The glass fiber market in India had a value of some 230.4 million U.S. dollars in 2022. It is forecast that the Indian glass fiber market size will increase with a compound annual growth rate (CAGR) of 7.7 percent from 2022 to 2028. The expected market size in 2028 is 1,011.1 million U.S. dollars.
Glass fiber, also known as fiberglass, is a versatile material made from fine fibers of glass. It offers properties such as high strength, corrosion resistance, thermal insulation, and electrical conductivity. Glass fibers find extensive usage in various industries for reinforcement purposes, including composite materials, insulation, and textiles. The glass fiber market has witnessed substantial growth due to the increasing demand for lightweight and high-performance materials in several applications.
Experts forecast that wind energy will remain the largest end use segment and is also expected to witness the highest growth over the forecast period due to its various advantage like; corrosion resistance, high strength-to-weight ratio, low maintenance, and a longer lifecycle as compared to other traditional materials.
Source: Statista, Lucintel