2020 was a serious test for the glass fibre market. The fall in production was extreme in April 2020. Still, demand began to recover in the second half of the year thanks to a recovery in the composite consumer goods sector. Chinese goods became more expensive due to the strengthening of the yuan and the introduction of anti-dumping duties by the EU.
In Europe, the deepest drop in production of glass fibre articles was recorded in April 2020. A similar situation was observed in almost all developed countries. In the third and fourth quarters of 2020, demand for glass fibre resumed growth thanks to the recovery in the automotive and composite consumer goods industry. The demand for household articles grew due to rising construction and a wave of home renovations.
The growth of the yuan against the dollar pushed up prices on imported goods from China. In the European market, this effect is more pronounced due to anti-dumping duties imposed in mid-2020 on Chinese fibreglass companies, whose excess capacity is believed to have been subsidized by the local government.
The growth driver for the glass fibre market in the coming years may be the development of wind energy in the United States. Several U.S. states raised their renewables portfolio standards (RPS) since the blades for wind turbines are usually made of fibreglass materials.
Post time: Jul-05-2021