Global Glass Prepreg Market - Segmented by Resin Type, End-User Industry and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global glass prepreg market is expected to witness a CAGR of 7.45% during the forecast period of 2018–2023, driven by the rising demand for airplanes in the Asia-Pacific region. The growing usage of glass prepreg as an asbestos substitute is also likely to stimulate the market.
Airplanes Demand Driving the Market
The global airline passenger traffic is expected to grow at 4.8% year-on-year. As the aviation industry grows, it is likely to drive the demand for airplanes. By 2035, China’s domestic air traffic is expected to overtake North America’s traffic to become the world’s largest. Asia-Pacific alone is expecting the demand of around 15,130 new airplanes till 2035, thereby contributing about 40% of the world’s airplane demand. As glass prepreg is a cost-effective solution to their metal counterparts, it is likely that increasing demand for airplanes will stimulate the glass prepreg market over the coming years.
Aerospace and Defense Dominate End-user Industry
The global glass prepreg market, based on the end-user industry, can be broadly segmented into aerospace and defense, automotive, wind turbine, sports and leisure, and others. The aerospace and defense industry is expected to dominate the glass prepreg market, owing to increased demand of airplanes across Asia-Pacific and the Middle-East & Africa regions. Glass fiber reinforced plastic (GFRP) finds extensive use in aviation industry where lightness is important. The new agreements and construction plans in Asia-Pacific are coming up to meet the growing demand for travel. In May 2017, the United States aircraft giant, Boeing, had started to build its first overseas factory in China aiming to deliver 100 Boeing 737 planes per year. It is likely to start delivering planes by the end of March 2018.
Automotive Manufacturing Drives the Asia-Pacific Market
The market, based on the geographic area, is segmented into Asia-Pacific, North America, Europe, South America, and the Middle East & Africa. In terms of consumption in 2017, North America held a significant market share, followed by Asia-Pacific and Europe. Asia-Pacific is expected to be an emerging market during the forecast period with the increase in automotive and airplanes manufacturing activities in China, India, and ASEAN countries. Middle-East & Africa is expected to have a significant growth rate, owing to increasing investments in wind power projects.
Major players are Cytec Solvay Group, Hexcel Corporation, Gurit, Plastic Reinforcement Fabrics Ltd, and ACP, amongst others.
Reason to Purchase the Report
To understand the impact of various resins on the market.
Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
To understand the dominating resin type and end-user industry in the market.
Identify the countries expected to witness the fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
3-month analyst support along with the Market Estimate sheet (in Excel).
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