According to the recent study the glassfiber in the global automotive composites market is projected to reach an estimated $3 billion by 2030from $2.1 billion in 2023, at a CAGR of 3% from 2023 to 2030. Growth in this market is primarily driven by 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.
Browse 182 figures / charts and 103 tables in this 165 -page report to understand trends, opportunities and forecast in glass fiber in the global automotive composites market by application (interior, exterior, powertrain system/engine components, under the body, electrical and electronics, and others), intermediate material (SMC/BMC, LFT, SFT, CFT, phenolic molding compound, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
Lucintel forecasts that powertrain system/ engine components will remain the largest application by value and volume due to growing demand for lightweight composite parts. Underbody system is expected to witness highest growth over the forecast period.
Short fiber thermoplastic (SFT) material of glass fiber in the global automotive composites will remain the largest segment over the forecast period due to its growing demand for lightweight composite parts.
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APAC/ROW is expected to remain the largest market and is also expected to witness the highest growth over the forecast period due to higher penetration of composites in automotive than other region.
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., and Lanxessare the major suppliers in the glass fiber in the global automotive composites market.
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Lucintel
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