Recycled Glass Fiber Market Size, Share, Growth, And Industry Analysis By Type (Post Industrial Glass Fiber and Recycled GFRP Glass Fiber) By Application (Construction, Municipal, and Others) and Regional Forecast to 2028

Updated On: 08 April 2024

Report Overview

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The Global recycled glass fiber market size was USD 188.3 million in 2022. As per our research, the market is expected to reach USD 261.6 million by 2028, exhibiting a CAGR of 5.6% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the recycled glass fiber market growth and demand returning to pre-pandemic levels once the pandemic is over.

The growing demand for environmentally friendly and sustainable materials has significantly increased this market in recent years. Recycling glass trash is collected and processed to make recycled glass fiber, often known as fiberglass, a strong and adaptable material. The construction, automotive, aerospace, and consumer products sectors have all seen growth in this industry. Utilizing recycled glass fiber has various advantages, including high strength, corrosion resistance, thermal insulation, reducing waste, and conserving natural resources.

There are two main categories of recycled glass fiber on the international market: chopped strand and continuous filament. Short-length chopped strand fibers are frequently employed in thermoplastic and thermoset polymers as reinforcement. On the other hand, continuous filament fibers are long and continuous, making them ideal for processes like pultrusion, weaving, and filament winding. Both kinds have great mechanical qualities and are used extensively across numerous industries.

COVID-19 Impact: Disruptions In The Supply Chain And A Decline In Demand Across Various End-Use Industries Hampered The Market Growth

The COVID-19 pandemic's effects have significantly impacted the world economy of this market. The viral outbreak caused supply chain hiccups and a drop in demand across numerous end-use sectors. Due to the economic crisis, construction projects were postponed, auto manufacturing was stopped, and consumer purchasing fell. The market suffered a brief hiatus due to these causes. However, the market is anticipated to rebound as the world progressively recovers from the pandemic. Governments and organizations are putting more of an emphasis on sustainable behaviors and circular economy programs, which is good news for the expansion of the market.

Latest Trends

"Development Of Advanced Manufacturing Processes And Technologies Boosts Market Expansion"

Creating cutting-edge manufacturing techniques and technologies is one of the most recent advancements in the market. To improve the characteristics and functionality of recycled glass fiber, businesses are spending money on research and development. Improved mechanical qualities, better compatibility with different matrices, and increased durability have been produced by innovations such as surface treatment techniques, scaling agents, and improved interfacial adhesion. The use of this fiber in 3D printing is also a noteworthy development. This technique makes it possible to produce intricate forms and designs accurately and precisely. Manufacturers may reduce material waste and improve the sustainability of their goods by using this fiber in 3D printing.

Segmentation

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• By Type Analysis

The recycled glass fiber market can be segmented into post industrial glass fiber and recycled GFRP glass fiber. Among these, the post industrial glass fiber is projected to experience rapid growth through 2028.

• By Application Analysis

The market can be divided based on application into construction, municipal, and others. Construction is expected to hold the most recycled glass fiber market share in the upcoming years.

Driving Factors

"Increasing Awareness And Adoption Of Sustainable Practices Are Driving Demand For Eco-Friendly Materials Propels Market Expansion"

The need for eco-friendly materials is being driven by rising sustainability awareness and adoption. This is a workable answer because it minimizes waste and performs as well as or better than conventional materials. The demand for recycled glass fiber is anticipated to increase as governments and industries worldwide prioritize sustainability significantly.

"Stringent Regulations And Standards Imposed By Regulatory BodiesFuels Market Growth"

The market is expanding due to the strict rules and criteria set by regulatory agencies. Governments require sustainable materials in various businesses to lessen the impact on the environment and carbon footprint. It complies with these rules and specifications, making it a desirable option for producers and end users. In the upcoming years, compliance regulations will probably drive the demand for this fiber.

Restraining Factors

"High Cost And Insufficient Supply Hinder Market Growth"

Despite promising prospects, several challenges could impede the market's growth. The high cost of manufacture is one of the main obstacles. This fiber manufacture involves intricate and energy-intensive processes, which raises the cost of production compared to virgin glass fiber. Some producers might be discouraged from using recycled glass fiber by the expense, particularly in price-sensitive sectors. The insufficient supply of waste glass feedstock is another element that creates difficulties. Geographical restrictions on the collection and sourcing of waste glass might cause variations in the availability and quality of raw materials. This constraint may impact the consistency and scalability of the manufacture of this fiber.

Regional Insights

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"North America To Dominate Market Due To Adoption Of Sustainable Practices "

North America holds the recycled glass fiber market share, and factors driving the market growth in this region include the increasing awareness and adoption of sustainable practices, which drive demand for eco-friendly materials. The demand for eco-friendly products is rising as people become more conscious of and adopt sustainable lifestyles. It presents a workable answer because it reduces waste and performs as well as or better than conventional materials. This fiber is projected to be in high demand as sustainability becomes a priority for governments and businesses worldwide.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Owens Corning (U.S.)
• Jushi Group (China)
• Nippon Electric Glass (Japan)
• CPIC (China)
• Taishan Fiberglass (Sinoma) (China)
• Binani-3B (India)
• Johns Mansville (U.S.)
• Nittobo (Japan)
• Rivierasca (Italy)
• Neocomp (U.S.)
• Befesa (Spain)
• Global Fiberglass Solutions (U.S.)
• Agecko (U.K.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.