The global non-woven glass fiber prepreg market is projected to reach USD 834.5 Million by 2021, at a CAGR of 8.8% from 2016 to 2021. Leading players are focused on entering new markets by launching technologically advanced and innovative products for wind energy, automotive, and aerospace & defense applications which is expected to drive the growth of the market in near future.
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Wind energy application segment has the largest share of the global non-woven glass fiber prepreg market
The wind energy segment of the non-woven glass fiber prepreg market is expected to witness significant growth in coming years. Wind energy capacity is increasing throughout the world. This market will keep on growing due to exhaustion of non-renewable resources. Growing concerns about the environment, especially in countries such as China and India, will lead to the growth of wind energy segment in these countries in coming years. The governments of European countries are also supporting the development of renewable and energy-efficient systems, which is supporting the growth of wind energy application.
Asia-Pacific was the largest market for global Non-woven glass fiber prepreg market in 2015, globally
Asia-Pacific was the largest market for non-woven glass fiber prepregs in 2015, owing to the increasing demand of non-woven glass fiber prepregs in developing economies such as India and China. China is the leading consumer of prepregs in the Asia-Pacific region.
Companies in this region are investing to develop the cost-competitive non-woven glass fiber prepregs. The extensive growth and innovation, along with the industry consolidations, is expected to drive the growth of Asia-Pacific non-woven glass fiber prepreg market.
Factors inhibiting the growth of the global non-woven glass fiber prepreg market include increasing health consciousness leading to a decline in consumption of chocolates, sugars, and other similar products and increasing incidences of obesity and diabetes. Owens Corning (U.S.), SAERTEX GmbH & Co. KG (Germany), Jushi Group Co., Ltd (China), PPG Industries Inc. (U.S.), Johns Manville (U.S.), Saint-Gobain Adfors (France), and Ahlstrom Oyj (Finland) are the key players operating in non-woven glass fiber prepreg market.
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