Market Size of Automotive Glass Fiber Composites Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.50 % |
| Fastest Growing Market | Europe |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Glass Fiber Composites Market Analysis
The automotive glass fiber composites market is valued at USD 8 billion in 2021 and is expected to reach USD 11.03 billion by 2027, registering a CAGR of 5.5% during the forecast period 2022-2027.
- The COVID-19 pandemic has severely impacted the automotive industry across the world. The disruptions in supply chain activities, the interruption in large-scale manufacturing, restrictions on travel, and the declining sales of vehicles during 2020, are responsible for the declining growth of the market. However, the surge in the manufacturing volume of passenger cars and hybrid electric vehicles was observed globally after the pandemic due to the easing of restrictions in the country. The market will cope with all the losses during the period and grow at a certain pace.
- Over the long term, the major growth drivers associated with this market are the rise in automotive production and the increasing demand for durable and lightweight materials because of stringent government regulations to reduce greenhouse gas emissions.
- The future of the global automotive glass fiber composites market looks bright, with opportunities in different automobile applications, such as interiors, exteriors, structural assembly, power-train and engine components, electrical and electronics, and others. The market for glass fiber composites in automobile structures is expected to be the fastest-growing segment due to the wide variety of applications.
- Strategic alliances between car manufacturers, glass fiber, and resin suppliers are the trends that directly impact the dynamics of the automotive composites industry. Within the intermediates type, short fiber thermoplastic (SFT), long fiber thermoplastic (LFT), and continuous fiber thermoplastic (CFT) are the major ones that are used in automotive applications. SFT is expected to be the largest market by value, mainly driven by power-train and engine components applications, which feature small complex-shaped components.
