Non-Woven Glass Fiber Prepreg Market - Growth, Trends, and Forecast (2020 - 2025)
The market for the non-woven glass fiber prepreg is expected to grow at a CAGR of approximately 7% globally during the forecast period.
Increasing demand from the automobile sector and growing demand for lightweight and fire-resistant composites are driving the market growth.
High cost of production and the outbreak of COVID-19 are the reasons expected to hinder the market growth.
Key Market Trends
Growing Demand from Automobile Sector
Non-woven glass fiber prepreg is a strong composite material with excellent mechanical properties. The growing demand for light-weight automobiles has increased the usage of non-woven glass fiber prepreg in recent times.
The properties of non-woven glass fiber prepreg include stiffness and strength, good thermal and corrosion resistance, electrical and chemical properties, and significant weight savings over metals.
The demand for non-woven glass fiber prepreg has been increasing from sports goods, aircraft primary structures, load-carrying structures, and automobiles.
Recently, most of the automobile manufacturers are shifting towards high-performance composites because of its advantages. Non-woven glass fiber prepregs can improve energy efficiency, reduce vehicle emissions, and increase safety at reduced program costs.
The impact of the COVID-19 on all regions is expected to decrease the demand for non-woven glass fiber prepreg due to the lockdown of manufacturing industries.
Increasing applications for high-performance composites, growing demand for lightweight vehicles, technological advancements in automobiles in developing regions are driving the demand for non-woven glass fiber prepreg through the years to come.
Asia-Pacific Region to Dominate the Market
Asia-Pacific is expected to dominate the global market owing to the highly developed automobile sector in China, Korea, and Japan, coupled with the continuous investments done in the region to advance the wind energy, aerospace, and defense sectors through the years.
Due to government regulations, all the developing and developed countries are looking forward to sustainable energy. So, the demand for wind energy has been rising. Non-woven glass fiber prepreg is being majorly used in wind energy (turbine blades) applications.
In Asia-Pacific, the aerospace and defense sectors have been growing significantly in recent years. Asia-Pacific is one of the largest producers of aerospace components and a leading exporter of aerospace components and materials to other countries.
According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), Asia-Pacific leads global automobile production in recent years and it alone occupies a 30% share globally.
Recently, non-woven glass fiber prepreg is being used in electronics in printed circuit boards as these composites are more environmentally friendly and thermally resistant in nature.
Increasing demand for higher efficiencies in automobiles, increasing aerospace sector and wind energy technologies in developing countries are expected to drive the market for non-woven glass fiber prepreg through the years to come.
The global non-woven glass fiber prepreg is partially consolidated in nature with a few major players occupying a significant portion of the market. Some of the major companies Hexcel Corporation, Owens Corning, Solvay S.A, Gurit Holdings AG, and Saint-Gobain Adfors, among others.
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