Russia Automotive Glass Fiber Composites Market

The Russia automotive glass fiber composites market size is expected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to increasing vehicle production and growing demand for durable and lightweight materials due to strict government regulations to reduce greenhouse gas emissions.

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Glass fiber is a lightweight and durable fiber made of very thin glass. Fiberglass is commonly used reinforcement component, mainly used in industrial and commercial applications such as buildings and structures, wind farms, aerospace, automobiles, pipelines, and storage tanks. In construction, these composite materials are used as accessories for steel bars, domes, industrial floors, awnings, roofs, and eaves. Compared with carbon fiber, glass fiber has low brittleness. In addition, glass fiber has improved properties in terms of strength and weight, such as durability, flexibility, excellent high temperature resistance, and high tensile strength. It can be uniformly formed using various forming techniques. Glass fiber is widely used as the raw material for manufacturing well-known types of composite materials. Moreover, fiberglass composite materials are considered as alternatives to aluminum and steel due to their light weight.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing demand for light-weight and fuel-efficient vehicles and initiatives taken by government for awareness about OEM products are expected to boost the market during the forecast period.
• Rapid growth of the transportation industry due to carrier vehicles is projected to create demand for thermoplastic composites for greater fuel-efficiency is major factors fueling the market.
• Growing adoption of electric vehicles and growth of automotive industry is anticipated to drive the market during the forecast period.
• High price of raw materials for thermoplastic composites is projected to hamper the market growth.
• Lack of standardization in manufacturing process act as major factors that can restrict the market growth during the forecast period.
• R&D investment and development of low cost production technology is projected to offer immense opportunities for the market players.

Scope of the Report

The report on the Russia 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.

Market Segment Insights

The glass fiber segment is projected to hold a major market share

On the basis of intermediate types, the automotive glass fiber composites market is divided into long fiber thermoplastics, short fiber thermoplastics, continuous fiber thermoplastics, and others. Fiber thermoplastic segment is further segregated into glass fiber, carbon fiber, and others. The glass fiber segment is expected to hold a key share of the market during the forecast period. Factors such as corrosion resistant, high chemical resistance, and lightweight are anticipated to boost the market. Fiberglass composite materials are mainly used for bumpers, hoods, and frames. Although cars have been around for more than a century, their manufacturing materials remain basically unchanged. Until the last few decades, advanced materials from magnesium alloys to glass fiber composites have entered the next generation of automobiles. Modern materials such as glass fiber composites are needed to improve the fuel efficiency of modern cars while maintaining performance and safety.

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The exterior segment is expected to expand at a rapid pace

Based on applications, the automotive glass fiber composites market is segmented into powertrain components, interior, structural assembly, exterior, and others. The exterior segment is expected to account for a key share of the market during the forecast period owing to external parts include important components such as bumper beams, fenders, front modules, door panels, and engine hoods. The applications of composites in the automotive industry is a new trend because these compounds help achieve high-performance properties and covers improves the durability of the vehicle, thereby extending the service life and reducing maintenance costs. A composite helps to reduce the weight of external components, thereby reducing the weight of the entire car body, making it more economical.

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Geographical Landscape

Russia is one of the leading automobile manufacturers. The country has recovered from the economic downturn, which has had a negative impact on the country’s economic situation. In the production of automobiles and SUVs, the demand for glass fiber materials for automobile parts is expected to increase significantly during the forecast period. Usually these materials are not recycled and sent to landfills. The environmental protection agency (EPA) has proposed a life cycle assessment (LCA) study to identify high emissions throughout the life cycle of vehicles and their processing and recycling. Therefore, due to regulations restricting greenhouse gas emissions from vehicles, lightweight glass fiber composite materials and their recycling processes have become more important. The Russian car market is an expanding market thanks to the existence of many car manufacturers, such as LADA, Kia, Hyundai, Renault, and Volkswagen, which use glass fiber composites in their vehicles.

Segments

Segments Covered in the Report

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

Intermediate Types

• Long Fiber Thermoplastics
  • Glass Fiber
  • Carbon Fiber
  • Others
• Short Fiber Thermoplastics
• Continuous Fiber Thermoplastics
• Others

Applications

• Powertrain Components
• Interior
• Structural Assembly
• Exterior
• Others

Key Players

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

Competitive Landscape

Key players competing in the automotive glass fiber composites market include SAERTEX GmbH & Co.KG; Owens Corning; Solvay Group; Veplas Group; and 3B (Braj Binani Group).

Some of these players are using several market strategies including mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.