Glass Fiber Industry Accelerates Transformation, Embracing a New Era of High-Quality Development
Recently, amidst multiple challenges and opportunities, the glass fiber industry is accelerating its transformation and upgrading to achieve high-quality development. From the latest market dynamics to corporate investment strategies, the entire industry is exhibiting new vitality and potential.
According to the latest industry report, in the first half of 2024, with the continuous advancement of production capacity regulation and the seasonal recovery of demand, the glass fiber industry gradually achieved a balance between supply and demand. Prices of glass fiber products rose, and the overall profitability of the industry improved. However, due to existing internal and external factors, the foundation for market supply and demand balance remains fragile. Therefore, the industry must shift its development mindset, guided by new development concepts, continuously carry out technological innovation, shape new development drivers and advantages, and open up new areas and tracks for development.
In terms of production capacity regulation, enterprises within the industry have actively implemented a series of measures, including delaying the commissioning plans of new production lines, reducing the scale of commissioning, and shutting down cold-repair production lines that have expired. These measures have gradually reduced the growth rate of glass fiber yarn production and achieved a balance between supply and demand amidst the seasonal recovery of downstream markets in the second quarter.
In terms of market demand, the market demand structure for glass fiber products is undergoing profound adjustments. Affected by the deep adjustment of the real estate market, the segment market for glass fiber products used in construction has remained sluggish. However, investment in areas such as water conservancy, railways, and power infrastructure has continued to grow, and various energy-saving, insulating, and security functional glass fiber industrial felt products have developed rapidly. Additionally, the photovoltaic new energy market has used glass fiber-reinforced composite materials on a scale for the first time, bringing new growth points to the industry.
In terms of imports and exports, in the first half of 2024, China's exports of glass fibers and products increased both in volume and value compared to the same period last year. This reflects the continuous investment of China's glass fiber industry in digitization, greenness, and high-end development, as well as the gradual emergence of its comprehensive competitive advantages in products.
At the corporate level, the glass fiber industry is also accelerating its transformation and upgrading. For example, Chongqing International Composite Material Co., Ltd. announced an investment of approximately RMB 2.304 billion to construct the "Electronic Grade Glass Fiber Production Line Equipment Renewal and Digital and Intelligent Quality and Efficiency Improvement Project." This project aims to improve the company's market competitiveness in fine yarn products, optimize production capacity layout, and promote the company's high-quality development.
Furthermore, in terms of technological innovation, the glass fiber industry has also made significant progress. The application of low-field nuclear magnetic resonance technology in the production quality control of glass fibers, carbon fibers, and their composites is gradually being promoted. This technology, characterized by rapidness, non-destructiveness, and high sensitivity, plays an important role in material characterization, performance evaluation, and production optimization.
Looking ahead, the glass fiber industry will continue to be guided by new development concepts and continuously carry out technological innovation and transformation and upgrading. The industry will strive to resolve the imbalance between production capacity and supply and demand, open up new areas and tracks for development, and promote high-quality development transformation. At the same time, enterprises will strengthen international cooperation and exchanges to jointly address challenges such as the global economic downturn and international trade barriers, contributing to the sustained and healthy development of the glass fiber industry.
With the in-depth implementation of the "dual carbon" strategy and the country's increasing emphasis on energy conservation, safety, and environmental protection, the glass fiber industry will usher in more new development opportunities. The industry will actively explore new application scenarios and market areas, promote the application of glass fiber products in new energy and safety protection fields, and inject new impetus into the high-quality development of the industry.
