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.
Automotive Glass Fiber Composites Industry Segmentation
Glass-fiber composite is a type of fiber-reinforced polymer composite. Glass-fiber composite holds good properties such as low density, high strength, and easy processing, so widely used in automotive applications for increased fuel efficiency with reduced emissions.
The automotive glass fiber composites market has been segmented by intermediate type (short fiber thermoplastic (SFT), long fiber thermoplastic (LFT), continuous fiber thermoplastic (CFT), and other intermediate types), application (interior, exterior, structural assembly, power-train components, and others), and geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa).
The report offers the market size in value (USD Billion) and forecasts for all the above segments.
| Intermediate Type | |
| Short Fiber Thermoplastic (SFT) | |
| Long Fiber Thermoplastic (LFT) | |
| Continuous Fiber Thermoplastic (CFT) | |
| Other Intermediate Types |
| Application | |
| Interiors | |
| Exteriors | |
| Structural Assembly | |
| Power-train Components | |
| Others |
| Geography | ||||||
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Automotive Glass Fiber Composites Market Size Summary
The automotive glass fiber composites market is poised for significant growth, driven by the increasing demand for lightweight and durable materials in the automotive industry. This demand is largely fueled by stringent government regulations aimed at reducing greenhouse gas emissions, which necessitate the use of materials that enhance fuel efficiency without compromising vehicle performance. The market is witnessing a resurgence post-COVID-19, as the automotive sector rebounds with a focus on passenger cars and hybrid electric vehicles. The integration of glass fiber composites in various automobile applications, such as interiors, exteriors, and structural components, is expected to be a key growth driver. Strategic partnerships between car manufacturers and suppliers of glass fiber and resin are shaping the market dynamics, with short fiber thermoplastic (SFT) emerging as a prominent choice due to its application in complex-shaped components like power-train and engine parts.
Europe is anticipated to be the fastest-growing region in this market, supported by the presence of major car manufacturers like BMW and Volkswagen, who are increasingly adopting glass fiber composites to meet regulatory standards. Germany, a leading automobile manufacturing hub, is expected to see a significant rise in demand for these composites as production of passenger vehicles and SUVs increases. The market is moderately consolidated, with key players such as Solvay Group and Owens Corning driving innovation through product developments and strategic ventures. Recent advancements, such as Teijin's use of glass fiber sheet molding compound in the Toyota Tundra pickup, highlight the material's growing importance in the automotive sector. These developments underscore the market's potential for expansion, as manufacturers continue to seek solutions that enhance vehicle efficiency and sustainability.
Automotive Glass Fiber Composites Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION ( Value in USD Billion/Million)
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2.1 Intermediate Type
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2.1.1 Short Fiber Thermoplastic (SFT)
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2.1.2 Long Fiber Thermoplastic (LFT)
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2.1.3 Continuous Fiber Thermoplastic (CFT)
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2.1.4 Other Intermediate Types
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2.2 Application
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2.2.1 Interiors
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2.2.2 Exteriors
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2.2.3 Structural Assembly
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2.2.4 Power-train Components
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2.2.5 Others
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 United Arab Emirates
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Automotive Glass Fiber Composites Market Size FAQs
What is the current Automotive Glass Fiber Composites Market size?
The Automotive Glass Fiber Composites Market is projected to register a CAGR of greater than 5.5% during the forecast period (2024-2029)
Who are the key players in Automotive Glass Fiber Composites Market?
3B (Braj Binani Group), Owens Corning, Solvay Group, Veplas Group and SAERTEX GmbH & Co.KG are the major companies operating in the Automotive Glass Fiber Composites Market.
