“The chopped strand market value was US$ 1.6 billion in 2023 and is likely to grow at an impressive CAGR of 3.9% in the long run to reach US$ 2.1 billion by 2030.”
Market Dynamics
Introduction
Chopped strands are made by bundling thousands of E-glass fibers together and chopping them into specified lengths. They are coated by the original surface treatment designed for each resin to increase the strength and enhance the physical properties of the material. Chopped strands are characterized by their high tensile strength, durability, and versatility and have become a crucial component in the production of reinforced polymers and composites. Chopped strands are particularly suitable for producing BMC premix for friction applications and phenolic thermosets by compression or by injection molding. They are ideal for mass production of friction facings, electrical & electronic equipment components, etc.
The chopped strands market is highly dependent on the glass fiber market which was faced with several challenges in the COVID era. The glass fiber business suffered supply chain disruptions, delays or non-arrival of raw materials, etc. ultimately causing a transient hiccup in demand.
Recent Market Developments:
- In July 2022, an unknown buyer acquired European dry-use chopped strand (chopped strand) manufacturing assets from Owens Corning on July 1, 2022. This transaction resulted in a divestiture of approximately US$ 100 million in annual sales.
- In January 202, Johns Manville (JM), a Berkshire Hathaway company and a market-leading manufacturer of continuous filament glass fibers, announced the successful launch of a thermal recycling unit for waste glass fibers in its engineered products plant in Trnava, Slovakia.
- In August 2020, China Jushi Co. Ltd launched E9 ultra-high modulus glass fiber to support the development of large-scale and lightweight wind turbine blades. E9 Glass Fiber provides a high-performance technology platform that can provide customers with new solutions.
- In July 2020, Nippon Electric Glass and Nitto Denko Corporation jointly developed a new material by combining Nippon Electric Glass's ultrathin glass and Nitto Denko Corporation's high-performance polymer films. They successfully developed ultra-thin glasses with polarizing film with a roll-to-roll process that has good productivity.
Market Players’ Focal Points:
- Market players are increasingly focusing on sustainable production methods to comply with stringent environmental regulations and to cater to the growing consumer awareness of environmental sustainability. Several environmental concerns influence the glass fiber chopped strand market. The manufacturing process and the consequent waste disposal are under scrutiny, leading to a push for eco-friendly and recyclable materials.
- Technological advancements and research & development efforts are vital for companies to maintain their market position and cater to the evolving needs of their customers. Innovation in product properties, such as enhanced strength or heat resistance, and the development of new application areas are expected to keep the market moving in the coming years.
Market Segments' Analysis
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Segmentations
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List of Sub-Segments
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Segments with High Growth Opportunity
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End-Use Industry-Type Analysis
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Transportation, Construction, Consumer Goods, Electrical & Electronics, and Others
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Transportation is anticipated to lead the market, driven by the automotive industry’s incessant demand for lightweight, high-performing materials.
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Product-Type Analysis
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Dry-Use Chopped Strand and Wet-Use Chopped Strand
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Dry-use chopped strands took the throne in the market and are expected to maintain an indubitable lead by 2030.
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Resin-Type Analysis
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Polypropylene (PP), Polyamide (PA), Polybutylene Terephthalate (PBT), Polyphenylene Sulfide (PPS), Polycarbonate (PC), Polyester, and Others
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Polyamide is likely to remain the major resin system for chopped strands in the years to come. PA with glass fiber offers an array of advantages over its counterparts.
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Process-Type Analysis
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Injection Molding and Compression Molding
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Injection molding to remain at the forefront during the next six years.
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Regional Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World
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Asia-Pacific is expected to remain the largest and fastest-growing market over the next six years.
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By End-Use Industry Type
“Transportation is expected to remain dominant, whereas construction is likely to remain the fastest-growing end-use market during the forecast period.”
- Glass fiber chopped strands are widely favored due to their attributes, such as lightweight, corrosion resistance, and superior mechanical properties compared to traditional materials. The automotive industry, striving for lightweight and fuel-efficient vehicles, is one of the significant growth drivers propelling the market forward.
- The automotive industry had three years of serious disruption, with the COVID crisis from 2020-2021, the semiconductor crisis from 2021-22, and the Ukraine war contributing to rising energy costs and high inflation. All these factors combined profoundly shook up the automotive supply chain.
- However, there seems to be light appearing at the end of the tunnel. The global light vehicle volumes have only just recovered to pre-pandemic levels, from 89 million units in 2019 to 90 million units in 2023. And recovery, though slow is discernible.
- Similarly, the upsurge in the construction sector, with its ongoing quest for durable and robust materials, plays a pivotal role in the consumption of glass fiber chopped strands.
By Resin Type
“Polyamide is expected to remain the preferred resin for chopped strands during the forecast period.”
- The majority of chopped strands are going in the form of short-fiber thermoplastics where a wide array of thermoplastics are used such as PP, PA, PBT, PPS, and PC. PA remains one of the most widely used resin systems in SFT, the sole reason for its dominance in the chopped strand business.
- Polyester and phenolic are the major resin systems for chopped strands going into BMC applications.
Regional Analysis
“Asia-Pacific is likely to remain at the forefront, offering a pool of opportunities in the coming years, mainly fueled by China and India.”
- Different regions exhibit diverse market dynamics due to varying industrial development, technological advancements, and economic factors.
- Asia-Pacific, for instance, has emerged as a dominant region due to the booming construction industry and the presence of major automotive manufacturers.
- For the 14th consecutive year (2023), China dominated global motor vehicle production by manufacturing over 30.16 million vehicles. In terms of the construction industry, China accounts for almost 30% of global construction activity.
- India surged ahead to become the fourth-largest auto market for light vehicles.
Key Players
The market is moderately concentrated with the presence of over 50 players. Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. The following are the key players in the chopped strand market:
Here is the list of the Top Players (Based on Dominance)
- China Jushi CO. Ltd.
- Owens Corning
- Taishan Fibreglass Inc.
- Nippon Electric Glass Co. Ltd.
- Chongqing Polycomp International Corp (CPIC)
- 3B-Fibreglass
- Johns Manville
- Taiwan Glass Group
- Saint Gobain S.A.
Note: The above list does not necessarily include all the top players of the market.
Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com
Report Features
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The global chopped strand market is segmented into the following categories.
Chopped Strand Market, by End-Use Industry Type
- Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Construction (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Consumer Goods (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Electrical & Electronics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Chopped Strand Market, by Product Type
- Dry-Use Chopped Strand (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Wet-Use Chopped Strand (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Chopped Strand Market, by Resin Type
- Polypropylene (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Polyamide (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Polybutylene Terephthalate (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Polyphenylene Sulfide (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Polycarbonate (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Polyester (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Chopped Strand Market, by Process Type
- Injection Molding (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Compression Molding (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Chopped Strand Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, Italy, the UK, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
Research Methodology
- This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s chopped strand market realities and future market possibilities for the forecast period.
- The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances
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