According to a market research report, the “Glass Fiber Yarn Market by Fiber Type (E-glass type, S-glass type), Yarn Type (Single Yarn, Piled yarn), Application (PCB, Façade, Marble & Mosaic Tiles, Structural parts), End-use Industry and Region – Global Forecast to 2027″, is estimated to be USD 2.5 billion in 2022 and is projected to reach USD 3.5 billion by 2027, at a CAGR of 6.5% between 2022 and 2027.
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The key players in the global glass fiber yarn market are Owens Corning (US), Jushi Group Co., Ltd., Chongqing Polycomp International Corporation, Saint-Gobain S.A., Nippon Electric Glass Co. Ltd., AGY Holdings Corp., China Beihai Fiberglass Co., Ltd., Taiwan Glass Industry Corp., Nitto Boseki Co. Ltd. (Japan), PFG Fiber Glass Corp. (Taiwan).
Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Glass Fiber Yarn Market.
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Electrical & electronics industry is expected to account for the largest market share in glass fiber yarn market during the forecast period.
In terms of value, the electrical & electronics segment is the dominant end user of glass fiber yarn with a market size of USD 645.46 million in 2021. The rising demand for insulation products in countries such as China, India, and Brazil is driving the market.
In this section, the glass fiber yarn market is analyzed based on various end-use industries, such as electrical & electronics, automotive & transportation, wind energy, building & construction, and marine, among others.
Weight reduction, increased processing speed encourage glass fiber yarn adoption to boost glass fiber yarn market
Glass fiber yarn is increasingly utilized in the development of automobiles, owing to its exceptional properties, such as high tensile strength, thermal insulation, and affordable cost. Several automobile manufacturers and glass fiber yarn producers are venturing into the mass production of glass fiber yarn automotive panels. Automotive manufacturers are adopting glass fiber as a substitute for metals in the production of exterior panels and vehicle interiors. Further, glass fiber yarn is being used in rubber drive belts, clutch discs & brake pads, headliners, and for automotive insulation, among others.
APAC is expected to account for the largest market share in the glass fiber yarn market during the forecast period.
Asia Pacific is the largest market for glass fiber yarn. In this report, the Asia Pacific region is segmented into China, Japan, India, South Korea, and the Rest of Asia Pacific (Vietnam, Taiwan, Indonesia, Bangladesh, Singapore, and Malaysia). The Asia Pacific market for glass fiber yarn is driven by the rising income level of the middle-class population and increasing government investments, especially in the building & construction and automobile sectors.
Asia Pacific is increasingly becoming an important trade and commerce center. The region is currently the fastest-growing and the largest market for glass fiber yarn. With economic contraction and saturation in the North American markets, the demand is shifting to Asia Pacific. The manufacturers of glass fiber yarn are targeting this region as it has the largest construction industry, accounting for approximately 40% of the construction spending, according to the World Bank.
