The global demand for glass fiber grew by 1.5% in Q3 2021 from Q2 2021; also it grew by 19% as compared to Q3 2020. Glass fiber prices, on an average, increased about 12.3% in Q3 2021 as compared to Q2 2021. Price increase is due to gap in demand and supply and increased costs of ocean freight and containers. Demand for glass fiber remained strong across the end use markets, but major suppliers did not recover from supply chain disruption in Q3 2021.
In Q4 2021, the global demand for glass fiber is forecasted to increase by 2.1% from Q3 2021. The fourth quarter result will be positively influenced by an increase in demand from various end use industries. Glass fiber price is forecasted to increase by 10.3% in Q4 2021. Further, it is expected that impact of supply chain disruption will stabilized and ocean freight cost will reduce. The figure below depicts the change in demand and price of glass fiber over the past five quarters and one forecast quarter.
Source: Lucintel
Figure 1: Global Quarterly Glass Fiber Shipment and Price Trends
North America
The North American glass fiber market experienced an increase in demand in Q3 2021 from Q2 2021 and it is expected to increase further in Q4 2021. Raw material prices continued to increase in Q3 2021 due to supply chain disruption. The price of glass fiber increased by 12% in Q3 2021 as compared to Q2 2021. Increasing demand and ocean freight cost created a mismatch in supply and demand for glass fiber, thus creating price hike in Q3 2021.
Europe
In Q3 2021, the European glass fiber market registered an increase in demand from primary markets, like construction and consumer electronics. This increase in demand will be maintained in Q4 2021 also due to improvement in end use markets such as automotive, construction, wind, and electronic. Price of glass fiber increased in Q3 2021 as compared to Q2 2021, this increase is mainly because supply chain disruption.
APAC
In Q3 2021, glass fiber demand grew and it will grow further Q4 2021 as well. The increased demand is due to growth in construction and electronics markets. Strong demand from various industries and shortage in glass fiber supply created a gap, resulting in glass fiber price jump in Q3 2021. With recovery of end use markets, glass fiber producers struggled to match the pace of demand as it takes time to ramp up production once it is down; this resulted in shortage of supply in the market. In addition, delayed shipping and high freight cost made the situation worse.Enable GingerCannot connect to Ginger Check your internet connection
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