Glass Fiber Yarn Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of the glass fiber yarn market was valued at USD 2.5 billion in 2022, and a CAGR of 6.7% is expected during the forecast period. Rise in demand from wind energy, electrics, and electronics, and automotive and transportation industries are driving growth in the market significantly. Construction and automotive industries are significantly driving the market towards growth. Implementation of glass fiber products is also a key factor behind the growth in the market. Glass fiber yarn is heavily used in the construction industry.

Rising urbanization and global infrastructure development increase the demand for glass fiber yarn. Increasing demand for automotive and aerospace sectors is also significantly driving growth in the market. Such lightweight composite materials increase the fuel efficiency and strength. With shifting towards lighter and more energy-efficient design, the use of glass fiber yarn is expanding.

Growth Drivers

Increasing demand for glass fiber yarn in printed circuit boards and insulation for electric applications due to its thermal and electric resistance. As the electronics industry continues to grow, especially with the advancements in 5G and IoT devices, demand is driven higher. Glass fiber is used in boat and yacht manufacturing for its strength, durability, and resistance to corrosion and moisture. As marine infrastructure and recreational boating markets grow, so does the demand for glass fiber products.

Glass fiber is treated as a more environmentally friendly option. Compared to other materials like metals and plastics. With a global shift towards sustainability, many industries are adopting glass fiber yarn for its recyclability and energy-efficient properties. Advances in manufacturing processes, such as continuous filament winding, are driving down costs and improving the quality of glass fiber yarn products. Glass fiber yarn offers excellent mechanical properties, such as high tensile strength and corrosion resistance, which are critical for high-performance applications in sectors like defense and industrial machinery.

Segmentation

Fiber Type

·         E-Glass Type

·         S-Glass Type

Yarn Type

·         Single Yarn

·         Piled Yarn

Application

·         PCB

·         Façade

·         Marble and Mosaic Tiles

·         Structural Parts

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Glass Fiber Yarn Market Yarn Type Segmentation

On the basis of the yarn type, the glass fiber yarn market is segmented into single yarn and piled yarn. Piled yarn is the leading market segment and is expected to dominate the market during the forecast period. Greater strength and durability offered by piled yarn and versatility for applications in industries such as construction, automotive, and aerospace, where higher mechanical performance is required. It is also preferred in insulation materials.

Single yarns, on the other hand, are typically used in applications where lower strength is sufficient or where cost efficiency is a primary concern. Increasing industrialization all over the world is the key factor behind significant growth in the market. Rising disposable income and urbanization are driving growth in the market. Rise in demand from wind energy, electrics, and electronics, and automotive and transportation industries are driving growth in the market significantly.

Construction and automotive industries are significantly driving the market towards growth. Implementation of glass fiber products is also a key factor behind the growth in the market. Increasing growth in the automotive sector is responsible for significant growth in the market. Construction industries and various infrastructure projects are driving growth in the market significantly.

Regional Outlook

On the basis of the regions, the glass fiber yarn market is segmented into 5 parts: Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. Asia Pacific is the leading segment in the market due to rising disposable income, urbanization, and industrialization. Countries like China, India, and South Korea are witnessing significant growth in the market and are expected to dominate the market during the forecast period. Tremendous growth in the construction sector, aerospace, and manufacturing processes, the market in this region has witnessed significant growth.

The automotive sector in the region is expanding, driven by both increased production and demand for fuel-efficient vehicles. Glass fiber yarn is used in composite materials that contribute to lightweight vehicle parts, improving fuel efficiency. Many Asia Pacific countries, especially China and India, are investing heavily in renewable energy, including wind energy. Glass fiber yarn is a key component in the manufacturing of wind turbine blades due to its strength and light-weight properties.

Region is major hub for electronics manufacturing, and glass fiber yarn is utilized in electronic applications like printed circuit boards and other components. Government policies supporting the development of green energy, infrastructure, and advanced materials are also contributing to the expansion of the glass fiber yarn market. China is the largest market in the region due to its dominance in both the construction and renewable energy sectors.

India is rapidly growing the construction and wind energy sectors. Strong automotive and electronic industries are driving growth in the Asia Pacific market. Increasing urbanization and industrialization are the key factors behind significant growth in the North American market. North America is a hub for automotive and aerospace manufacturing, particularly in the United States. Glass fiber yarn is used in composites for light weighting in vehicle and aircraft components. The construction industry in the U.S. and Canada is growing, driven by government investments in infrastructure projects.

Glass fiber yarn is used in construction materials, such as insulation, reinforcing concrete, and in composites that provide durability and strength to buildings. Growth of wind energy projects in North America is significantly driving demand for glass fiber yarn, which is used in the production of wind turbine blades. The electronics manufacturing sector in North America also relies on glass fiber yarn for applications such as printed circuit boards. Regions focusing on reducing carbon emissions and promoting sustainable materials are driving the adoption of glass fiber yarn. The presence of most of the key players in the Asia-Pacific region is the key factor behind the significant growth in the market.

Key Players

·         Nippon Electric Glass Company Ltd.

·         Taiwan Glass Industry Corporation

·         Nitto Boseki Company Ltd.

·         China Beihai Fiber Glass Co. Ltd.

·         Saint Gobain S.A.

·         AGY Holdings Corp.

·         PFG Fiber Glass Corp.

·         Other Players