Non-Woven Glass Fiber Prepreg Market 2022 Updated Covid-19 Crisis For Future Development, MarketsandMarkets™ Report
Non-woven glass fiber prepreg is fiber-reinforced resins that cure under heat to form strong and lightweight components. It is made from glass fiber reinforcement and matrix. Matrix is used to support the fibers and bond them better with the composite. It can be used in a variety of applications such as wind energy, electronics, automotive, aerospace & defense, among others. Some characteristics of prepregs include great strength-to-weight characteristics, better resistance to the environment, reduced weight and parts consolidation, and design flexibility.
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The global non-woven glass fiber prepreg market is projected to reach USD 834.5 million by 2021, at a CAGR of 8.8% between 2016 and 2021. This growth is mainly attributed to the growing demand of wind energy, increasing demand of lightweight composites from the automotive industry, growing market of non-woven glass fiber prepreg material in emerging markets, and strong order book of Airbus and Boeing commercial airplanes.
On the basis of application, the automotive segment of the global non-woven glass fiber prepreg market is expected to grow at the highest CAGR during the forecast period, in terms of value. The prepreg industry in the automotive market is at a nascent stage but has a huge potential to grow in coming years. With the mass production of electric cars, the use of prepreg material is expected to rise.
The Asia-Pacific non-woven glass fiber prepreg market is projected to grow at the highest CAGR between 2016 and 2021. Increasing population and growth in industrial sector have led to the growth of the wind energy sector in the region, which is expected to fuel the growth of the Asia-Pacific non-woven glass fiber prepreg market during the forecast period.
The Asia-Pacific region also led the global non-woven glass fiber prepreg market in 2015, in terms of volume. Among all countries in the European region, the non-woven glass fiber prepreg market in the U.K. is projected to grow at the highest CAGR between 2016 and 2021. The U.K. is one of the best locations for generating wind power due to its long coastline. It is the sixth-largest producer of wind energy in the world.
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The U.S. is the largest consumer of non-woven glass fiber prepregs in North America. Increasing demand of wind energy and lighter materials in the automotive sector, along with the growing aerospace industry, has propelled the demand of non-woven glass fiber prepregs in the U.S.
Key players operational in the non-woven glass fiber prepreg market include Owens Corning (U.S.), Saint-Gobain Adfors (France), Jushi Group Co., Ltd (China), and others.
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