Global Fiberglass Yarn Market Size, Share, and COVID-19 Impact Analysis, By Glass Fiber Type (E-Glass type, S-Glass type, and Others), By Yarn Type (Single Yarn, Piled Yarn, and Others), By End-Use Industry (Wind Energy, Automotive & Transportation, Building & Construction, Marine, Electrical & Electronic, and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030
Key Market Insights
The fiberglass yarn market was valued at USD 2.55 billion in 2021. The market is projected to grow USD 6.78 Billion in 2030, at a CAGR of 6.5%. Fiberglass threads consist of glass beads that are melted at high temperatures and are further cooled within a platinum rhodium sleeve. Moreover, glass fiber includes multiple types of yarn such as straight roving yarn, textured yarn, single yarn, twisted yarn, and pile yarn. Therefore, the end use products in the market are available in continuous filaments and chopped strands for various fiberglass fabrics.
COVID-19 ANALYSIS
During an unprecedented COVID-19 pandemic, the market has been negatively impacted and demand for these yarns has reduced tremendously across several end-use industries. In addition, the automotive industry has been affected severely and has been experiencing the most adverse and direct effects of the pandemic. Moreover, the automotive sector faced the worst possible outcome due to border and cross-border lockdowns.
Increased Adoption of Fiberglass Across Several Industries Inculcates Demand
Fiberglass yarn is used across several industry verticals due to its material properties. In addition, due to its electrical properties, it is further used in the electronics industry for the manufacture of printed circuit boards. It is used as an insulation material in the aerospace, automotive, and construction industries. Additionally, increasing production and demand for electronic products, and growth in the automotive and construction industries are therefore anticipated to boost the market during the forecast period.
Massive Demand in the Construction Industry Generates Revenue
The construction industry has been gaining momentum and has started to grow, as governments in several countries have begun to focus on developing infrastructure. In addition, the need to improve the integrity and durability of structural components is becoming one of the major factors driving demand.
Furthermore, these glass fiber yarn products have excellent dimensional stability, heat resistance, water resistance, thermal insulation, and electrical insulation. Also, lower maintenance costs over traditional wood decking and railing products is propeling for the growth of the market. Moreover, it is also used in the manufacture of architectural facades, insulating wall panels, bridge decks, bridge railings, plumbing fixtures, doors, and windows.
Difficult Production Process Continues to Hamper Growth
The manufacturing process is very difficult, as it requires special equipment and skilled craftsmen. Additionally, certain types of fiberglass are harmful to both the environment and humans, which further reduces the production units for these yarns. Furthermore, government regulations on environmental protection and worker safety are expected to limit the growth of the market.
Segmentation Insight
The global fiberglass yarn market is segmented by Glass Fiber Type (E-Glass type, S-Glass type, & other glass fiberglass types), By Yarn Type (Single Yarn, Piled Yarn, and Others), By End-Use Industry (Wind Energy, Automotive & Transportation, Building & Construction, Marine, Electrical & Electronics, and Others). Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.
Regional Insights
The global fiberglass yarn market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
North America region is dominating the market share owing to the automotive industries growing exponentially in the region due to increased sales of electric and autonomous vehicles. In addition, increasing demand for low-cost, high-strength materials by these industries is expected to propel the growth of the market during the forecast period. Furthermore, the market is gaining momentum at a favorable rate due to growing demand in aerospace industry used for making such as closets, flooring, insulation, air ducts, and cargo liners, amongst others.
However, Asia Pacific region is anticipated to grow over the forecasted years owing to the rising usage of the manufacturing of glass fiber products in China, India, Japan, and other Asia-Pacific countries. Moreover, growth in the automotive and construction industries has increased the demand for better insulation materials in the region. Moreover, growth in the construction industry is another major factor in the region and is expected to boost the demand for the fiberglass yarn market.
List of Key Companies Profiled:
• AGY Holdings Corp.
• China Beihai Fiberglass Co., Ltd.
• Chongqing Polycomp International Corporation
• Jushi Group Co., Ltd.
• Nippon Electric Glass Co. Ltd.
• Nitto Boseki Co. Ltd.
• Owens Corning
• PFG Fiber Glass Corp.
• Saint-Gobain S.A.
• Taiwan Glass Industry Corp.
Key Developments:
July 2021- Corning, which is an American multinational technology company, acquired Vliepa GmbH to broaden its existing non-woven product catalog, in order to serve the building and construction sector in the European region.
January 2020- Saint Gobain S.A. reconstructed its glass fibre production furnace at the Saint-Gobain ADFORS Hodonice facility. This expansion project boosts the manufacturing capacity of the Hodonice facility by 57%.
Segmentation
By Glass Fiber Type
• E-Glass type
• S-Glass type
• Others
By Yarn Type
• Single Yarn
• Piled Yarn
• Others
By End-Use Industry
• Wind Energy
• Automotive & Transportation
• Building & Construction
• Marine
• Electrical & Electronics
• Others
By Region
• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
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Global Fiberglass Yarn Market Size
- September-2022
- 1 4 8
- Global
- chemicals-and-advanced-materials
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