Global Automotive Glass Fiber Composites Market (2022 to 2027) - Growth, Trends, COVID-19 Impact, and Forecasts - ResearchAndMarkets.com | Business Wire

2022-05-19 09:39:13 By : Ms. Maggie Ding

DUBLIN--(BUSINESS WIRE )--The "Automotive Glass Fiber Composites Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.

The automotive glass fiber composites market is expected to register a CAGR of over 5.5%, during the forecast period, 2020 - 2025.

Increasing Adoption of Glass Fiber Composites in Automobiles

Although automobiles have been around for more than a century, the materials they are made of have mostly remained the same. Only since the past few decades that advanced materials, ranging from magnesium alloys to glass fiber composites, have made their way into new-generation cars. Advanced materials, such as glass fiber composites, are essential for boosting the fuel economy of modern cars, maintaining performance and safety. Since it takes lesser energy to accelerate a lighter object than a heavier one, lightweight materials offer great potential for increasing vehicle efficiency. A 10% reduction in the vehicle's weight can transpire to a 6-8% increase in fuel economy.

Glass fiber composites are materials that have become popular in the past few years. One of the reasons for fiberglass composite's relative success is that it has several advantages when compared to steel. It is corrosion-resistant, has significant chemical resistance, and is lightweight (three times less dense than steel). Fiberglass composite is mainly used in bumpers, hoods, and casings. Another area where this material is used is V-belts and timing belts, where glass strings are impregnated with rubber acting as reinforcement. Abrasion resistance is one other advantage of the fiberglass composite, which is why it is used for producing clutches and brake-pads. Clutch disks are reinforced with woven fiberglass composites to maintain their integrity.

Europe Anticipated to be the Largest and Fastest Growing Market

Europe is touted to be the fastest growing market due to the presence of many car manufacturers, such as BMW, Volkswagen, Groupe PSA, etc., who are adopting glass fiber composites in their cars. Government regulations, such as the greenhouse gas emission target in the European countries are also paving way for OEMs to incorporate light-weight materials to decrease the overall vehicle weight.

Germany is one of the leading automobile manufacturing countries, globally. The country has recovered to a reasonable extent from the economic recession that affected the economic condition of the country adversely. Germany is home to some of the leading global automobile manufacturers, like Volkswagen AG, Daimler AG, BMW, Ford GmbH, and Opel. More than 5.1 million automobiles are annually manufactured in Germany. With an increase in the production of passenger vehicles and SUVs, the demand for fiberglass in the reinforcements of automotive components is expected to significantly increase during the forecast period.

4.3 Industry Attractiveness - Porter's Five Forces Analysis

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

For more information about this report visit https://www.researchandmarkets.com/r/sgbmhf

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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900