LONDON, Dec. 7, 2015 /PRNewswire/ -- North America is one of the fastest-growing fibreglass market in the global fibreglass market with US as one of the leaders of fiber glass production in the region. Easy availability of high-quality raw materials used in fiberglass such as silica, limestone and increasing demand for fibreglass in the region from various industrial and automotive applications, has helped to drive the growth of the market significantly in the region.
The growth in the demand for fibreglass market in the US has attracted the leading regional manufacturers of Asia-Pacific and Europe to increase their emphasis on tapping the demand arising from the country for automotive application. Fibreglass is widely used for the various vehicle types especially for sports cars, camper vans and light commercial vehicles, SUVs, and other passenger cars.
The demand for automotive fibreglass in the US is projected to grow at a CAGR of 6.3% by volume, during the forecast period. Presence of glass fiber substitutes such as carbon fiber, aramid pose a serious challenge to the growth of automotive fiberglass market. Tough competition from the regional players of Asia pacific like that of China and Japan has also been instrumental in affecting the growth of the players in the US market. On a positive note, the demand of lightweight, durable, heat resistant materials for automotive components would help to propel the growth of automotive fiberglass in the US market. Nevertheless, stringent emission norms in US, along with the technological advancement in the materials and manufacturing process are expected to create a major opportunity for growth of automotive fibreglass in the country.
Braj Binani Group, Saint Gobain Vetrotex, VFN fiberglass, US composites 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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