Lucintel Forecasts Glass Fiber in the Global Automotive Composites Market to Reach $3.2 Billion by 2027

According to the recent study the glass fiber in the global automotive composites market is projected to reach an estimated $3.2 billion by 2027 from $2.3 billion in 2021, at a CAGR of 6.2% from 2021 to 2027. 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).

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“Powertrain system/engine components market is expected to remain the largest segment during the forecast period.”

Based on application, the glass fiber in the global automotive composites market is segmented into interior, exterior, powertrain system/engine components, under the body, electrical and electronics, and others. Lucintel forecasts that the powertrain system/engine components market is expected to remain the largest segment due to growing demand for lightweight composite parts. Underbody system is expected to witness highest growth over the forecast period.

“Within the glass fiber in the global automotive composites market, the short fiber thermoplastic (SFT) segment is expected to remain the largest intermediate material”

Based on intermediate material the short fiber thermoplastic (SFT) segment is expected to witness the highest growth over the forecast period due to its growing demand for lightweight composite parts.

“Asia pacific will dominate the glass fiber in the global automotive composites market in near future”

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.

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Major players of glass fiber in the global automotive composites market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. 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 Lanxess are among the major glass fiber in the global automotive composites providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/glass-fiber-automotive-composites-market.aspx or [email protected]

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