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.