to remain the largest end-use segment for glass fiber, exhibiting the highest growth during the forecast period, said the report on 28 July 2023, citing industry analysts.
The advantages offered by glass fiber, such as corrosion resistance, high strength-to-weight ratio, low maintenance, and longer lifecycle compared to traditional materials, drive its demand in wind energy applications.
Additionally, woven roving is anticipated to be the largest product type segment due to its increasing demand in wind and marine industries.
The report highlights two emerging trends with a direct impact on the Indian glass fiber industry:
Innovation trends focused on ultra-high modulus glass fiber: Manufacturers are exploring innovative technologies to develop ultra-high modulus glass fiber, enhancing the material’s strength and performance.
Glass fiber-based composites part using 3D technology: The integration of 3D technology in the production of glass fiber-based composites parts offers new possibilities for designing complex and intricate structures.
The report profiles some of the key Indian glass fiber companies, including: Owens Corning, Jushi India Fiberglass Pvt Ltd and 3B The Fiber Glass Company. Fiinews.com
