Rapid technological advancements and development in the automotive industry will drive e-glass fiber yarn & roving market size over the forecast period. The material is increasingly used in automobile and industrial applications owing to its benefits like low cost, high strength and electrical resistance, good chemical resistance, low weight, insensitive to moisture, high stiffness, and ability to maintain strength, and processing ease.
U.S. E-Glass Fiber Yarn & Roving Market Share, By Product, 2018 & 2025, (Kilo Tons)
The product is also widely used in fiber reinforced polymer composite industry and as an additive in building & construction, marine, aerospace, pipes & tanks and wind energy sectors owing to its capability to produce cost effective, lightweight products with low manufacturing cost and superior durability. It is also utilized to make fire resistant fabrics which can be colored using dyeable sizing.
Driven by profound applications in industries worldwide, specifically the aerospace and automotive sectors, E-Glass fiber yarn & roving market share is estimated to witness tremendous growth over the coming years. Citing an instance, in 2019, Indiana’s composite producer Goldshield Fiberglass began construction of fiberglass shells using E-glass roving for U.S. travel trailer firm Airstream’s new NEST segment.
Additionally, in 2018, Cigarette Racing Team, a Miami-based builder of high-speed boats, unveiled the 515 Project ONE Boat, inspired by the Mercedes-AMG Project ONE supercar, which utilizes a combination of E-glass fiber, Kevlar® and carbon fiber reinforced materials. Advancements such as the aforementioned will substantially boost product demand over the coming years.
Expanding aerospace sector to drive E-Glass fiber yarn & roving market size
Growing production of new, lightweight aircrafts is expected to boost E-Glass fiber yarn & roving market. Factors like superior tensile strength and compressive strength qualities have led to use of E-Glass laminates in aerospace applications. The material is seemingly one of the most widely used reinforcement composites in the sector that can be found in aerospace equipments like air ducts, cargo liners, flooring, closets, insulating applications, seating, and various other cabin interior parts.
With the aircraft industry witnessing increasing demanding for more light weight aircrafts, use of E-Glass will become vital for companies who focus on reducing aircraft weight, improve fuel economy and increase the flying range of their market offerings. Additionally, government investments to boost growth in the aviation sector will augment E-Glass fiber yarn & roving market size.
According to IBEF, India’s aviation industry is expected to witness around US$ 4.99 billion in investment over the next four years. Meanwhile, number of airplanes being operated by Indian airlines is expected to grow from about 620 in 2018 to 1,100 planes by 2027, cites the report. These insights clearly indicate potential growth prospects for E-Glass fiber yarn & roving market from the aerospace industry.
Expanding automotive sector to fuel Europe E-Glass fiber yarn & roving industry share
Growing demand from the regional automobile and aerospace industries will drive Europe E-Glass fiber yarn & roving market size. Credible reports cite that Germany market size alone is expected to surpass US $455 million by 2025, primarily due to increasing product adoption from the country’s aerospace industry.
Additionally, presence of global automotive giants like Volkswagen, BMW, Mercedes-Benz, Audi and more are expected to accelerate E-Glass fiber yarn & roving demand from the automobile space. Growing foreign investments focused towards expanding E-Glass fiber production capacity in Europe will further propel the regional E-Glass fiber yarn & roving industry outlook.
For instance, in 2017, Nippon Electric Glass Co. Ltd (NEG) announced plans to approve a €53 million investment to expand the production capacity of glass fiber in its European subsidiary. Furthermore, increasing collaborations and investments by regional companies are expected to boost Europe E-Glass fiber yarn & roving market size.
E-glass fiber (also known as electrical glass fiber), is widely used in aerospace, electrical & electronics, industrial, construction, pipes & tanks, wind energy, and automotive industries for enhancing the overall performance of a product while offering electrical insulation, stability and fire resistance. Increasing demand, especially from the automobile and aerospace industries, will complement the overall market growth. Moreover, reports from Global Market Insights, Inc., estimate E-Glass fiber yarn & roving market to surpass US $12 billion by 2025.