Glass Prepreg Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global glass prepreg market is expected to grow at with a CAGR greater than 7% during the forecast period. One of the major factors driving the market is the increasing demand for airplanes in the Asia-Pacific region. However, declining automotive industry is hindering the growth of the market studied.

Key Highlights

• Increasing usage of glass prepreg as a substitute for asbestos is another major driver for the market studied.
• Asia-Pacific is expected to witness the growth rate during the forecast period.
• Among the end-user industries, aerospace snd defense is likely to account for the highest market share during the forecast period.

Key Market Trends

Aerospace and Defense Industry to Dominate the Market

• Among the end-user industries, aerospace & defense dominates the global glass prepreg market currently.
• The major factor that is driving the demand for glass prepreg in the aerospace & defense industry is the increasing demand for airplanes across Asia-Pacific and the Middle-East & Africa region.
• Glass fiber reinforced plastic (GFRP) finds extensive use in the aviation industry where lightness is important. The new agreements and construction plans in Asia-Pacific are coming up to meet the growing demand for travel.
• Major Aerospace companies like Boeing, have started to build factories in Asian countries like China in order to meet the global demand for air travel.
• Hence, owing to the above-mentioned factors, the aerospace & defense industry is likely to dominate the global glass prepreg market during the forecast period.

Asia-Pacific to Witness the Highest Growth Rate

• Currently, Asia-Pacific witnessing a rapid growth in the demand for glass prepreg market owing to the increasing demand from countries like China, India, and Japan.
• China has the largest automotive industries across the world. It is also major aerospace & defense industries and renewable energy industries.
• Additionally, the southeast Asian countries are also witnessing major demand for glass prepreg for usage in industries like aerospace, automotive, etc.
• However, the decline in the automotive production of countries like China, India, Indonesia, etc. is likely to restrain the market growth during the forecast period.
• Hence, owing to the above-mentioned reasons, Asia-Pacific is likely to witness the highest growth rate for the global bleaching agent market during the forecast period.

Competitive Landscape

The global glass prepreg market is moderately consolidated as the majority of the market share is divided among a few players. Some of the key players in the market include Solvay, Hexcel Corporation, SGL Carbon, TEIJIN LIMITED, and Plastic Reinforcement Fabrics Ltd, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support