In the Report global Glass Fiber Yarn Market is estimated to be USD 2.5 billion in 2022 and is projected to reach USD 3.5 billion by 2027, at a CAGR of 6.5% between 2022 and 2027, according to a new report by MarketsandMarkets™. The glass fiber yarn market is segmented into five major regions, namely, Asia Pacific, Europe, North America, South America, and the Middle East & Africa. Asia Pacific is the largest market for glass fiber yarn market, followed by North America and Europe. The market in Asia Pacific is driven by the high economic growth rate, followed by heavy investments in energy, infrastructure, and automotive industries. Another factor impacting the glass fiber yarn market is the increasing population in Asian countries such as China and India. The region accounts for almost one-third of the global GDP measured in terms of purchasing power parity (PPP). Various companies are shifting their production units to the region because of the low cost of production and proximity to emerging markets such as India, Thailand, Indonesia, and Malaysia.
Glass fiber yarn is increasingly utilized in the development of automobiles, owing to its exceptional properties, such as high tensile strength, thermal insulation, and affordable cost. Several automobile manufacturers and glass fiber yarn producers are venturing into the mass production of glass fiber yarn automotive panels. Automotive manufacturers are adopting glass fiber as a substitute for metals in the production of exterior panels and vehicle interiors. Further, glass fiber yarn is being used in rubber drive belts, clutch discs & brake pads, headliners, and for automotive insulation, among others.
In terms of value, the electrical & electronics segment is the dominant end user of glass fiber yarn with a market size of USD 645.46 million in 2021. The rising demand for insulation products in countries such as China, India, and Brazil is driving the market.
In this section, the glass fiber yarn market is analyzed based on various end-use industries, such as electrical & electronics, automotive & transportation, wind energy, building & construction, and marine, among others.
