The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Non-Woven Glass Fiber Prepreg Market.
It was estimated prior to this unanticipated outbreak that the Non-Woven Glass Fiber Prepreg Market was expected to grow at a CAGR of 7.5% by 2025. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Wind energy is expected to remain the largest user of non-woven glass fiber prepreg market during the forecast period, driven by increasing wind energy installations worldwide. The continuous increasing wind blade length needs a material which has high load bearing properties. Non-woven glass fiber prepreg based wind turbine blades provide higher load bearing capacity than woven prepreg based blades and are highly suitable for longer wind blades. Glass fiber based non-woven prepreg are mostly used to manufacturer different sections of wind blades.
Automotive industry is expected to experience fast growth in the next five years. The stringent government regulations, such as CAFÉ Standards are putting pressures on automakers to either reduce the vehicle weight or downsize the engine to enhance the fuel efficiency or reduce the carbon emissions. Auto OEMs are heavily working on lightweight materials including non-woven prepreg to meet the targets set by regulations. This will push the demand of non-woven glass fiber prepreg in the global automotive industry.
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Asia-Pacific is expected to remain the largest non-woven glass fiber prepreg market during the forecast period. The region is also likely to grow at fast rate in the next five years. The largest market for wind turbine installations, the largest automotive producers, the largest electrical and electronic components manufacturing region, and the fastest growing aerospace industry are the major growth drivers of the region. China and India are likely to remain the growth engines of the Asia-Pacific non-woven glass fiber prepreg market in the next five years.
Key Players:
The supply chain of this market comprises raw materials suppliers, textile manufacturers, non-woven prepreg manufacturers, composite part manufacturers, distributors, and OEMs. The key non-woven glass fiber textile manufacturers are Owens Corning, Seartex, PPG Fiberglass, Jushi, CPIC and Taishan Fiberglass and the key OEMs are Vestas, Gamesa, GE Energy, Airbus, Boeing, General Motors, and Ford.
The key non-woven glass fiber prepreg manufacturers are Hexcel Corporation, Gurit Holding AG, and Solvey A.G. New application development, strategic alliances, and long term contracts are the key strategies adopted by the key players to gain competitive edge in the market.