Glass Fiber Market Overview June 2020

US

The US glass fiber market in June, 2020 improved significantly from May, 2020 by roughly 30% on a month over month basis. However, June was still 7-8% lower than the year over year benchmark from 2019 as the industry still deals with the pandemic. Housing, construction and infrastructure demand remained strong in June. Marine had a good bounce in June, as did Transportation. The month of July is trending positive, continuing the trend from June, and this may end closer to the benchmark of July, 2019. The raw material prices are expected to continue to increase through July and August, and may likely reach pre-COVID levels starting in Q4. The pandemic continues to be the major external factor impacting the glass fiber industry, particularly in certain states and locations that are experiencing peak infection rates. Industry leaders are concerned about the potential for long-term high unemployment rates, which will create a drag on the economy for many months or longer. In addition, increasingly tenuous trade relations with China and the potential for an economic cold war with China are expected to impact on global trade and supply chains of glass fiber.

Asia

Asia is the major consumer of glass fiber owing to high demand from China, Japan, India, and other countries. Major end use industries of glass fiber in the APAC include construction, transportation, pipe and tank, wind energy, consumer goods, and marine. The Asian glass fiber market suffered for many months, primarily due to COVID-19 pandemic. In June 2020, the demand for glass fiber increased from previous month. This rising demand for glass fiber in the APAC market is due to growth in transportation, construction, and aerospace industries.

Europe

In June 2020, the European glass fiber market showed upward movement as compared to May 2020. This is an improvement on the June result, suggesting post-pandemic recovery. Consumption of glass fiber is expected to further move up, continuing the strong demand in sectors, such as construction and automotive industries.