The global automotive glass fiber composites market size is expected to register a CAGR of over 5.5% during the forecast period, 2021–2028. The growth of the market is attributed to the rising automotive production and increasing demand for durable and lightweight materials.

The automotive glass fiber composites market is expected to create various opportunities in many different automobile applications, such as interiors, exteriors, structural assembly, power-train and engine components, and electrical and electronics.

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Strategic associations between car manufacturers, glass fibers, and resin suppliers are directing impact the dynamics of the automotive glass giber composites market.

Market Drivers, Restraints, Trends, and Opportunities
• The stringent government regulations to reduce the carbon emissions is expected to stimulate the market growth.
• Growing awareness about its characteristics such as lightweight and high safety associated with the composites is driving the market growth.
• Lockdowns imposed in various countries due to the pandemic have negatively impacted the automobile manufacturers, restraining the automotive composites market growth. However, relaxation in stringent regulation is expected to help the market recover soon.
• Rapid industrialization in low- and middle-income countries is speculated to positively influence the market growth.

Automotive Glass Fiber Composites Market Segment Insights

Long fiber thermoplastic (LFT) segment to account a significant market share
Based on intermediate types, the market is segregated into short fiber thermoplastic (SFT), long fiber thermoplastic (LFT), continuous fiber thermoplastic (CFT), and others. The long fiber thermoplastic (LFT) segment is projected to account for a significant market share during the forecast period. Increasing adoption of LFT in the glass fiber composites market for various applications is spurring the segment growth.

Exterior segment to account a considerable market share
On the basis of applications, the market is classified as interior, exterior, structural assembly, power-train components, and others. The exterior segment is projected to account a considerable market share during the forecast period.
Exterior applications include bumper beam, fender, front-end module, door panels, and hoods. This is due to the durable nature of glass fibers that ensure long lifecycle and lowers the maintenance cost.

Europe to hold a major market share
In terms of regions, the market is divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is projected to hold a major market share during the forecast period. The presence of various car manufacturers, such as BMW, Volkswagen, and Groupe PSA is driving the market growth in the region. Moreover, stringent government regulations regarding greenhouse gas emissions in the Europe-based countries are paving way for OEMs to incorporate light-weight materials to reduce the vehicle weight.

Germany is one of the leading automobile manufacturing countries in the world. 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, such as Volkswagen AG, Daimler AG, BMW, Ford GmbH, and Opel. More than 5.1 million automobiles are annually manufactured in Germany. Increasing production of passenger vehicles and SUVs has resulted in the demand for fiberglass for the automotive components.

Compititive Landscape
Some of the major companies in the glass fiber composites market include Solvay Group, 3B (Braj Binani Group), Owens Corning, Veplas Group, and SAERTEX GmbH & Co.KG. The market is also characterized by the presence of much smaller players especially in the Asia Pacific, region who deal with aftermarket products.

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