Glass Fiber Composites Market Analysis and Forecast
The impact of the new coronavirus on the global glass fiber composites market
Fiberglass composites are used in the manufacture of various automotive components, railway passenger cars and heavy vehicles. These materials are lightweight, helping to reduce the weight of vehicles, thereby reducing CO2 emissions, improving vehicle fuel efficiency, and helping automakers meet CAFÉ emissions standards (54.5 mpg by 2025) and other fuel standards mandated by environmental agencies. The increased use of glass fiber chopped strands in racing and high-performance vehicle components such as dashboards, front-end modules, door modules, roof components, exterior-grade components, and under-hood components is one of the drivers behind this trend . The demand for glass mat reinforced thermoplastics in transportation is also growing. High-speed rail uses these materials for interior and exterior applications of railcars to reduce weight.
High cost of raw materials
Fiberglass resins used to produce are more expensive. Raw materials make up a significant portion of the total cost of these composites. Materiales de fibra de vidrio, processing and manufacturing costs are high, resulting in high prices for the final product. This high cost is a major limiting factor in the use of komposisi fiberglass by OEMs in the supply chain. Additionally, the machinery and tools required to produce fiberglass composites are capital-intensive, resulting in high product costs. Fiberglass composites have many applications in various fields. However, they are not currently commercially viable. If the cost and production cost of fiberglass resins decrease, it will be feasible to use fiberglass composites in many applications.
Growing Electric Vehicle Market
Electric vehicles (EVs) are environmentally friendly and help reduce carbon emissions from the transportation industry. The demand for hybrid and electric vehicles is expected to witness high growth in the coming years. Fiberglass composites have excellent strength and play an important role in reducing vehicle weight. This makes them very useful in the production of electric vehicle components. Therefore, the increased demand for electric vehicles is increasing the consumption of glass fiber composites. Many companies are currently engaged in the development of components made from fiberglass composites. For example, UNITI SWEDEN AB (Sweden) and KW Special Projects will use digital twin technology and Carbon fiber cloth reinforcement to redefine car design and production.
Develop low-cost production technologies
Fiberglass composites have many applications. However, the use of these composites in many applications is not commercially viable due to their high cost. The production of low-cost fiberglass composites can increase their consumption in different end-use applications. The development of low-cost technology is a top priority for all research institutes and fiberglass suppliers. However, investment in research and development to develop new technologies for producing glass fiber composites is a major challenge for market players. Still, companies are investing heavily in research and development to reduce the overall cost of fiberglass composites and the end product manufactured. Several companies are offering fiberglass composites made from recycled fiberglass plastics. Celanese Corporation (USA), for example, offers ECOMID polyamide compounds, which are made from recycled PA66 compounds. This product range provides economical solutions for the automotive, consumer goods and construction industries.
Asia Pacific holds the largest market share in the glass fiber composites market
Asia Pacific is the world's largest market for fiberglass composites and is expected to witness the highest CAGR from 2020 to 2025. High local demand for fiber de verre in transportation, aerospace and defense, and consumer and electronics applications propels Asia Pacific to take the top spot in the fiberglass composites market. Major glass fiber composite manufacturers, such as Toray Industries (Japan), continue to operate despite the unfavorable circumstances of COVID-19 regulations due to the pandemic. Furthermore, with the recovery of various industries and the high-performance properties of glass fiber composites, the demand for glass fiber composites in the region will rise after 2020.
Hebei Yuniu Fiberglass Manufacturing Co., Ltd. is a glass fiber manufacturer with more than 16 years of experience and 8 years of export experience, providing you with high-quality glass fiber composite materials.