PUBLISHER: 360iResearch | PRODUCT CODE: 1500456
PUBLISHER: 360iResearch | PRODUCT CODE: 1500456
[192 Pages Report] The Glass Fiber Yarn Market size was estimated at USD 2.92 billion in 2023 and expected to reach USD 3.14 billion in 2024, at a CAGR 7.86% to reach USD 4.97 billion by 2030.
Glass fiber yarn is a versatile and high-performance material made from numerous fine glass fibers, which are extruded into thin filaments and then gathered and twisted together to form a continuous strand. They exhibit remarkable properties such as high tensile strength, excellent resistance to heat, flame retardancy, electrical insulation capabilities, corrosion resistance, and lightweight nature, making them an essential component in various sectors. Surged demand for lightweight materials in the automotive industry leads to higher adoption of this composite material to reduce vehicle weight and enhance fuel efficiency. Demand for fiberglass-reinforced composites within construction applications such as pipes & tanks and reinforcing bars is increasing. However, high production costs associated with raw materials, such as silica sand, and energy-intensive manufacturing processes impede the glass fiber yarn production activities. Market players are developing energy-efficient production methods aimed at reducing greenhouse gas emissions through process optimization. They are also investigating novel applications of glass fiber yarns in emerging fields such as nanotechnology or biomedical implants, where unique material characteristics can create niche markets.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 2.92 billion |
Estimated Year [2024] | USD 3.14 billion |
Forecast Year [2030] | USD 4.97 billion |
CAGR (%) | 7.86% |
Regional Insights
In the Americas, the demand for glass fiber yarn is primarily driven by its use in the construction, automotive, and aerospace industries. With an emphasis on lightweight materials to improve fuel efficiency in vehicles and a growing need for infrastructure development across countries, including the United States, Brazil, and Mexico, glass fiber yarn has found an expanding market in this region. Asia is significant in terms of production capacity as well as consumption of glass fiber yarn. Countries such as China, India, Japan, and South Korea are major contributors to Asia's dominance in this market segment. In Europe, the glass fiber yarn market is characterized by its focus on research and development, with a particular emphasis on sustainability. The region is home to some of the most advanced research institutes and laboratories working on innovative materials and applications for glass fiber yarn, creating an environment conducive to technological advancements. Moreover, European regulations regarding environmental protection have prompted companies operating in this region to develop sustainable solutions using recycled materials and closed-loop manufacturing processes.
Market Insights
The market dynamics represent an ever-changing landscape of the Glass Fiber Yarn Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Glass Fiber Yarn Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Glass Fiber Yarn Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
TPI Composites, UT Advance Recycled Glass Fiber Yarn Development
TPI Composites Inc. and the University of Tennessee Knoxville are progressing to the second phase of development in the creation of glass fiber yarns from end-of-life (EOL) wind blades. This project opens up new possibilities for recycling materials from decommissioned blades, resulting in the production of high-value intermediate forms of glass fiber. [Published On: 2023-09-18]
Successful Light-off of CPIC New Material R&D Production Base(Changshou)H04 Line
The CPIC New Material R&D Production Base (Changshou) H04 Line was inaugurated for impregnated cloth production for high-temperature filter bags and milled fiber production. The establishment of the New Material Base is a significant milestone in CPIC's globalization strategy, as well as its efforts in differentiation and integration. [Published On: 2023-03-18]
Glass Maker Saint-Gobain Acquires UP Twiga
Saint-Gobain, French glass and building materials manufacturer, has made a definitive agreement to acquire UP Twiga, a glass wool insulation manufacturer based in India. This strategic acquisition aims to strengthen Saint-Gobain's position in the Indian market and enhance its global presence. [Published On: 2023-02-22]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Glass Fiber Yarn Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Glass Fiber Yarn Market, highlighting leading vendors and their innovative profiles. These include AGY Holding Group, Changzhou Right Composite Co., Ltd., China Beihai Fiberglass Co., Ltd., China Jushi Co., Ltd., Compagnie de Saint-Gobain S.A., EAS Fiberglass Co., Ltd., Fulltech Fiber Glass Corp., Hebei Yuniu Fiberglass Manufacturing Co., Ltd., Hexcel Corporation, Johns Manville, JPS Composite Materials, Kingoda Glass Fiber Co., Ltd., McAllister Mills, Inc., Newtex Industries, Inc., Nippon Electric Glass Co. Ltd., Nitto Boseki Co. Ltd., Owens Corning, Parabeam BV, PFG Fiber Glass Corp., Taishan Fiberglass Inc., Taiwan Glass Industry Corp., VALMIERAS STIKLA SĶIEDRA, AS, and Weibo.
Market Segmentation & Coverage