The non-woven glass fiber prepreg market size is forecast to reach US$956.3 million by 2027 after growing at a CAGR of 7.1% during 2022-2027. Non-woven glass fiber prepreg is a composite material used extensively for minimizing the weight of the components in several industries. The aerospace and defense sector accounts for one of the largest consumers of non-woven glass fiber prepreg as it helps in the manufacturing of lightweight aircraft parts. The aerospace and defense sector is expanding globally with the increase in production of aircraft and this will drive the growth of the market in the forecast period. For instance, according to the Commercial Market Outlook 2021-2040 report by Boeing, the global commercial fleet will touch 49,000 airplanes by 2040. Furthermore, non-woven glass fiber prepreg is widely used in the manufacturing of automobiles to achieve lightweight vehicle production. The automotive sector is booming with increasing production and sales of automobiles globally and this will drive the growth of the market in the forecast period. For instance, as per the data by the European Automobile Manufacturers Association, in October 2021, electrically-chargeable cars registration surged in the European Union with plug-in hybrids and battery electric cars nearly doubled their market share in the third quarter of 2021, accounting for 9.1% and 9.8% respectively, of the market. Thermoplastic prepreg is projected to witness the highest demand. Thermoset prepreg will witness significant demand in the forecast period. The high cost associated with prepreg fibers might hamper the market’s growth in the forecast period.
COVID-19 Impact
The non-woven glass fiber prepreg market was hampered by the COVID-19 pandemic with challenges such as supply chain disruption and the idling of factories that affected the non-woven glass fiber prepreg ecosystem. Market players modified their working patterns to maintain a standard businesses operation but struggled owing to the severity of the pandemic. For instance, according to Hexcel Corporation’s April 2020 report about its business update related to COVID-19, the company faced unprecedented challenges because of the COVID-19 pandemic. Hexcel had to cancel its merger agreement with Woodward Inc. due to economic uncertainties in both the industrial and aerospace sectors which resulted from the pandemic. The market witnessed decent growth towards the end of 2020 with demand for composite tooling surging in the automotive and aerospace industries. Going forward, the non-woven glass fiber prepreg market is expected to witness robust growth in the forecast period owing to the increasing demand for lightweight composite parts in end-use sectors like automotive, aerospace, and construction.
Non-Woven Glass Fiber Prepreg Market - By Type
Thermoplastic prepreg dominated the non-woven glass fiber prepreg market in 2021 and is growing at a CAGR of 7.4% in the forecast period. This type of prepregs provides high strength, stiffness, and excellent lightweight properties. Owing to such superior properties, the demand for thermoplastic prepreg consisting of glass fiber is increasing in the market. For instance, as per the September 2020 article by Innovation in Textiles, the use of thermoplastic prepregs is increasing in automobiles and many other industries. Such growing use of thermoplastic prepreg will increase its demand in the forecast period. The thermoset prepreg segment is projected to witness significant demand in the forecast period.
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Non-Woven Glass Fiber Prepreg Market - By End Use Industry
The automobile industry dominated the non-woven glass fiber prepreg market in 2021 and is growing at a CAGR of 7.8% in the forecast period. Non-woven glass fiber prepregs are used extensively in the automobile industry for the manufacturing of lightweight automobile components. The automobile industry is booming globally with increasing production and sales and this will contribute to the growth of the market in the forecast period. For instance, according to the data by the China Association of Automobile Manufacturers, in September 2021, the production of passenger vehicles in China accounted for 1.767 million units, surging 18.1% month on month. Similarly, according to the July 2021 statistics by the European Automobile Manufacturers Association, the passenger car registrations in June 2021 surged with Germany witnessing the highest growth (+24.5%), followed by Spain (+17.1%). This massive boost in the automobile sector will augment the higher uses of non-woven glass fiber prepreg in the manufacturing of various lightweight auto components and this will contribute to the market’s growth in the forecast period. The aerospace and defense industry will drive the market’s growth significantly in the forecast period.
