According to the latest market survey conducted by Future Market Insights, the global Non-Woven Glass Fiber Prepreg market is relishing a market valuation of US$ 901.7 Million in 2022 and is all set to expand with a CAGR of 6.90% during the 2022 to 2032 period. The market is anticipated to top a valuation of US$ 1,757.3 Million by the end of the forecast period.
| Attributes | Details |
|---|---|
| Market Size 2022 | US$ 901.7 Million |
| Market Size 2032 | US$ 1757.3 Million |
| Value CAGR (2022 to 2032) | 6.90% |
| Collective Value Share: Top 3 Countries (2022E) | 35% to 40% |
Non-woven glass fibre prepreg is a robust composite material with excellent mechanical properties. The non-woven prepreg process begins with the formation of glass fibre mesh, which is then bonded with reinforcing chemicals. Prepreg is the combination of a resin matrix and reinforcing glass fibre. The production of non-woven prepreg requires a clean procedure, which improves end-product conformance and quality.
Non-woven glass fibre prepreg is a popular material in the majority of end-use sectors due to qualities including good fatigue resistance, corrosion resistance, and ease of use. Many industries make substantial use of non-woven glass fibre prepreg to reduce component weight. The aerospace and defence industries are among the biggest users of non-woven glass fibre prepreg, which is used to make lightweight aircraft parts. Automobile manufacturers are also increasingly using non-woven glass fibre prepreg to produce lightweight vehicles.
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Over the period covered by the study (2017 to 2021), the market for non-woven glass fiber prepreg was recorded to grow at a phenomenal CAGR of 6.1% between 2017 and 2021. The increasing need for high-performance materials in the industrial and aerospace sectors such as the automotive industry, wind energy, and industrial machinery bolstered the sales of non-woven glass fiber across the globe. Moreover, the outbreak of the COVID-19 pandemic hampered the non-woven glass fiber prepreg market, causing supply chain disruption and factory idling, which impacted the non-woven glass fiber prepreg ecosystem.
Whereas, as per the latest survey conducted by FMI, the non-woven glass fiber prepreg market is expected to progress at a CAGR of 6.9% between 2022 and 2032. The increasing demand for lightweight composite parts in end-use sectors like automotive, aerospace, and construction has led to an increased demand for non-woven glass fiber prepreg.
Wind energy is expected to offer a great opportunity for non-woven glass fiber prepreg in the near future due to increased demand for renewable energy sources for generating electricity and a gradual decrease in the cost of wind energy. Non-woven glass fiber prepreg wind turbine blades have a higher load-bearing capacity than woven prepreg-based wind turbine blades, making them ideal for longer wind blades.
Significant market traction from the automotive industry to boost the Non-Woven Glass Fiber Prepreg market
The automotive industry is one of the key end-users of the non-woven glass fiber prepreg market. Non-woven glass fiber prepregs, such as thermoplastic and thermoset prepreg, have numerous applications in the automotive industry, particularly in the manufacture of lightweight automobile components. Non-woven materials are widely used in the manufacture of a variety of automotive components, such as air and fuel filters, carpets, and trunk liners.
The booming automobile industry, with rising vehicle production and sales, is expected to drive the growth of the non-woven glass fiber prepreg market during the forecast period. Moreover, rising technological advancements in the automotive industry in developing regions, along with the increasing demand for lightweight vehicles to improve energy efficiency and reduce vehicle emissions are driving demand for the non-woven glass fiber prepreg market across the globe.
Thriving demand from various end-use industries to augment the growth of the Non-Woven Glass Fiber Prepreg market
The increasing focus of manufacturers in the aerospace and defense industry on manufacturing lightweight aerospace components to improve aircraft fuel efficiency has led to an increased demand for non-woven glass fiber prepreg across the globe. Non-woven glass fiber prepregs are lightweight, and strong, and are a great alternative to metal aerospace components in aerospace engineering. These prepregs are widely applied to aerospace composites to improve their properties and enhance their durability. Significant expansion of the aerospace and defense sector is expected to bolster the demand for non-woven glass fiber prepregs in the aerospace sector over the forecast period.
The market is also expected to grow due to various other factors such as increased use of prepregs in the electronic industries, and increasing demand from the sports and equipment industry to manufacture lightweight sporting goods and equipment. In addition, the market is anticipated to develop as more people become aware of their advantages, which include better safety at lower program costs, decreased emissions from vehicles, and improved energy efficiency.
