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Fiberglass Yarn Market Worth $3.5 Billion by 2027 – Exclusive Report by MarketsandMarkets™

/EIN News/ — Chicago, Aug. 17, 2022 (GLOBE NEWSWIRE) — Fiberglass Yarn Market is estimated to be valued at USD 2.5 Billion in 2022 and is projected to reach USD 3.5 Billion by 2027, growing at a CAGR of 6.5% from 2022 to 2027, according to a new report by MarketsandMarkets ™. The fiberglass yarn market is segmented into five major regions, namely Asia-Pacific, Europe, North America, South America, Middle East and Africa. Asia-Pacific is the largest market for the fiberglass yarn market, followed by North America and Europe. The Asia-Pacific market is driven by the high economic growth rate, followed by heavy investments in the energy, infrastructure and automotive sectors. Another factor impacting the fiberglass yarn market is increasing population in Asian countries such as China and India. The region accounts for almost a third of global GDP measured in purchasing power parity (PPP) terms. Various companies are moving their production units to the region due to the low cost of production and proximity to emerging markets such as India, Thailand, Indonesia, and Malaysia.

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The electrical and electronics industry is expected to account for the largest market share in the fiberglass yarn market over the forecast period.

In terms of value, the electrical and electronics segment is the major end-user of fiberglass yarn with a market size of USD 645.46 million in 2021. The growing demand for insulation products in countries such as China , India and Brazil stimulates the market. .
In this section, the fiberglass yarn market is analyzed based on various end-use industries, such as electrical and electronics, automotive and transportation, wind power, construction and construction and marine, among others.

Reduction in weight and increase in processing speed encourage the adoption of fiberglass yarn to drive the fiberglass yarn market

Fiberglass yarn is increasingly used in automobile development, due to its outstanding properties, such as high tensile strength, thermal insulation and affordable cost. Several automobile manufacturers and producers of fiberglass yarns are embarking on the mass production of automotive panels made of fiberglass yarns. Automakers are embracing fiberglass as a substitute for metals in the production of vehicle exterior panels and interiors. Additionally, fiberglass yarn is used in rubber drive belts, clutch discs and brake pads, headliners, and for automotive insulation, among others.

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APAC is expected to account for the largest market share in the fiberglass yarn market over the forecast period.

Asia-Pacific is the largest market for fiberglass yarn. In this report, the Asia-Pacific region is segmented into China, Japan, India, South Korea, and Rest of Asia-Pacific (Vietnam, Taiwan, Indonesia, Bangladesh, Singapore, and Malaysia). The Asia-Pacific fiberglass yarn market is driven by rising income level of the middle-class population and increasing government investments, especially in the building & construction and energy sectors. automobile.

Key players in the global fiberglass yarn market are:

  1. Owens Corning (USA),
  2. Jushi Group Co., Ltd.,
  3. Chongqing Polycomp International Corporation,
  4. Saint-Gobain SA,
  5. Nippon Electric Glass Co. Ltd.,
  6. AGY Holdings Corp.,
  7. China Beihai Fiberglass Co., Ltd.,
  8. Taiwan Glass Industry Corp.,
  9. Nitto Boseki Co. Ltd. (Japan),
  10. PFG Fiber Glass Corp. (Taiwan).

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Fiberglass yarn comes in different forms for different applications. For example, fiberglass tapes are used to wrap ships and hot pipes due to their thermal insulation properties. Similarly, fiberglass fabric is used as a heat shield in fire curtains and the like.
The fiberglass yarn market in developed economies such as the United States, Germany, United Kingdom, France, and Japan has almost reached the mature stage. Most companies are looking to countries like China, India and Brazil which offer them sustained demand. Key challenges for fiberglass yarn manufacturers in developed economies include economic uncertainty, fluctuating raw material prices, exchange rate volatility, slow economic growth, and the gap between demand and the supply of raw materials.

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fiberglass market by type of glass (E-Glass, ECR-Glass, H-Glass, S-Glass, AR-Glass), type of resin, type of product (glass wool, direct and assembled strands, wires, cut strands), application (composites, insulation) and Region – Global forecast to 2025

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