NEW YORK, Nov. 17, 2015 /PRNewswire/ -- The automotive industry in India is one of the highly growth intensive market globally. The country is the fourth largest exporter of passenger cars in the world. The country is the sixth largest producer of passenger cars in the global market.
Improvement in the manufacturing sector along with huge investment in industrial infrastructure has helped to boost the development of fiberglass technologies significantly, in the Indian market. Many international fiberglass manufacturers like Owens Corning and Saint-Gobain, Creative Pultrusion have opened their manufacturing base in India. The availability of raw materials in abundance is also helping to boost the growth of the market in large.
Fiberglass applications in automotive is primarily driven by the demand of lightweight automotive components. The demand for lightweight vehicles is largely driven by regulatory authorities pushing for fuel efficiency and compliance of emission norms. Demand of lightweight, durable materials for automotive components are the major driver propelling the growth of global automotive fiberglass market. Due to the growing impact of liberalization, the markets are becoming increasingly globalized where strategic partnerships of the international players with the regional players has helped the players to grow and expand. However increase in cost of insulation and raw materials, along with the threat of substitutes of fiberglass are also a growing concern in the automotive fiberglass market in the region.
Braj Binani Group, Fiber Glass Industries, Jiangsu Changhai Composite Materials Co. Ltd, Kemrock Industries and Exports Limited are some of the key players in the market . The market is segmented based on the production process type, and by application type. In short, automobile component manufacturers are focusing on strategically collaborating with the fiberglass manufacturers in order to produce durable, heat resistant and lightweight automotive components
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