NEW YORK, Dec. 21, 2015 /PRNewswire/ -- Asia-Pacific market will account to more than 50%of the global automotive fiberglass market by the end of 2015 , with China pioneering the growth of automotive fiberglass in the region. China is one of the leaders in the global automotive fiberglass market with significant market share. China generates the highest revenue for fibreglass in the Asia-Pacific region. The market has a huge growth potential in the automotive fiberglass market, driven by the increase in the demand for lightweight automotive vehicles. The growth of this market is also driven by the technological developments in the manufacturing process of fibreglass. The overall industrial development of this region is helping to maneuver the demand of various composite fiberglass materials used in the industrial, construction and transportation sector.
The trend of growth in the country is expected to continue during the forecast period. Continuous product developments by the regional players at an economical rate are increasing the market applications base for automotive fibreglass, thereby helping these players to tap the global demand. Glassfibre substitutes such as carbon fiber, aramid also pose a serious challenge to the growth of automotive fiberglass market in the country.
Braj Binani Group, Saint Gobain Vetrotex, Jushi group, Chengdu Chang Yuan Shun Co. Ltd, PPG industries, Nanjing Fiberglass Research Institute are some of the key players in the market. The market is segmented based on the production process type, and by application type. In a nutshell, automobile component manufacturers are focusing on collaborating with the top fiberglass manufacturers in order to produce durable, heat resistant and lightweight automotive components.
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