Glass fiber in the global automotive composites market is expected to reach an estimated $2.7 billion by 2022 and it is forecast to grow at a CAGR of 5.7% from 2017 to 2022.
The future of global automotive glass fiber composites market looks good with opportunities in various applications such as exterior, interior, power train system/engine components, chassis system, electrical and electronics, under body system, and others. The major growth drivers for this market are increasing automotive production and growing demand for lightweight and durable materials due to stringent government regulations to increase fuel efficiency and reduce greenhouse gas emissions.
Emerging trends, which have a direct impact on the dynamics of the industry, include strategic alliances between OEMs, glass fiber, and resin suppliers in the automotive composites industry.
Automotive glass fiber composites companies profiled in this market report include Owens Corning, Jushi Group Co, CPIC, Johns Manville, and Lanxess.
On the basis of its comprehensive research, the author forecasts that the power train system/ engine component is expected to be the largest market and the under the body is expected to show the highest growth rate during the forecast period of 2017 to 2022.
Within glass fiber market for automotive, sheet molding compound (SMC) and bulk molding compound (BMC), glass mat thermoplastic (GMT), short fiber thermoplastic (SFT), long fiber thermoplastic (LFT), continuous fiber thermoplastic (CFT), phenolic molding compound (PMC) and others are the intermediate materials to manufacture automotive components. SFT is expected to remain the largest market by value and volume, mainly driven by applications such as small complex shaped components in power train system/engine components applications.
Europe is expected to remain the largest market due to higher penetration of composites in automotive than other region. Government regulations, such as CAFÉ Standards in the US and carbon emission targets in Europe, are putting pressure on OEMs to incorporate light-weight materials to curb the overall vehicle weight, and this is the key driver for glass fiber in the automotive industry.
Automotive glass fiber composites market by Application Type (Value ($M) and Volume (M lbs) from 2011 to 2022):
- Interior - Exterior - Under the body systems - Chassis System - Power train system/Engine Components - Electrical and Electronics - Others
Automotive glass fiber composites market by Intermediates Type (Value ($M) and Volume (M lbs) from 2011 to 2022):