Canada Automotive Glass Fiber Composites Market

The Canada automotive glass fiber composites market size was USD XX Bn in 2022 and is likely to reach USD XX Bn by 2031, expanding at a CAGR of 3% during 2023–2031. The growth of the market is attributed to the massive increase in the production of automobiles.

Glass fiber composites (also known as glass fiber composites) are made up of many extremely thin glass fibers. The need for lightweight vehicle components, which is mostly driven by regulatory agencies pushing for fuel economy, is driving the use of fiberglass in the automobile industry.

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The automotive glass fiber composites market has a promising future, with potential in interiors, exteriors, structural assembly, power-train and engine components, electrical and electronics, and other applications. Due to the vast number of applications, the market for glass fiber composites in vehicle constructions is projected to be the fastest-growing category. However, there is a slowdown in automobile sales and production, which is due to trade tensions between two major economies in the world, China and the United States, as well as the ongoing Pandemic COVID-19, which has forced the world economy to lockdown for nearly three months, with growth expected to resume in the second half of 2021, as governments provide stimulus to both the demand and supply sides of the economy to resuscitate the economy.

Advanced materials, such as glass fiber composites, are critical for improving the fuel efficiency, performance, and safety of modern automobiles. Lightweight materials have a lot of potential for improving vehicle economy since it requires less energy to accelerate a lighter item than a heavy one. A 10% reduction in vehicle weight can result in a 6-8 per cent improvement in fuel economy. Glass fiber composites have grown increasingly popular in recent years. When compared to steel, one of the reasons for fiberglass composite's greater success is that it offers numerous benefits. It resists corrosion, has a high chemical resistance, and is lightweight (three times less dense than steel). Bumpers, hoods, and casings are all made of fiberglass composite. V-belts and timing belts are another application for this material, in which glass threads are impregnated with rubber to function as reinforcement. Another feature of the fiberglass composite is its resistance to abrasion, which is why it is used to make clutches and brake pads. To retain their integrity, clutch discs are strengthened with woven fiberglass composites.

Canada Automotive Glass Fiber Composites Market Trends, Drivers, Restraints, and Opportunities

• Rising need for durable and lightweight materials as a result of rigorous government requirements to decrease greenhouse gas emissions is expected to push market growth during the forecast period.

• R&D investment and technological advancement are anticipated to create significant opportunities for the market players.

Scope of Canada Automotive Glass Fiber Composites Market Report

The report on the Canada automotive glass fiber composites market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Canada Automotive Glass Fiber Composites Market Segment Insights

Short fiber thermoplastic [SFT] segment is projected to account for a major market share

On the basis of intermediate types, the Canada automotive glass fiber composites market is divided into short fiber thermoplastic [SFT], long fiber thermoplastic [LFT], continuous fiber thermoplastic [CFT], and other intermediate types. The short fiber thermoplastic [SFT] segment is expected to account for a key share of the market in the coming years) owing to applications in power-train and engine components that need tiny complex-shaped components.

Power-train components segment is expected to grow at a significant pace

In terms of application types, the Canada automotive glass fiber composites market is bifurcated into interior, exterior, structural assembly, power-train components, and others. The power-train components segment is expected to account for a key share of the market during the forecast period owing to applications in power-train and engine components that need tiny complex-shaped components.

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Segments

The Canada automotive glass fiber composites market has been segmented on the basis of

Intermediate Types

• Short Fiber Thermoplastic [SFT]
• Long Fiber Thermoplastic [LFT]
• Continuous Fiber Thermoplastic [CFT]
• Other Intermediate Types

Application Types

• Interior
• Exterior
• Structural Assembly
• Power-train Components
• Other

Key Players

• Solvay Group
• 3B (Braj Binani Group)
• Owens Corning
• Veplas Group
• SAERTEX GmbH & Co.KG

Competitive Landscape

Key players competing in the Canada automotive glass fiber composites market include Solvay Group; 3B (Braj Binani Group); Owens Corning; Veplas Group; and SAERTEX GmbH & Co.KG. Some of these players are investing heavily in several business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.