The global glass fiber yarn market size is expected to reach USD 3,911.0 million by 2030, according to a new study by Polaris Market Research. The report “Glass Fiber Yarn Market Share, Size, Trends, Industry Analysis Report By Grade Type (E Yarn, C Yarn, S Yarn); By Product Type; By Application; By End-Use; By Region; Segment Forecast, 2022-2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The adoption of glass fiber in industries such as building and construction, textiles, and manufacturing equipment, is expected to support the demand for glass yarn fiber in the market. The rising demand for glass fiber is due to mechanical durability, electrical conduction, chemical resistance, and structural integrity under applied forces. This, along with key companies increasing production scale and capacity to cater to the rising demand if glass fiber, is projected to augment the industry growth.
For instance, according to an article published by the National Bureau of Statistics of China, in 2022, the total production of glass fiber yarn in China was estimated to be 6.24 million tons in 2021. The increasing production capacities of Chinese manufacturers are expected to churn out 902,000 tons of additional fiberglass to the current yield by 2022.
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The growing emphasis on renewable energy production is promoting product developers and fabricators to use glass fiber to develop composite parts for energy-producing infrastructures. One of these methods is energy production through windmills which is increasing the adoption of fiberglass in technology development and production alike. This, coupled with the increasing number of windmill projects undertaken by major players, is anticipated to drive the growth of the glass fiber yarn market.
For instance, in November 2022, American Offshore Energy announced a patent for its floating wind turbine without a center shaft. The project requires fiberglass to save the weight of the turbines, decrease manufacturing costs, and reduce the moment load on the assembly.
The impact of COVID-19 declined the market owing to the overall economic slowdown as a trailing effect of major industries. The decline in industries such as food processing, fisheries, and fabrication, along with key stakeholders such as building, aerospace, defense, electronics, and telecommunications, impeded the market growth. Moreover, the high cost of raw materials due to disrupted sourcing and supply chain hampered the production capacities and, subsequently, the shortage of supply.
Glass Fiber Yarn Market Report Highlights
Polaris Market Research has segmented the glass fiber yarn market report based on grade type, product type, application, end-use, and region:
Glass Fiber Yarn, Grade Type Outlook (Revenue - USD Million, 2018 - 2030)
Glass Fiber Yarn, Product Type Outlook (Revenue - USD Million, 2018 - 2030)
Glass Fiber Yarn, Application Outlook (Revenue - USD Million, 2018 - 2030)
Glass Fiber Yarn, End-Use Industry Outlook (Revenue - USD Million, 2018 - 2030)
Glass Fiber Yarn, Regional Outlook (Revenue - USD Million, 2018 - 2030)