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The Automotive Glass Fiber Composites Market has been segmented by Intermediate Type (Short Fiber Thermoplastic (SFT), Long Fiber Thermoplastic (LFT), Continuous Fiber Thermoplastic (CFT), and Other Intermediate Types), Application Type (Interior, Exterior, Structural Assembly, Power-train Components, and Other Application Types), and Geography.
Fastest Growing Market:
The automotive glass fiber composites market is expected to register a CAGR of over 5.5%, during the forecast period, 2020 - 2025.
The automotive glass fiber composites market has been segmented by intermediate type, application type, and geography.
|Short Fiber Thermoplastic (SFT)|
|Long Fiber Thermoplastic (LFT)|
|Continuous Fiber Thermoplastic (CFT)|
|Other Intermediate Types|
|Other Application Types|
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Although automobiles have been around for more than a century, the materials they are made of have mostly remained the same. Only since the past few decades that advanced materials, ranging from magnesium alloys to glass fiber composites, have made their way into new-generation cars. Advanced materials, such as glass fiber composites, are essential for boosting the fuel economy of modern cars, maintaining performance and safety. Since it takes lesser energy to accelerate a lighter object than a heavier one, lightweight materials offer great potential for increasing vehicle efficiency. A 10% reduction in the vehicle’s weight can transpire to a 6-8% increase in fuel economy.
Glass fiber composites are materials that have become popular in the past few years. One of the reasons for fiberglass composite's relative success is that it has several advantages when compared to steel. It is corrosion-resistant, has significant chemical resistance, and is lightweight (three times less dense than steel). Fiberglass composite is mainly used in bumpers, hoods, and casings. Another area where this material is used is V-belts and timing belts, where glass strings are impregnated with rubber acting as reinforcement. Abrasion resistance is one other advantage of the fiberglass composite, which is why it is used for producing clutches and brake-pads. Clutch disks are reinforced with woven fiberglass composites to maintain their integrity.
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Europe is touted to be the fastest growing market due to the presence of many car manufacturers, such as BMW, Volkswagen, Groupe PSA, etc., who are adopting glass fiber composites in their cars. Government regulations, such as the greenhouse gas emission target in the European countries are also paving way for OEMs to incorporate light-weight materials to decrease the overall vehicle weight.
Germany is one of the leading automobile manufacturing countries, globally. The country has recovered to a reasonable extent from the economic recession that affected the economic condition of the country adversely. Germany is home to some of the leading global automobile manufacturers, like Volkswagen AG, Daimler AG, BMW, Ford GmbH, and Opel. More than 5.1 million automobiles are annually manufactured in Germany. With an increase in the production of passenger vehicles and SUVs, the demand for fiberglass in the reinforcements of automotive components is expected to significantly increase during the forecast period.
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The automotive glass fiber composites market is mildly consolidated. Some of the major companies in the glass fiber composites market include Solvay Group, 3B (Braj Binani Group), Owens Corning, Veplas Group, and SAERTEX GmbH & Co.KG. The market is also characterized by the presence of much smaller players especially in the Asia-Pacific, region who deal with aftermarket products.
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Intermediate Type
5.1.1 Short Fiber Thermoplastic (SFT)
5.1.2 Long Fiber Thermoplastic (LFT)
5.1.3 Continuous Fiber Thermoplastic (CFT)
5.1.4 Other Intermediate Types
5.2 Application Type
5.2.3 Structural Assembly
5.2.4 Power-train Components
5.2.5 Other Application Types
5.3.1 North America
220.127.116.11 United States
18.104.22.168 Rest of North America
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 Rest of Asia-Pacific
5.3.4 South America
184.108.40.206 Rest of South America
5.3.5 Middle-East and Africa
220.127.116.11 United Arab Emirates
18.104.22.168 South Africa
22.214.171.124 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Solvay Group
6.2.2 3B (Braj Binani Group)
6.2.3 Owens Corning
6.2.4 Jiangsu Changhai Composite Materials
6.2.5 Veplas Group
6.2.6 SAERTEX GmbH & Co.KG
6.2.7 ASAHI FIBER GLASS Co., Ltd.
6.2.8 Nippon Sheet Glass Company, Limited
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject to Availability