The global demand for glass fiber grew by 5.4% in Q1 2022 from Q4 2021; and it grew by 16% when compared to Q1 2021. Glass fiber prices, on an average, increased by 6.8% in Q1 2022 as compared to Q4 2021. Demand for glass fiber grew due to increased demand from end use industries such as wind energy, construction, and other consumer applications. Price increase is due to gap in demand and supply of raw materials and increased costs of freight and logistic. Global glass fiber market continues to face challenges as major suppliers did not recover from the supply chain disruption of Q1 2022.
In Q2 2022, the global demand for glass fiber is forecast to increase by 4.0% from Q1 2022. The demand will be strong due to increase in demand from various end use industries and customers are ordering material in advanced basis for avoiding logistical and transportation issues. Glass fiber price is forecast to increase by 5.1% in Q2 2022 because of the ongoing global supply chain issues and high raw material cost, which will affect the price of glass fiber. The figure below depicts the change in demand and price of glass fiber over the past five quarters. Data also provides forecasts for Q2 of 2022 as below.
Source: Lucintel
Figure: Global Quarterly Glass Fiber Shipment and Price Trends
North America
The North American glass fiber market experienced an increase in demand in Q1 2022 from Q4 2021 and it is expected to increase further in Q2 of 2022. Raw material prices continued to increase in Q1 2022 resulting in price increase of glass fibers, the price of glass fiber increased by 7% in Q1 2022 as compared to Q4 2021 and it is expected to increase further in Q2 of 2022. Increasing demand and transportation issues created a mismatch in supply and demand for glass fiber, resulting in price hike.
Europe
In Q1 2022, the European glass fiber market registered an increased demand and this demand will continue to grow in Q2 2022 also. The glass fiber demand increased due to rise in demand from end use markets like construction, wind, and consumer electronics. Price of glass fiber increased in Q1 2022 as compared to Q4 2021, and it is expected to increase further in Q2 2022, this increase is mainly because of supply chain disruption.
APAC
In Q1 2022, the glass fiber demand grew in APAC and it will grow further in Q2 2022 as well. The increased demand is due to growth in end use industries such as construction, wind, and electronics markets. In Q1 2022, the glass fiber price jump was due to strong demand from various end use industries and shortage in glass fiber supply. Glass fiber producers struggled to match the pace of demand, 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 transportation issue made the situation worse.
The price and demand analysis on above is published monthly for various regions. Lucintel analysts collect supply, demand and price data from various suppliers and consumers on a monthly basis and also analyzes news on supply and demand issues, production, and price trends. This allows Lucintel to publish unbiased assessments on price and demand movements to help you make confident business decisions on your negotiation or business issues.
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