The high cost of non-woven glass fiber prepregs could hamper the growth of the market
The high cost associated with the manufacturing of non-woven glass fiber prepregs along with the complexity of the recycling prepreg material is expected to hamper the growth of the product market during the forecast period. Moreover, the growing advancements and development of wind energy generation are expected to create lucrative opportunities for the growth of the product market during the forecast period. Wind energy is estimated to be one of the key end users of non-woven glass fiber prepregs in the coming years.
In 2022, the Thermoplastic prepreg dominated the market and generated the majority of global revenue. Due to its exceptional qualities, including high strength, stiffness, and good lightweight features, the thermoplastic prepreg is predicted to dominate the industry. From 2022 to 2032, the segment is projected to grow at the highest CAGR among all types of non-woven glass fiber prepreg.
The non-woven glass fiber prepreg market is estimated to be dominated by the automotive sector in 2022 and is expected to expand at a significant CAGR during the forecast period. Non-woven glass fiber prepregs are frequently used in the automotive industry to make lightweight automobile components.
Non-woven glass fiber prepreg will be used more frequently in the production of various lightweight auto components because of the significant growth of the automotive sector, which will boost market growth during the forecast period. Furthermore, the aerospace and defense sector is estimated to be the fastest-growing segment followed by wind energy during the forecast period.
Asia Pacific leads the non-woven glass fiber prepreg market, holding the majority of shares in global revenue in 2022, as a result of the region's booming automobile sector. Increased government funding and rising demand for electricity from the emerging economies of the Asia Pacific region, such as China, India, Japan, and Indonesia bolstered the product demand in the region. In addition, the demand for non-woven glass fiber prepregs rises along with the demand for electronic items, as they are used in the PCBs of electronic goods.
The market is expected to expand at a significant rate in North America followed by Europe. Significant growth of the aerospace and defense sector, owing to the presence of a large number of aircraft manufacturers and significant investment in the development of renewable energy sources for generating electricity. The aerospace industry is the key consumer of non-woven glass fiber prepregs in North American and European regions. These prepregs are widely utilized in the manufacturing of various components for military jets, civil aircraft, aero engines, helicopters, space satellites, and launchers.
In order to meet the rising industrial demand for non-woven glass fiber prepregs in industries like automotive, aerospace, and military, market participants are constantly improving the technology. To increase their global footprint and better position themselves to take advantage of the burgeoning market opportunity, some major companies in the market are engaging in mergers and acquisitions, and new entrants to the sector are also doing the same.
For Instance,
Future Market Insights have tracked similar development in its latest market study.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of X% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Tons, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Prepreg Type, Prepreg Processing Method, End Use, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia Pacific; Middle East and Africa |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, United Kingdom, France, Italy, Spain, Russia, BENELUX, China, Japan, South Korea, India, ASEAN Countries, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa |
| Key Companies Profiled | Saint-Gobain; Huntsman International LLC; Owens Corning; Toray Advanced Composites; BASF SE; SOLVAY; Setral Chemie GmbH; SGL Carbon; SAERTEX GmbH Co. KG; Jushi Group Co., Ltd; PPG Industries Inc.; Johns Manville; Ahlstrom-Munksj ;Ashland Inc.; Arkem S.A.; Hexcel Corporation; Gurit; Jonam Composites Ltd.; ADFORS; Nippon Resibon Corporation |
| Customization Pricing | Available upon Request |
In 2022, the value of the global Non-Woven Glass Fiber Prepreg market reached over US$ 901.7 Million.
During the forecast period, the global Non-Woven Glass Fiber Prepreg market is estimated to expand at a CAGR of 6.90% from 2022 to 2032.
The global Non-Woven Glass Fiber Prepreg market is projected to reach US$ 1757.3 Million by the end of 2032.
The key players operating in the Non-Woven Glass Fiber Prepreg market are Saint-Gobain, BASF SE, SOLVAY, Ashland Inc., PPG Industries Inc., Owens Corning, Jushi Group Co., Ltd., SAERTEX GmbH & Co. KG, Ahlstrom Oyj, Johns Manville, Hexcel Corporation, and various others.
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