India Automotive Glass Fiber Composites Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India Automotive Glass Fiber Composites Market Analysis
The India automotive glass fiber composites market is expected to register a CAGR of over 4.5%, during the forecast period, 2020 - 2025.
The major growth drivers of this market are the rise in automotive production and the increasing demand for durable and lightweight materials because of stringent government regulations to reduce greenhouse gas emissions.
The future of the global automotive glass fiber composites market looks bright with opportunities in different automobile applications, such as interiors, exteriors, structural assembly, powertrain and engine components, electrical and electronics, and others. The market for glass fiber composites in automobile structures is expected to be the fastest-growing segment, due to the wide variety of applications.
Strategic alliances between car manufacturers, glass fiber, and resin suppliers are the trends that have a direct impact on the dynamics of the automotive composites industry. Within the intermediates type, short fiber thermoplastic (SFT), long fiber thermoplastic (LFT), and continuous fiber thermoplastic (CFT) are the major ones that are used in automotive applications. SFT is expected to be the largest market by value, mainly driven by applications in powertrain and engine components applications, which feature small complex-shaped parts.
India Automotive Glass Fiber Composites Market Trends
This section covers the major market trends shaping the India Automotive Glass Fiber Composites Market according to our research experts:
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 modern cars' fuel economy and 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.
Manufacturers are reducing overall vehicle weight, which lowers the energy required to operate the vehicle, increasing fuel economy. The Body-In-White system is the critical focal point for automakers looking for fuel savings because of its weight reduction potential, importance to crash safety, and impact on compounded weight reduction for other sub-systems, such as the powertrain.
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 over 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.
India is Anticipated to Become the Fastest Growing Market
India is touted to be the fastest-growing market due to the presence of many car manufacturers, such as Maruti Suzuki, Mahindra & Mahindra, Tata Motors, and Toyota Kirloskar Motors, etc., who are adopting glass fiber composites in their cars. Government regulations, such as the greenhouse gas emission target, also paved the way for OEMs to incorporate lightweight materials to decrease the overall vehicle weight.
Today, India is one of the leading automobile manufacturing countries globally. More than 4.4 million passenger cars annually sold in 2019. With an increase in the production of passenger vehicles and SUVs, the demand for fiberglass in the reinforcements of automotive components is expected to increase significantly during the forecast period.
Over in India, Maruti Suzuki has optimized the overall system like instead of manufacturing separate components. Glass fiber can improve energy absorption in case of a car crash. All this has improved the overall performance and has helped achieve an efficient platform, optimized structures, and advanced materials. Also, there is growing importance being given to lightweight glass fiber composites and its recyclability process due to regulations to limit GHG emissions from vehicles.
India Automotive Glass Fiber Composites Industry Overview
The India automotive glass fiber composites market is fragmented with existing market players such as Solvay Group, 3B (Braj Binani Group), Owens Corning, Veplas Group, and SAERTEX GmbH & Co.KG, who holds the most significant shares. To have the edge over its competitors' companies are making joint-ventures, partnerships, launching new products with advanced technology.
India Automotive Glass Fiber Composites Market Leaders
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Solvay Group
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3B (Braj Binani Group)
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Owens Corning
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Veplas Group
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SAERTEX GmbH & Co.KG
*Disclaimer: Major Players sorted in no particular order
India Automotive Glass Fiber Composites Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Porters Five Force Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Intermediate Type
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5.1.1 Short Fiber Thermoplastic (SFT)
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5.1.2 Long Fiber Thermoplastic (LFT)
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5.1.3 Continuous Fiber Thermoplastic (CFT)
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5.1.4 Other Intermediate Types
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5.2 Application Type
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5.2.1 Interior
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5.2.2 Exterior
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5.2.3 Structural Assembly
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5.2.4 Power-train Components
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5.2.5 Other Application Types
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6. COMPETITIVE LANDSCAPE
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6.1 Vendor Market Share
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6.2 Company Profiles
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6.2.1 Solvay Group
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6.2.2 3B (Braj Binani Group)
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6.2.3 Owens Corning
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6.2.4 Veplas Group
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6.2.5 SAERTEX GmbH & Co.KG
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6.2.6 Saint-Gobain India Private Limited
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6.2.7 Goa Glass Fibre Limited
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6.2.8 U.P. Twiga Fiber Glass Ltd
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
India Automotive Glass Fiber Composites Industry Segmentation
The India automotive glass fiber composites market report covers the current and upcoming trends with recent technological development in various areas of the market by intermediate type, application type. The country-level analysis and market share of significant Glass fiber manufacturing companies across India will be provided in the report.
| Intermediate Type | |
| Short Fiber Thermoplastic (SFT) | |
| Long Fiber Thermoplastic (LFT) | |
| Continuous Fiber Thermoplastic (CFT) | |
| Other Intermediate Types |
| Application Type | |
| Interior | |
| Exterior | |
| Structural Assembly | |
| Power-train Components | |
| Other Application Types |
India Automotive Glass Fiber Composites Market Research FAQs
What is the current India Automotive Glass Fiber Composites Market size?
The India Automotive Glass Fiber Composites Market is projected to register a CAGR of 4.5% during the forecast period (2024-2029)
Who are the key players in India Automotive Glass Fiber Composites Market?
Solvay Group , 3B (Braj Binani Group) , Owens Corning , Veplas Group and SAERTEX GmbH & Co.KG are the major companies operating in the India Automotive Glass Fiber Composites Market.
What years does this India Automotive Glass Fiber Composites Market cover?
The report covers the India Automotive Glass Fiber Composites Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Automotive Glass Fiber Composites Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Fiberglass in India Industry Report
Statistics for the 2024 Fiberglass in India market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Fiberglass in India analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
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