United States, Rockville MD, Aug. 30, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global fiberglass yarn market is valued at US$ 3.5 billion in 2022 and is expected to expand at 4.9% CAGR during the forecast years of 2022-2032.
A growing number of wind energy projects across the world has created a lucrative opportunity for fiberglass yarn manufacturers. Properties of fiberglass such as high tensile strength and temperature resistance make it suitable for use in wind energy.
The electrical and electronics sector is set to progress at a healthy CAGR over the coming years. Developing economies across the world have witnessed a rise in the use of electrical appliances. The growing construction industry across the world has been the prime factor for the demand growth for electrical circuit boards. The use of fiberglass yarn in industrial applications as it gives strength to various products has increased over the years.
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Growing Integration of Fiberglass Yarn in Electronic Materials
E-glass yarn is used in a majority of printed circuit boards, which is layered and added with a variety of resins such as epoxy, melamine, phenolic, etc. The end product acts as a backbone for printed circuit boards. Fiberglass is used in printed circuit boards to facilitate corrosion resistance, thermal conductivity, and dimensional stability, which are all critical for the performance of the end product.
Fiberglass yarn has properties such as low elongation, good mechanical strength, and thermal resistance, owing to which, fiberglass is the perfect yarn for use in many electrical components. Fiberglass yarn is widely used by the manufacturers of motors and transformers for several applications in electrical, electronic, defence, aerospace, marine, and lighting. Fiberglass sleeving is perfectly suitable for high and low temperatures, and also voltage.
Key Takeaways from Market Study
- The global fiberglass yarn market is projected to expand at a CAGR of 4.9% to be valued at US$ 5.68 billion by 2032.
- The market expanded at 3.3% CAGR between 2017 and 2021.
- Under end-use industry, electronics and electrical will dominate the fiberglass yarn market with 41.8% share in 2022.
- Together, aerospace and automotive dominate the market with over 40% market share.
- East Asia dominates the global market with 28.7% share in 2021.
- Sales of fiberglass yarn are projected to rise at 5.8% and 5.3%, respectively, in East Asia and South Asia & Oceania.
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Segmentation of Fiberglass Yarn Industry Research
- By Product Type :
- Fine Yarn
- Ultra-fine Yarn
- By Grade Type :
- E Yarn
- C Yarn
- S Yarn
- Others
- By End-use Industry :
- Electrical & Electronics
- Printed Circuit Boards (PCBs)
- Insulators & Enclosures
- Others
- Aerospace
- Automotive
- Construction
- Others
- Electrical & Electronics
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Competitive Landscape
Prominent fiberglass yarn manufacturers are AGY Holding Corp, Chongqing Polycomp International Corporation (CPIC), Fber-line, Fibtex Product, Jushi Group Co. Ltd, Newtex, Nippon Electric Glass Co. Ltd, Nitto Boseki Co. Ltd., PFG Fiber Glass Corporation, Saint-Gobain Performance Plastics, and Taiwan Glass Ind. Corp.
Leading manufacturers in the fiberglass yarn market are looking to manufacture products that can be applied in several end-use industries such as aerospace, automotive, construction, wind energy, etc. The properties of fiberglass such as tensile strength and temperature resistance are proven to be useful in various industries. Manufacturers are also looking to increase their customer base by adopting merger and acquisition strategies.
- In 2019, PolyOne, a global provider of specialized polymer materials, acquired Fiber-Line, a customized engineered fiber and composites materials company, for US$ 120 million.
Market Development
The fiberglass yarn market has witnessed huge demand from end-use industries such as aerospace, automotive, electronics, and electrical. Rising use of fiberglass in the aerospace industry in developing countries such as China and India and the growing automotive industry across the world have created a positive environment for fiberglass yarn suppliers.
Leading players in the market have been focusing on producing fiberglass yarn for different end-use industries. Also, some market players have adopted merger and acquisition strategies to increase their production capacity as well as presence in untapped markets, which will thereby help increase product margins.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global fiberglass yarn market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights based on product type (fine yarn, ultra-fine yarn), grade type (E yarn, C yarn, S yarn, others), and end-use industry (electrical & electronics, aerospace, automotive, construction, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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Fiberglass Fabric Market : The global fiberglass fabric market is currently valued at US$ 10.27 billion and is predicted to expand at a high CAGR of 7.2% to reach US$ 20.69 billion by 2032.
A major factor fuelling market expansion is the surge in demand for fiberglass fabric to be used in creating lightweight, long, and effective rotor blades for wind energy systems that have good corrosion resistance and electrical and thermal insulation qualities.
Fiberglass Mat Market : Fiberglass mat has expanded its scope owing to the steady demand from various end-use industries like automotive, construction & infrastructure and aerospace industries Fiberglass mat offers various advantages including low weight, high surface binding, low resin consumption, environmentally friendly and others. Thus, the above mentioned factors are poised to drive the global Fiberglass mat market with a single-digit CAGR over the forecast period.
Fiberglass Resin Market : Fiberglass resin is very much useful in construction materials because of its durability and extraordinary adhesive properties. With the increasing demand for insulated walls and roof, the fiberglass resin market also set to increase its demand in the market. Low heat transfer and low dielectric constant property make fiberglass resin more demandable in the uses of insulated walls and roofs. The demand for fiberglass resin is expected to increase with the increasing awareness of renewable energy.
Fiberglass Coated Fabric Market : The fiberglass coated fabric is a substance made up of glass filament that is woven into a surface to trap air pockets. The fiberglass coated fabric has a low thickness and a high level of warmth security. With the increasing demand of Wind energy as the renewable energy is increasing hence increasing the demand of fiberglass coated fabric in the market as fiberglass coated fabric has its application in the formation of wind turbine and make the blades more efficient.
Glass Coatings Market : Glass coatings contain particles of silicon dioxide along with hard resin and are used to repel contamination and maintain the aesthetic appearance of various objects. They are not made of glass but contain silica, which is used in the making of glass.The global glass coatings market is projected to witness significant growth during the forecast period, owing to the increasing demand for glass coatings from various industries such as automotive, aerospace, marine, aviation, building and construction.
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