The construction industry had started to grow since the pandemic as governments across the globe started focusing on infrastructure development. The need to improve the integrity of structural parts and increase the life span have led to the increased demand for glass fiber yarn products. These glass fiber yarn products provide great dimensional stability, heat and water resistance, and thermal and electrical insulation. Glass fiber yarn products offer lower maintenance cost than conventional timber decking and railing products. They are also used in producing architectural facades, insulated wall panels, bridge decks, bridge railings, sanitary fixtures, doors, and windows.
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Asia Pacific is witnessing significant infrastructural developments. Hence, the demand for glass fiber yarn in structural applications in the building & construction industry is high. India offers significant opportunities for the growth of the glass fiber yarn market, which can be attributed to the rising construction activities fuelled by government policies. Smart city programs and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) have also influenced construction spending in India.
Glass fiber yarn comprises filaments that are mostly 4-13 microns in diameter and have multiple ranges of Tex count. The structure of the yarn is fixed and protected by a size. Yarns offer electrical insulation properties and high tensile strength, along with chemical and heat resistance properties.
The 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.There is a growing demand for glass fiber yarn in applications such as PCB and structural parts. Trends such as miniaturization and increased use of electronics in commercial and consumer products will fuel the growth of the market. Moreover, an increase in the number of wind turbine installations across the world is increasing the demand for glass fiber yarn in turbine blades.
However, the issue regarding glass fiber yarn recycling and the capital-intensive production of yarn products are some of the challenges which restrict the growth of the market.
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Based on application, the glass fiber yarn market is segmented into PCB, façade, marble & mosaic tiles, structural parts, and others. The PCB application segment is the leading consumer of glass fiber yarn across the globe. The structural parts segment is another key application of glass fiber yarn, which includes building structures such as foundations, columns, girders, beams, supports, and automotive parts such as rear shelf panel, back panel, rear inner panel, and trunk floor, among others. The growth of the structural parts segment of the glass fiber yarn market can be attributed to urbanization and increasing residential and non-residential construction activities. Moreover, stringent government regulations to reduce CO2 emissions from vehicles and rising demand for lightweight vehicles are supporting the growth of the market in the structural parts segment. Other applications of glass fiber yarn include consumer goods, aerospace parts, oil & gas, and medical parts.
The use of glass fiber yarn has been growing rapidly across the globe due to its electrical insulation properties, high tensile strength, and resistance to chemicals and heat. The increasing adoption of glass fiber yarn in various end-use industries can also be attributed to the availability of different grades of yarn in the market to suit the requirements of different applications. Yarn comprises several filaments, and continuous strands of these filaments are woven, knitted, and braided to form other types of fabrics. E-Glass fiber is more commonly used in the fiber-reinforced polymer composite industry compared to other glass fiber types. It offers a good balance between performance and cost. It is widely used in electrical applications due to its ability to insulate electricity.
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).
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