Fiberglass Yarn Market: Introduction
Fiberglass Yarn is fiber-reinforced plastic where the reinforcement material is glass. The polymer matrix is usually thermoset/thermoplastic. The primary raw materials used in the production of fiberglass yarn are silica or silicate glass, oxides of boron, magnesium, and calcium. E-glass fiberglass type is most commonly used and occupies around 90% of the overall fiberglass yarn materials.
Fiberglass yarns find extensive use in reinforced composites of building & construction and wind energy applications. They have also penetrated in diverse sectors, including sport & recreation, medical, and consumer goods. The global fiberglass yarn market is expected to witness a healthy CAGR in the forthcoming years owing to the rise in the construction industry and increased focus on infrastructure and road paving in emerging and developed economies.
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Fiberglass Yarn Market: Market Dynamics
The key driving factor for the growth of fiberglass yarn market is its extensive use as an insulator in the building & construction industry. The market for fiberglass yarn is forecast to witness growth on the back of increased consumer spending on construction in both developed and developing economies. Stringent government regulation on emission has propelled the use of sustainable, lightweight and newer materials for weight management.
Fiberglass yarn is lightweight and has strong impact resistance which makes it a material of choice for a number of automotive applications. However, the presence of potential substitutes such as aluminum and carbon fiber are likely to hamper the market growth of fiberglass yarn market. However, fiberglass yarn being more cost competitive as compared to carbon fiber, the market for fiberglass yarn in the automotive applications will be the one to watch out in the long-term forecast.
Fiberglass yarn is also used in the manufacturing wind turbine blades and other structural components. Furthermore the promotion of renewable energy from a number of governments pushes the demand for wind turbine installations across the world indirectly driving sales for fiberglass yarns. In addition to this, niche applications of fiberglass yarn such as consumer goods, sport & recreation, and medical are expected to drive the growth of Fiberglass Yarn market in the coming years.
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Fiberglass Yarn Market: Segmentation
The global Fiberglass Yarn market is segmented on the basis of type, application and region.
Based on the type, the global Fiberglass Yarn market is segmented as:
- E-Glass Fabric
- Others (D-Glass, A-Glass, T-Class)
E-glass accounts for the lion’s share in the market however the rising need for more advanced products has resulted in adaption of special purpose fiber products such as S-Class, C Class, and others.
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Based on the application, the global Fiberglass Yarn market is segmented as:
- Wind energy
- Electrical & Electronics
- Printed circuit boards (PCBs)
- Insulators & enclosures
- Consumer Products
Based on region, the global Fiberglass Yarn market is segmented as:
- North America
- Latin America
- East Asia
- South Asia & Oceania
Fiberglass Yarn Market: Regional Outlook
Among the regions mentioned above, East Asia is expected to account for over 35% of the global fiberglass yarn market with key manufacturers having their Fiberglass Yarn manufacturing facilities in the region. The growth of fiberglass yarn market in emerging economies of Asia-Pacific region, such as China and India, is attributed to the rapid increase in industrialization and growing construction and automobile industry. North America is the second-largest consumer of Fiberglass Yarn owing to extensive use of Fiberglass Yarn in the insulation of building & construction.
The recession is the automobile industry has impacted the consumption of Fiberglass Yarn, which resulted in the stagnant growth in North America and Europe. However, with the shift of manufacturers towards the development of region, the demand for Fiberglass Yarn will witness a steady growth for the forecast period. Other regions, such as the Middle East & Africa and Latin America will witness a single-digit growth in the forecast period.
Fiberglass Yarn Market: Prominent players
Prominent players in the global fiberglass yarn market is AGY Holding Corp, Chongqing Polycomp International Corporation (CPIC), Jushi Group Co., Ltd., Mid-Mountain Materials, Inc, Nippon Electric Glass Co., Ltd., Nitto Boseki Co., Ltd., Oao Polatsk-Steklovolokno, Owens Corning, Parabeam BV, PFG Fiber Glass Corporation, Saint-Gobain Performance Plastics, Sichuan Weibo. Co., Ltd., Taishan Fiberglass Inc., Taiwan Glass Ind. Corp, amongst others. The Fiberglass Yarn market is fragmented with the presence of diversified global and regional players with global vendors ruling the market.
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