September 26, 2022 08:28 ET | Source: Research and Markets Research and Markets
Dublin, Sept. 26, 2022 (GLOBE NEWSWIRE) -- The "Glass Fiber Yarn Market by Fiber Type (E-glass type, S-glass type), Yarn Type (Single Yarn, Piled yarn), Application (PCB, Facade, Marble & Mosaic Tiles, Structural parts), End-use Industry and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global glass fiber yarn market 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.
Glass fiber yarns are woven on air-jet looms or rapier looms to manufacture printed circuit boards (PCBs) for radios, television units, mobile phones, personal computers, servers, and digital cameras. They are made from natural or synthetic fibers and are also used to develop industrial cloth and materials. Other applications of yarns include the development of reinforced cloth for construction and grinding wheel discs.
E-glass type is the largest market in glass fiber type of glass fiber yarn, in terms of value.
The E-glass fiber segment led the overall market with a market share of 55.3%, in terms of value, in 2021. Due to the outstanding electric insulation properties of E-glass fiber, it is suitable as the base material in the information and electronic industries.
The main applications of E-glass fiber yarn include personal computers and peripheral equipment, LED TVs, telecommunications, base station servo devices, digital equipment, and automobile panels, among others. The S-glass fiber segment is expected to register the highest CAGR during the forecast period.
PCB is the fastest-growing application of glass fiber yarn, in terms of value.
A printed circuit board, or PCB, is a type of circuit board that is used to mechanically support and electrically connect electronic components by etching conductive pathways, tracks, or signal traces from copper sheets laminated onto a non-conductive substrate. In terms of value, the glass fiber yarn market in the PCB segment in Asia-Pacific is projected to register a CAGR of 7.1% during the forecast period. The market for this segment in North America is projected to witness a CAGR of 5%.
The high growth of the market for this segment in Asia-Pacific is attributed to the rising expenditure on personal electronics and other electronic appliances in Asian countries. The long-term trend of miniaturization and increased use of electronics in commercial and consumer products will fuel the growth of the glass fiber yarn market in the electronics sector.
China is expected to dominate the Asia-Pacific electronics market during the forecast period, while India is expected to register a substantial growth rate due to increasing consumer awareness and rapid industrialization.
Wind energy is the fastest-growing end-use industry of glass fiber yarn, in terms of value.
Wind turbine blades are critical components of wind power generation systems. Glass fiber yarn is used in the manufacturing of wind turbine blades as it offers exceptional properties, such as high tensile strength. Wind turbine blades made of glass fiber can function effectively even under adverse environmental conditions, owing to the corrosion-resistance properties of glass fiber.
In addition to turbine blades, glass fiber yarn is used in generator rooms, nacelles, and domes of wind turbine generator systems. The market of glass fiber yarn in the wind energy sector is expected to grow with a CAGR of 7.6% during the forecast period.
China is the fastest-growing Glass Fiber Yarn market in Asia-Pacific region.
China accounted for 56% of the Asia-Pacific glass fiber yarn market, in terms of value, in 2021. Globally, it is one of the leading manufacturers and consumers of glass fiber yarn, owing to the presence of a large number of electronic chips manufacturing companies, increasing demand for automobiles, and growing wind turbine installations in recent years.
The electrical & electronics industry is the largest consumer of glass fiber yarn in the country, accounting for 27.08%, in terms of value, in 2021. The wind energy industry is the fastest-growing segment in the country. The high growth in the wind energy sector is attributed to the increasing focus on renewable energy resources.
The market in the automotive & transportation segment is also projected to register a high CAGR of 8.1% during the forecast period and reach a market size of USD 195.58 million by 2027.
Owens Corning (US), China Jushi Group Ltd (China), Chongqing Polycomp International Corporation (China), Saint-Gobain S.A (France), Nippon Electric Glass Co. Ltd (Japan), AGY Holdings Corp. (US), China Beihai Fiberglass Co. Ltd. (China), Taiwan Glass Industry Corp. (Taiwan)
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