Opportunities for glass fiber in the global automotive composites market to reach $2.7 billion by 2022

According to a new market report published by Lucintel, the future of glass fiber in the global automotive 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. 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 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.

 

In this market, exterior, interior, power train system, under body system, electrical and electronics, chassis system, and others are the major applications. On the basis of its comprehensive research, Lucintel 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.

By product form, chopped fiber and roving fiber are the major products form to manufacture automotive composites parts.  Growing demand for short fiber thermoplastic in automotive market is the major driver.

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. 

For business expansion, this report suggests innovation and new product development to produce hybrid and higher performance glass fiber. The report further suggests the development of partnerships with customers to create win-win situations and development of low-cost solutions for customers.

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. Owens Corning, Jushi Group Co, CPIC, Johns Manville, and Lanxess are among the major suppliers of glass fiber in the global automotive composites market.

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities of glass fiber in the global automotive composites market by application, intermediate material type, by country and by region and has come up with a comprehensive research report entitled “Growth Opportunities of Glass Fiber in the Global Automotive Composites Market 2017-2022: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a springboard for growth strategy, as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for glass fiber in the global automotive composites market by application, intermediate material, by products, by country and by region as follows:

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

                                                                                                                              

By Intermediates Type (Value ($M) and Volume (M lbs) from 2011 to 2022): 

·         Sheet Molding Compound (SMC)

·         Bulk Molding Compound (BMC)

·         Glass Mat Thermoplastic (GMT)

·         Short Fiber Thermoplastic (SFT)

·         Long Fiber Thermoplastic (LFT)

·         Continuous Fiber Thermoplastic (CFT)

·         Phenolic Molding Compound (PMC)

·         Others  

By Product Type (Value ($M) and Volume (M lbs) from 2011 to 2022):

·         Chopped

·         Roving

By Region Type (Value ($M) and Volume (M lbs) from 2011 to 2022):

·         North American

·         Europe

·         Asia Pacific (APAC)

·         Rest of the World (ROW)

By Country (Volume (M lbs) 2016)

·         US

·         Canada

·         Mexico

·         Germany

·         UK

·         France

·         Italy

·         Spain

·         China

·         India

·         Brazil

This 227-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com. Lucintel offerings include Advanced Materials Reports, Composite Materials Market Report, Opportunity Screening and Analysis, Capital Investment Feasibility and SWOT Analysis.

About Lucintel

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

This report answers following 11 key questions:

Q. 1. What are some of the most promising, high-growth segments in the market by application type (interior, exterior, power train system/engine components, chassis system, under the body systems, electrical and electronics and others),  intermediate material (SMC and BMC, LFT, SFT, CFT,GMT, PMC, Others (PU resin), product (Chopped and Roving), by country ( US, Canada, Mexico, Germany ,UK, France, Italy, Spain ,China ,India ,Brazil) regional (North America, Europe APAC and ROW)?

Q.2.Which segments will grow at a faster pace and why?

Q.3.Which region will grow at a faster pace and why?

Q.4.What are the key factors affecting market dynamics? What are the drivers, challenges and business risks in this market?

Q.5.What are the business risks and competitive threats in this market?

Q.6.What are the emerging trends in this market and the reasons behind them?

Q.7.What are some of the changing demands of customers in the market?

Q.8.What are the new developments in the market? Which companies are leading these developments?

Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?

Q.10.What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?

Q. 11.What M & A activity has occurred in the last 5 years and what is its impact on the industry?