Indian Glass Fiber Market Trends and Forecast
Lucintel finds that the future of the Indian glass fiber market looks promising with opportunities in pipe and tank, aerospace and defense, wind energy, electrical and electronics, construction, transportation, and marine end uses. The Indian glass fiber market is expected to reach an estimated $1,102 million by 2030 with a CAGR of 6% 2023 to 2030. The major driver for this market is the domestic consumption by government, NGOs, and civic bodies.
Glass fiber, also known as fiberglass, is a versatile material made from fine fibers of glass. It offers properties such as high strength, corrosion resistance, thermal insulation, and electrical conductivity. Glass fibers find extensive usage in various industries for reinforcement purposes, including composite materials, insulation, and textiles. The glass fiber market has witnessed substantial growth due to the increasing demand for lightweight and high-performance materials in several applications.
• Lucintel forecasts that wind energy will remain the largest end use segment and is also expected to witness the highest growth over the forecast period due to its various advantage like; corrosion resistance, high strength-to-weight ratio, low maintenance, and a longer lifecycle as compared to other traditional materials.
Country wise Outlook for the Composites in the Indian Glass Fiber Market
Emerging Trends in the Composites in the Indian Glass Fiber Market
• Adoption of Advanced Manufacturing Techniques: Adoption of state-of-the art production methods to improve fiber quality, consistency, and throughput.
• Sustainable Materials: Introduction of eco-friendly glass fiber solutions, including recyclable and bio-based variants, in response to environmental regulations and market demand for sustainable materials.
• Composite Integration: Integration of glass fibers into advanced composite materials for enhanced strength, durability, and lightweight properties, suitable for various high-performance applications.
• Smart Materials: Research and development towards smart glass fiber materials with integrated functionalities like sensing capabilities or self-healing properties, expanding the scope of applications in innovative sectors.
A total of 44 figures / charts and 28 tables are provided in this 102-page report to help in your business decisions. A sample figure with insights is shown below.
Recent Developments in the Indian Glass Fiber Market
Recent developments in Indian glass fiber market which by various highlights ongoing innovations and advancements across different sectors.
• Capacity Expansions: Indian companies like Jushi India and Owens Corning India have been expanding their manufacturing capacities to meet increasing domestic and global demand.
• Technological Advancements: Adoption of advanced manufacturing technologies to improve fiber quality, reduce production costs, and enhance efficiency.
• Diversification of Applications: Expansion into new sectors such as aerospace, defense, electronics, and renewable energy, in addition to traditional applications in construction and automotive.
• Focus on Sustainability: Development of eco-friendly glass fiber products, including recyclable and bio-based variants, to align with environmental regulations and customer preferences.
• Strategic Collaborations: Partnerships and collaborations between Indian companies and international firms to access advanced technologies and expand market reach.
Strategic Growth Opportunities for Indian Glass Fiber Market
Infrastructure Development
• Government Intervention: The Indian government’s emphasis on infrastructure development that involves roads, bridges and cities strategically positioning the market of glass fiber for growth.
• Urbanization: The speedy formation of cities upsurges the requirement for building materials such as glass fibre that has properties like durability, high strength and resistance against corrosion.
• Automotive sector
• Light weighting: There is a wide-ranging demand for light weight materials such as fibre glass in automotive industry because of its potential to push fuel consumption to lower levels and reduce emissions.
• Electric Vehicles: Growth in electric vehicle (EV) adoption leads to increased use of glass fiber composites in battery casings and structural components.
Renewable Energy
• Wind Energy: India’s growing wind energy projects call for high-performance materials like glass fibers which are used in wind turbine blades.
• Solar Energy: By reinforcing frames, supports etc with fiber optics, this ensures there is an expansion in renewable energy sector through the utilization of glasses made from fiber.
Telecommunications and Electronics
• Fiber Optics: Glass fiber find application in optical cables due to rollout of 5G networks and broadband expansion
• Electronic Devices: In terms of insulation, electronic devices are produced with electronic devices filled with Glass Fiber components so as to enhance their structural integrity.
