New York, United States, Jan. 25, 2024 (GLOBE NEWSWIRE) -- E-Glass fiberglass fibers are the most fundamental component of electrical insulation and fireproofing systems. E-glass fiber, also known as electrical grade yarn, is widely used in the aerospace, construction, industrial, wind energy, pipes and tanks, electrical and electronics, and automotive industries due to its exceptional properties, which allow it to improve the overall performance of the product while providing properties such as electrical insulation, dimensional stability, and fire resistance.
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Demand for E-glass Yarn in the Construction Sector Drives the Global Market
According to Straits Research, “The global E-Glass yarn market revenue was valued at USD 2,718 million in 2021 and is projected to reach USD 4,414 million by 2030, registering a CAGR of 4.5% during the forecast period (2022-2030).” After the pandemic, governments have prioritized infrastructure development, which has led to an expansion of the construction industry. The demand for E-glass textile products has increased due to the need to increase structural components' durability and integrity. These E-glass fibers provide superior thermal and electrical insulation, resistance to heat, and dimensional stability. E-glass textile products require less upkeep than conventional timber decking and railings. In addition, they are employed in producing insulated wall panels, bridge spans, bridge railings, sanitary equipment, doors, and windows.
Demand for Alternative Fuel Sources Creates Tremendous Opportunities
As the global capacity to produce fossil fuels declines, demand for alternative fuel sources increases. Wind energy is one of the primary sources of renewable energy. Increasing demand for wind energy drives the market's glass fiber filament expansion. Filament made of glass fiber is utilized in wind turbine components. Wind turbine blades made of glass fiber are more durable and resistant to corrosion and fatigue failure.
The Global Wind Energy Council (GWEC) predicts that wind energy will account for 25 percent of the world's electricity production by 2035. Due to its low cost, wind energy is a viable option for producing electricity. During the forecast period, the increasing demand for wind turbine installations will create new opportunities due to carbon neutrality initiatives.
Regional Insight
The Asia-Pacific's E-glass yarn industry share is projected to expand at a CAGR of 5.7% over the forecast period. India, China, Japan, and South Korea are the major countries in the Asia-Pacific region, and their high market penetration and rapid growth in the construction industry are driving the regional market growth. Estimates indicate that the regional market expansion will be driven by the region's accelerated urbanization growth and rising demand from the transportation, industrial, and construction sectors. Due to the cost-effective production of large wind turbines for various climates and regions, these products are anticipated to significantly expand the Asia-Pacific market as the global demand for renewable energy sources increases. Due to rising wind energy consumption and demand for lightweight turbine components to facilitate transportation in hard-to-reach areas, the Asia-Pacific market for E-glass fibers may experience substantial growth in the coming years.
Europe is projected to develop at a CAGR of 4.1% over the foreseeable future. During the forecast period, Europe's market is anticipated to grow significantly. As the automotive industry experiences accelerated growth, Germany, France, the United Kingdom, Italy, and Spain are the primary European nations where the use of lightweight materials in automotive body parts is increasing. Growing technological advancements have prompted manufacturers to develop eco-friendly alternatives to plastics and metals, which is anticipated to stimulate the growth of the European region over the forecast period. Due to their high tensile strength and stability in space environments, Europe's expanding R&D innovations have led to a rise in the use of E-glass fibre yarn in fighter aircraft, which is expected to propel the growth of the E-glass yarn market.
Key Highlights
- Based on yarn type, the global E-Glass yarn market is segmented into single and piled yarn based on yarn type. Piled yarn dominated the market and is expected to register a CAGR of 4.1% over the forecast period.
- The global E-Glass yarn market is segmented based on grade into E-68, E-34, and others. The other segments are expected to dominate the market, registering the highest CAGR of 3.6% over the forecast period.
- Based on end-user, the global E-Glass yarn market is segmented into textile, automotive and transportation, building and construction, energy, electronics and electricals, and others. The building and construction segment dominated the market and is expected to register a CAGR of 5.8% over the forecast period.
- The global E-Glass yarn market is segmented based on region: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia-Pacific held the largest market share and is anticipated to grow at a CAGR of 5.7% during the forecast period.
Competitive Landscape
The top 14 players in the global E-glass yarn market are Owens Corning, Jushi Group, PPG Industries, CPIC, Taishan Fiberglass (Sinoma), Advanced Glassfiber Yarns, Binani-3B, Johns Mansville, Nippon Electric Glass, Nittobo, Saint-Gobain Vetrotex, Taiwan Glass Group, Valmiera Glass Group, and Sichuan Weibo New Material Group.
Market News:
- In July 2022, Taiwan Glass Ind and Taichia Glass Fiber Co., Ltd. announced the disposal of Financial Products.
Global E-Glass Yarn Market: Segmentation
By Yarn Type
- Single Yarn
- Piled Yarn
By Grade
- E-68
- E-34
- Others
By End-User
- Textile
- Automotive and Transportation
- Building and Construction
- Energy
- Electronics and Electricals
- Others
By Regions
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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