Glass Fiber in Global Automotive Composites Poised for Growth with Increasing Demand for Lightweight Vehicles
Dublin, March 27, 2024 (GLOBE NEWSWIRE) -- The "Glass Fiber in the Global Automotive Composites Market: Trends, Opportunities and Competitive Analysis [2024-2030]" report has been added to * ResearchAndMarkets.com's* offering.
*Growth Trajectory of Glass Fiber in Automotive Composites*
The global market for glass fiber in automotive composites is set to reach a projected value of $2.5 billion by 2030, expanding at a steady CAGR of 2.4% from 2023 to 2030. This growth is primarily driven by escalating automotive production and an augmented demand for lightweight and robust materials to adhere to strict government mandates aimed at enhancing fuel efficiency and reducing greenhouse gas emissions. The market is witnessing numerous opportunities across various applications including interiors, exteriors, powertrains, underbody systems, and electrical & electronics.
*Emerging Trends Shaping the Market*
The industry dynamics are being influenced by the development of high-performance glass fibers. As the automotive sector continues to evolve, the need for materials that offer durability and performance while reducing weight remains crucial. Glass fiber composites have emerged as a key material in this sector due to their beneficial properties.
*Segment Analysis and Regional Outlook*
A comprehensive analysis of market segments reveals that powertrain system/engine components are anticipated to maintain their position as the dominant application in terms of value and volume. This is attributed to the increasing demand for lightweight composite parts. The short fiber thermoplastic (SFT) material segment is expected to remain the largest over the forecasted period, propelled by its application in light composite parts. Region-wise, the Asia Pacific and the rest of the World (APAC/ROW) are projected to continue as the largest and the fastest-growing markets respectively due to higher composite penetration in the automotive industry than in other regions.
*Competitive Landscape*
The competition within the glass fiber in the global automotive composites market is intense, with companies vying through quality product offerings and by expanding manufacturing capabilities. Key industry movers are harnessing strategic collaborations, ramping up research and development, and engaging in mergers and acquisitions to innovate and stay ahead in the game. Major players contributing to this sector include names such as Owens Corning, Jushi Group Co., Ltd., and Johns Manville Corporation, among others.
*Market Insights and Strategic Industry Analysis*
The market is set to navigate through the growing demand for glass fiber composites in automotive applications. As manufacturers continue to prioritize fuel efficiency and sustainability, the glass fiber in the automotive composites market is well-positioned to cater to these evolved needs. The expansion of electric vehicles, coupled with advancements in composite technology, are likely to further boost market growth. In conclusion, in-depth market analysis indicates strong growth opportunities in various applications and regions, with ongoing developments that have the potential to augment market dynamics significantly. The strategic analysis points to a robust competitive landscape, where players are gearing up for a wave of innovation and scaling.
*A selection of companies mentioned in this report includes, but is not limited to:*
· Owens Corning
· Jushi Group Co., Ltd.
· Johns Manville Corporation
· Chongqing Polycomp International Corporation
· Taishan Fiberglass Inc.
· 3B the Fiber Glass Company ( Goa Glass Fiber)
· Nitto Boseki Co. Ltd
· Nippon Electric Glass Co. Ltd.
· Lanxess
For more information about this report visit https://www.researchandmarkets.com/r/z1tv1k
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