Aerospace and Defense
• Aerospace Applications: The lightweight nature of aircrafts necessitates use of durable materials like carbon-fiber reinforced plastics (CFRP) or glass-fiber composites.
• Defense Sector: Advanced materials required by defense sector for protective gears, vehicles, infrastructure expands the market size for fiberglass wherever they are being utilized.
Construction Materials
• Reinforced Concrete: This property makes it perfect material for strengthening concrete structures by putting them under reinforced concrete applications employing Fiber- Reinforced Glass (FRP).
• Architectural Applications: Over time GFRPs have come into architectural designs because they have aesthetical qualities plus functional benefits.
Indian Glass Fiber Market Drivers and Challenges
Indian glass fiber market is pivotal in industries requiring corrosion-resistant storage solutions. Driven by benefits like infrastructure and urbanization, growth in automotive industry and renewable energy expansion, it faces challenges such as high initial costs and lack of skilled workforce. This discussion explores key drivers propelling its growth and significant challenges hindering broader market adoption.
The key drivers for the Indian glass fiber market include:
1. Infrastructure and Urbanization: The reason why India’s fast urbanization and inclusive infrastructure projects such as Smart Cities and Bharatmala project contributes to the demand of glass fiber material which weighs little but durable which is important for making roads, bridges, buildings has been because of its future economic growth opportunity in enhancing living standards through improvements in connectivity.
2. Growth in Automotive Industry : As the automotive sector moves towards lighter materials for better fuel efficiency and compliance with stringent emission norms, adoption of glass fiber becomes more widespread. Modern trends in India involve an increasing preference for electric cars thus structural components, battery casings as well as interiors made out of glass fiber composites are used that improve vehicle performance and reduce emissions.
3. Renewable Energy Expansion: The demand for glass fiber is driven by IndiaÄX%$%Xs commitment to renewable energy sources specifically wind power generation & solar energy. Wind turbine blades must be made of materials that can enhance durability and efficiency while frames and supports of solar panels incorporate glass fiber. In line with global sustainability goals, this shift towards clean sources of energy also leads to the growing demand for glass fibers.
The challenges in the Indian Glass Fiber Market include:
High Initial Cost: High expenditures are incurred in the manufacture of glass fiber due to large levels of energy consumption and costs of raw materials. Also, variations in prices of raw materials and technology must be highly advanced for increased production expenses. Hence, these factors make it difficult for manufacturers to achieve competitive pricing while at the same time maintaining product quality and innovation.
Lack of Skilled Workforce: Efficient production and development of glass fiber necessitate a skilled labor force. Nevertheless, India lacks enough trained experts in this field leading to operational inefficiencies and impeding technological progressions. Therefore, dealing with this challenge through training and development programs is important as far as sustainability in the market is concerned.
At last, although infrastructure modernization, automotive progressiveness, and renewable energy solutions are the key motives behind growth of Indian glass fiber market; however, there exist numerous challenges including high cost of production and lack of skilled labor. The only way to overcome these barriers is to improve on production processes and provide appropriate training to employees. As such, it would be possible for this sector to sustain its growth by balancing well between drivers and challenges in the most reasonable manner.
Indian Glass Fiber Suppliers and Their Market Shares
In this Indian competitive market, several key players such as, Owens Corning, Jushi Group Co., Ltd., 3B the Fiber Glass Company (Goa Glass Fiber). dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players contact us. If you wish to deep dive in competitive positioning of these players then you can look into our other syndicated market report on “Indian Glass Fiber Leadership Report”.
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 Indian glass fiber companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the Indian glass fiber companies profiled in this report include.
• Owens Corning
• Jushi India Glass Fiber Pvt. Ltd.
