The “Automotive Fiberglass Composites Market – Growth, Trends, Impact of COVID-19, and Forecast (2022-2027)” report has been added to from ResearchAndMarkets.com offer.
The automotive fiberglass composites market is expected to register a CAGR of over 5.5% during the forecast period 2020-2025.
Main market trends
Growing adoption of fiberglass composites in automobiles
Although automobiles have been around for over a century, the materials they are made of have mostly remained the same. It’s only been a few decades since advanced materials, ranging from magnesium alloys to fiberglass composites, have made their way into next-generation cars. Advanced materials, such as fiberglass composites, are key to increasing the fuel economy of modern cars, maintaining performance and safety. Since it takes less energy to accelerate a lighter object than a heavier one, lightweight materials offer great potential for increasing vehicle efficiency. A 10% reduction in vehicle weight can translate into a 6-8% increase in fuel economy.
Fiberglass composites are materials that have become popular in recent years. One of the reasons for the relative success of fiberglass composite is that it has several advantages over steel. It resists corrosion, has significant chemical resistance and is lightweight (three times less dense than steel). Fiberglass composite is mainly used in bumpers, hoods and housings. Another area where this material is used is in V-belts and timing belts, where the glass cords are impregnated with rubber acting as reinforcement. Abrasion resistance is another advantage of fiberglass composite, which is why it is used for manufacturing clutches and brake pads. The clutch plates are reinforced with woven fiberglass composites to maintain their integrity.
Europe expected to be largest and fastest growing market
Europe is touted as the fastest growing market due to the presence of many car manufacturers, such as BMW, Volkswagen, Groupe PSA, etc., which are adopting fiberglass composites in their cars. Government regulations, such as the greenhouse gas emissions target in European countries, also pave the way for OEMs to incorporate lightweight materials to reduce overall vehicle weight.
Germany is one of the world’s leading car manufacturing countries. The country has recovered to a reasonable degree from the economic recession which has negatively affected the country’s economic situation. Germany is home to some of the world’s leading automakers, such as Volkswagen AG, Daimler AG, BMW, Ford GmbH, and Opel. More than 5.1 million automobiles are produced in Germany every year. With an increase in the production of passenger vehicles and SUVs, the demand for fiberglass in automotive component reinforcements is expected to increase significantly over the forecast period.
Main topics covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Constraints
4.3 Industry Attractiveness – Porter’s Five Forces Analysis
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 Type of request
5.2.3 Structural assembly
5.2.4 Powertrain Components
5.2.5 Other types of applications
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 Shanghai 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
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