NEW YORK, Dec. 31, 2015 /PRNewswire/ -- Japan is the second largest automotive fiberglass market in the Asia-pacific region. There is a huge demand of economical, small, lightweight passenger cars in Japan, which positively affects the demand of passenger cars in the country. The demand for automotive fiberglass is generated from these categories of light vehicles as well as from the hybrid vehicles, which comprises a significant share in the country.
The trend of growth in the country is expected to continue during the forecast period. Continuous product developments in the region would help the market in the region grow significantly in the forecast period. . Glass fiber substitutes such as carbon fiber, aramid, and urethane also pose a serious challenge to the growth of automotive fiberglass market in the country. Easy availability of quality raw materials at an economical rate and increasing demand for lightweight fiber glass for automotive application from Japanese automakers, would propel the automotive fibreglass market in Japan.
Japan will be the third-largest automobile manufacturer in the world by the end of 2015. Though there is absence of tariffs on automobile imports but the non-tariff barriers helps the country to protect from foreign competition to a reasonable extent. Significant portions of the vehicles produced in Japan are primarily exported to the North American and European region.
Braj Binani Group, Fiber Glass Industries, Jiangsu Changhai Composite Materials Co. Ltd, Kemrock Industries and Exports Limited, Nitto Boseki Co., Ltd 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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