Milled Glass Fiber market will grow at a CAGR of 8.00% from 2023-2030: Cognitive Market Research
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Introduction of Milled Glass Fiber Market
The milled glass fiber market involves finely ground glass fibers, typically utilized as a reinforcing agent in composite materials to improve strength, durability, and other mechanical properties in numerous applications. The milled glass fiber market experiences an expansion in demand attributed to the construction industry's evolving needs. Milled glass fibers are finely ground for uniformity, reinforcing, and improving the structural integrity of construction materials like concrete and composites. These fibers deliver improved strength, durability, and opposition to cracking. The escalating need from the construction sector reflects a shift towards high-performance materials that satisfy stringent quality standards. This trend signifies the key role milled glass fibers play in offering construction practices and creating robust and durable infrastructure.
For instance, as per data issued by the US Census Bureau and the US Department of Housing & Urban Development, the total number of completed privately-owned privately owned housing starts in October was 1,410,000.?
Key Insights from Milled Glass Fiber Market Report
The Global Milled Glass Fiber market will grow at a CAGR of 8.00% from 2023 to 2030.
Increasing Demand from Automotive Industry to Provide Viable Market Output
The milled glass fiber market experiences heightened demand from the automotive industry due to its versatility and performance-enhancing properties. Milled glass fibers, finely ground glass strands, are integrated into polymer composites to reinforce materials, improving strength, stiffness, and effect resistance. As the automotive sector seeks lightweight yet durable materials for enhanced fuel efficiency and security, the adoption of milled glass fibers in manufacturing components like interiors, bumpers, and under-the-hood parts is increasing, reflecting a critical synergy between material creation and automotive industry needs.
For instance, According to OICA, China has the most extensive automotive production base in the globe, with an entire vehicle production of 26.08 million units in 2021, registering an expansion of 3% compared to 25.23 million units constructed last year.
As environmental concerns grow, many industries demand lightweight composites to reduce their carbon footprint. In addition, an increase in smart infrastructure construction is causing the application of this material to prevent overheating and preserve room temperature in buildings. Therefore, various government agencies worldwide are funding more in the sustainable expansion of energy-efficient buildings, expanding the product's demand.
For instance, in January 2021, Johns Manville announced the launch of a thermal recycling unit for glass fiber waste. The unit had a projected recycling capacity of more than 3 tons per hour and was expected to keep over 10,000 tons of waste out of landfills annually.
Market Dynamics of the Milled Glass Fiber Market
The milled glass fiber market plays an important role in mitigating environmental concerns related to the emission of harmful substances. Milled glass fibers improve structural integrity as a reinforcing material in composites, reducing the need for heavier, less environmentally friendly alternatives. These fibers contribute to energy-efficient transportation and sustainable construction by allowing lightweight, long-lasting products. Substituting traditional materials with milled glass fibers reduces manufacturing and product usage emissions, aligning with environmental goals and promoting a more eco-friendly industrial landscape.
Impact of COVID-19 on th Milled Glass Fiber Market?
The milled glass fiber market experienced various impacts from COVID-19. Initially, the pandemic disrupted supply chains, leading to production delays and deficiencies. Lockdowns and economic tensions impacted the construction and automotive sectors, key customers of milled glass fiber. However, as industries adapted to contemporary norms and the global market recovered, the demand rebounded. The requirement for lightweight and strong materials in sectors like transportation and construction and a heightened concentration on renewable energy contributed to the resilience and eventual expansion of the milled glass fiber market after the pandemic's initial conditions.
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Competitive Landscape of the?Milled Glass Fiber Market
The major players rapidly evolve with new strategies to attain a competitive edge and capture significant market share. The major milled glass fiber market participants emphasize expanding creative offerings to serve a large consumer base and gain a competitive benefit.
Milled Glass Fiber Industry News
August 2022: Owens Corning launched a new PINK Next Gen Fiberglass insulation. The new insulation solution enables installation up to 23% faster than the company's existing products. The new advanced fiber technology creates a tightly woven network of soft, fine fibers that is super-resilient, forming a blanket of insulating micro-pockets.
Top Companies Market Share in Milled Glass Fiber Industry:
Milled Glass Fiber Market Analysis
Type Segment Analysis:
According to Cognitive Market Research, 1/16 held a prominent share in the market over the forecasted period due to its usage as a reinforcement material in different industries. Its small particle size improves composites' mechanical properties, making them lightweight yet sturdy. With automotive, aerospace, and construction applications, the market is propelled by the requirement for high-performance materials, improved strength, and reduced weight. Additionally, the milled glass fibers contribute to improved dimensional stability and resistance to temperature variations, making them an essential driver in the evolution of advanced composite materials across various manufacturing sectors.?
The 1/32 is the fastest-growing category over the forecast period due to its special properties, improving material strength and performance in numerous industries. Used as a reinforcing agent in plastics, composites, and construction materials, it delivers lightweight and high-strength characteristics, contributing to the growth of advanced materials. The demand expansion is further fueled by its effectiveness in decreasing weight, enhancing durability, and expanding dimensional stability, aligning with the industry's constant pursuit of creative solutions for applications such as automotive parts, aerospace, and consumer goods.
Application Segment Analysis:
According to Cognitive Market Research, adhesive holds a major market stake. Milled glass fiber improves adhesives' strength, impact resistance, and dimensional strength. As industries prioritize lightweight and high-performance materials, milled glass fiber is a critical driver, delivering improved mechanical properties to adhesives. This trend is particularly notable in automotive, aerospace, and construction applications, where the requirement for strong and durable bonding solutions is driving the adoption of adhesives reinforced with milled glass fibers.
Coatings are the fastest-growing category owing to the rising need for reinforced materials in coatings. Milled glass fibers improve coating performance by delivering strength, impact resistance, and dimensional strength. Their lightweight nature aids in developing high-strength yet lightweight coatings, which is critical in automotive, marine, and construction applications. Additionally, the trend towards eco-friendly and sustainable coatings fuels the adoption of milled glass fibers, as they contribute to decreased material usage and enhanced recyclability, aligning with industry efforts toward greener practices.
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In terms of revenue, the North America Milled Glass Fiber Market share was 40% of the total market
According to Cognitive Market Research, North America dominated the market in 2023 and accounted for around 40% of the global revenue due to growing applications of milled glass fiber across various industries. The automotive sector, in particular, requires milled glass fibers for lightweight components, improving fuel efficiency. Additionally, the construction industry uses these fibers for reinforcing materials, delivering stability and durability. The aerospace sector benefits from its high strength-to-weight ratio. Milled glass fibers also benefit consumer goods and electronics, expanding the market. Continuous innovations in manufacturing procedures and the pursuit of lightweight, high-performance materials further fuel North America's demand for milled glass fibers.
Europe is the fastest-growing region due to its use in construction for reinforcing materials like concrete, which contributes to improved structural integrity. The push for energy-efficient solutions and advancements in manufacturing processes further fuel the market, positioning milled glass fiber as a crucial component in developing high-performance and sustainable materials across various European sectors.
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