Non-Woven Glass Fiber Prepreg Market - By Geography
The Asia-Pacific region held the largest market share in the non-woven glass fiber prepreg market in 2021 with a market share of up to 34%. The high demand for non-woven glass fiber prepreg is attributed to the booming automobile sector in the region. For instance, according to the report by the India Brand Equity Foundation, sales in Indian passenger vehicles jumped as 261,633 units sold in April 2021, acquiring a market share of 12.9%. Similarly, as per the stats by the China Association of Automobile Manufacturers, in September 2021, the production of Chinese commercial vehicles accounted for 310000 units, increasing 35.5% month on month. Such massive growth in the region’s automobile industry will stimulate the higher uses of non-woven glass fiber prepreg in the production of several lightweight automobile parts and components. The North American region will witness significant demand for non-woven glass fiber prepreg due to the aerospace and defense industry in the region.
Non-Woven Glass Fiber Prepreg Market Drivers
The booming automobile industry will drive the market’s growth The automobile industry is one of the largest consumers of non-woven glass fiber prepreg. Non-woven glass fiber prepreg such as thermoplastic prepreg and thermoset prepreg finds their massive uses in the automobile industry in the production of lightweight automobile components. The automobile industry is booming globally with rising production and sales and this will drive the growth of the non-woven glass fiber prepreg market in the forecast period. For instance, as per the statistics by European Automobile Manufacturers Association, sales in electrically-chargeable vehicles increased as the segment accounted for 10.5% of total car sales in 2020 compared to 3% in 2019. Similarly, as per the August 2020 stats by the China Association of Automobile Manufacturers, the Chinese automobile industry is expected to stay on a progressive track in the forthcoming years with the New Energy Vehicles segment anticipated to witness the highest demand. Such massive progress in the automobile industry globally will amplify the higher uses of non-woven glass fiber prepreg in the manufacturing of lightweight automobile components, thereby contributing to the growth of the non-woven glass fiber prepreg market in the forecast period.
Expanding aerospace and defence sector will drive the market’s growth
Non-woven glass fiber prepreg is vastly associated with the aerospace and defense sector as this material helps in the manufacturing of lightweight aerospace components and improves aircraft fuel efficiency. The aerospace and defense sector expanding globally and this will contribute to the growth of the market. For instance, according to the November 2021 report by Airbus, the company projected demand of 39000 new passenger and freighter aircraft by 2040. Similarly, according to the 2021 Boeing Market Outlook report, the aerospace products and services that Boeing addresses are anticipated to reach a USD 9 trillion market over the next decade. Such huge expansion in the global aerospace and defense sector will increase the higher uses of non-woven glass fiber prepreg which will contribute to the market’s growth in the forecast period.
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Non-Woven Glass Fiber Prepreg Market Challenges
High cost of prepreg fibers might affect the growth of the market
The manufacturing process and cost of prepreg fiber material is costly which makes the end product based on non-woven glass fiber prepreg also high and this might affect the market’s growth in the forecast period. As per the September 2020 journal by the International Journal of Engineering Research & Technology (IJERT), the cost of using prepreg materials in manufacturing wind turbines is high. The involvement of prepreg fibers can make the cost of non-woven glass fiber prepreg high and this might affect the non-woven glass fiber prepreg market’s growth in the forecast period.
Non-Woven Glass Fiber Prepreg Industry Outlook
Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the non-woven glass fiber prepreg market. Major players in the non-woven glass fiber prepreg market are:
Jushi Group Co., Ltd
Johns Manville
Owens Corning
PPG Industries
Hexcel Corporation
SAERTEX GmbH & Co. KG
Adfors
Ahlstrom Oyj
SGL Carbon
Gurit
Toray Advanced Composites
Fibrtec Inc.
Cannon Plastec
C. A. Litzer Co., Inc.
Jonam Composites Ltd
Seartex
Acquisitions/Product Launches
In March 2021, US-based Composites One which deals with non-woven glass prepregs, announced the acquisition of process materials business from Solvay S.A. This acquisition will allow Composites One to expand its glass prepreg portfolio in the forecast period.
Key Takeaways:
Thermoplastic prepreg is leading the non-woven glass fiber prepreg market. This type of prepreg offers robust lightweight properties and high strength, making it a suitable choice in the market.
The automotive sector will drive the growth of the market in the forecast period. For instance, according to the June 2021 stats by European Automobile Manufacturers Association, registrations for passenger cars in the European region grew by 53.4% in May 2021 compared to May 2020.
The Asia-Pacific region is projected to witness the highest demand for non-woven glass fiber prepreg due to the regions’ booming automobile industry. As per the report by the China Association of Automobile Manufacturers, the annual sales volume of Chinese new energy vehicles is likely to reach 3 million units by 2025 compared to 1.2 million units in 2019.
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