• 3B the Fiber Glass Company (Goa Glass Fiber)
Indian Glass Fiber Market by Segment
Major segments of the glass fiber market experiencing growth include the wind energy sector is expanding rapidly due to the demand for strong and lightweight turbine blades. The automotive industry is increasingly using glass fiber composites to produce lighter, more fuel-efficient vehicles, particularly electric and hybrid models. Construction is another growing segment, with glass fiber-reinforced materials being favored for their durability and strength. Additionally, the electronics and telecommunications sectors are adopting glass fiber for high-performance and reliable components.
This glass fiber market report provides a comprehensive analysis of the marketÄX%$%Xs current trends, growth drivers, challenges, and future prospects in all major segments like above. It covers various segments, including manufacturing processes, product type, and end-user industries. The report offers insights into regional dynamics, highlighting the major markets for carbon fiber and their growth potentials. The study includes trends and forecast for the Indian carbon fiber market by end use, product type, and manufacturing process:
Indian Glass Fiber Market by End Use [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:
• Pipe and Tank
• Aerospace
• Wind Energy
• Electrical and Electronics
• Construction
• Transportation
• Marine
• Others
Indian Glass Fiber Market by Manufacturing Process [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:
• Hand Lay-Up
• Spray Up
• Resin Infusion
• Filament Winding
• Pultrusion
• Compression Molding
• Prepreg Layups
• Injection Molding
• Others
Indian Glass Fiber Market by Product Type [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:
• Single End Rovings
• Multi End Rovings
• Woven Rovings
• Fabrics
• CSM
• CFM
• DUCS
• CS
• Others
Features of Indian Glass Fiber Market
• Market Size Estimates: Indian glass fiber market size estimation in terms of value ($M) and volume (M lbs).
• Trend and Forecast Analysis: Market trends (2018-2023) and forecast (2024-2030) by various segments.
• Segmentation Analysis: Market size by end use, manufacturing process, and product type.
• Growth Opportunities: Analysis of growth opportunities in different end use, manufacturing process, and product type for the Indian glass fiber market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the Indian glass fiber market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
If you are looking to expand your business in composites in the Indian glass fiber market or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.
Frequently Asked Questions (FAQ)
Q1. What is the Indian glass fiber market size?
Answer: The Indian glass fiber market is expected to reach an estimated $1,102 million by 2030.
Q2. What is the growth forecast for Indian glass fiber market?
Answer: The Indian glass fiber market is expected to grow at a CAGR of 6% from 2023 to 2030.
Q3. What are the major drivers influencing the growth of the Indian glass fiber market?
Answer: The major driver for market growth is the domestic consumption by government, NGOs, and civic bodies.
Q4. What are the major applications or end use industries for Indian glass fiber?
Answer: Wind energy and construction are the major end uses for Indian glass fiber.
Q5. What are the emerging trends in Indian glass fiber market?
Answer: Emerging trends, which have a direct impact on the dynamics of the Indian glass fiber industry, adoption of advanced manufacturing techniques, sustainable materials, composite integration, and smart materials.
Q6. Who are the key Indian glass fiber companies?
Answer: Some of the key Indian glass fiber companies are as follows:
• Owens Corning
• Jushi India Glass Fiber Pvt. Ltd.
• 3B the Fiber Glass Company (Goa Glass Company)
Q7. Which Indian glass fiber product type segment will be the largest in future?
Answer: Lucintel forecasts that woven roving is expected to remain the largest product type segment by volume over the forecast period due to its growing demand in wind and marine industries
Q8. 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 potential, high growth opportunities for the Indian glass fiber market by end use (pipe and tank, aerospace, wind energy, electrical and electronics, construction, transportation, marine, and others), manufacturing process (hand lay-up, filament winding, pultrusion, RTM/VARTM, thermoplastic molding, compression molding, and others), and product type (single end roving, multi end roving, woven roving, fabrics, CSM, CFM, DUCS, CS, and Others)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.4 What are the business risks and threats to the market?
Q.5 What are the emerging trends in this market and the reasons behind them?
Q.6 What are the changing demands of customers in the market?
Q.7 What are the new developments in the market? Which companies are leading these developments?
Q.8 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.9 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.10 What M & A activities have taken place in the last 5 years in this market?