India E-Glass Yarn Market

Market Overview

The Indian E-Glass yarn market was valued at USD 215 million in 2021 and is projected to reach USD 406 million by 2030, registering a CAGR of 6.3% during the forecast period (2022-2030).

Highlights

• Piled yarn dominates the market by yarn type.
• The other segments dominate the market by grade. 
• Building and construction dominate the market by end-user.

E-Glass fiberglass yarns are the most basic binding element in all electrical insulations and fireproofing systems. E-glass fiber, also known as electrical grade yarn, is widely used in the aerospace, construction, industrial, wind energy, pipes and tanks, electrical and electronics, and automotive industries due to its exceptional properties, which make it capable of enhancing the overall performance of the product while providing properties such as electrical insulation, dimensional stability, and fire resistance.

Market Dynamics

India E-Glass Yarn Market Drivers

Demand for E-glass Yarn in the Construction Sector

The construction industry has expanded as governments prioritize infrastructure development after the pandemic. Increased demand for E-glass yarn products is a consequence of the need to increase the durability and integrity of structural components. These E-glass yarns provide superior thermal and electrical insulation, heat resistance, and dimensional stability. E-glass yarn products require less maintenance than traditional wood decking and railings. In addition, they are used to manufacture insulated wall panels, bridge spans, bridge railings, sanitary equipment, doors, and windows.

The infrastructure in Asia-Pacific is undergoing rapid development. Consequently, E-glass yarn is in high demand in the building and construction industry.

India E-Glass Yarn Market Restraints

Issues Regarding E-glass Yarn Recycling

E-glass fabric is an effective insulator. As recycling is difficult, the E-glass textile market faces a significant challenge. When disposing of E-glass yarn material, appropriate disposal methods and using PPE attire are essential for employees' physical safety in the disposal process. Emerging nations lack the necessary infrastructure and recycling practices for the secure disposal of E-glass yarn, resulting in substantial waste.

Asia-Pacific is the largest market for E-glass fibers and most of its nations are still developing, improvements must be made to the substance's recycling methods.

India E-Glass Yarn Market Opportunities

Demand for Alternative Fuel Sources

As the world's capacity to produce fossil fuels declines, the demand for alternative fuel sources grows. Wind energy is one of the primary renewable energy sources. Increasing demand for wind energy is driving the growth of the glass fiber yarn market. Glass fiber filament is utilized in wind turbine components. Glass-fiber-constructed wind turbine blades are more durable and resist corrosion and fatigue failure.

The Global Wind Energy Council (GWEC) estimates that by 2035, wind power will account for 25% of the world's electricity production. Wind energy is a viable option for producing power due to its minimal cost. Due to carbon neutrality initiatives, the increasing demand for wind turbine installations worldwide will create new opportunities during the forecast period.

Regional Analysis

The Indian market is expected to grow steadily at a CAGR of 6.3% due to its high market penetration and rapid development in the construction industry. According to estimates, the regional market expansion will be fueled by the region's rapid urbanization growth and rising demand from the transportation, industrial, and construction sectors.

As the global demand for renewable energy sources rises, these products are anticipated to play a significant role in expanding the Indian market due to the cost-effective production of large wind turbines for various climates and regions. The Indian market for E-glass fibers may experience substantial growth due to rising wind energy consumption and the rising demand for lightweight turbine components that can be transported in difficult-to-reach areas.

Segmental Analysis

Indian E-glass yarn market is segmented based on yarn type, grade, and end-user.

Based on yarn type, the market is segmented into a single yarn and piled yarn.

Piled yarn dominated the market and is expected to register a CAGR of 5.8% over the forecast period.

Based on Grade, the market is segmented into E-68, E-34, and others.

The other segments are expected to dominate the market, registering the highest CAGR of 5.3% over the forecast period.

Based on end-user, the market is segmented into textile, automotive and transportation, building and construction, energy, electronics and electricals, and others.

The building and construction segment dominated the market and is expected to register a CAGR of 7.6% over the forecast period.