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Glass Prepreg Market | Covid-19 Impact Analysis
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s glass fiber prepreg market realities and future market possibilities for the forecast period of 2021 to 2026. After conducting a series of comprehensive reports on aerospace prepreg, thermoplastic prepregs, thermoset prepregs, high-temperature prepregs, out-of-autoclave (OoA) prepregs, and BMI prepreg, we have further studied the market in-depth with a detailed study on the glass fiber prepreg market in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies in order to expedite their growth process.
The Glass Fiber Prepreg Market: Highlights
Glass fiber or fiberglass is the oldest, and most familiar, performance fiber. Prepregs made from glass fiber offer several advantages such as superior FST performance, moderate strength-to-weight ratio, and are lower in weight as compared to traditional materials, such as aluminum and steel. Glass fiber is widely used by various part fabricators to reduce the weight in different applications such as automotive components, wind turbine blades, and sporting goods. However, the crucial factor acting as the market constraint is its possible carcinogenic effect, coupled with low awareness about its usage in the emerging economies.
The year 2020 has unfolded as one of the most perplexing times, causing dismay across end-use industries. The biggest demand-generator, wind energy is no exception. With the disruption in the supply chain, production delays and halts, deferring project milestones, and canceled orders, the industry is facing a grave impact of the pandemic’s aftermath.
Stratview Research’s estimates suggest that the market is set to log a massive downturn in 2020, subsequently picking up pace during the next five years to reach an estimated value of US$ 762.2 million in 2026. Several factors behind this long-term rejuvenation of glass prepreg demand would be increasing demand for lightweight vehicles and aircraft, growing usage in new applications, the introduction of stricter emission regulations, etc. Furthermore, the governments of all the major economies are heavily investing in renewable sources of energy such as wind energy, assuring a sustainable demand for composite materials.
Based on the end-use industry, Stratview research has segmented the market as aerospace & defense, automotive, wind energy, consumer goods, and others. Wind energy is expected to remain the largest segment of the market during the forecast period, driven by increasing wind turbine installations worldwide. The increasing wind blade length leads to the demand for a material with the high load-bearing property. 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. Rotor blades strengthened with fiberglass can achieve lengths of up to 80 meters/262 ft. and are used on land and offshore windmill systems.
Post severe decline in 2020, the automotive segment is anticipated to bounce back with a healthy pace in the years to come. Glass fiber prepreg is used in various automotive applications such as monocoque, hood, door panel, roof, body panels, leaf spring, and closures. The growing penetration of composite materials in the automotive industry is likely to give an impetus to the glass prepreg market.
Based on the resin type, we have classified the market as thermoset and thermoplastic glass fiber prepregs. Thermoset prepreg is likely to maintain its undeniable supremacy in the market during the forecast period. Thermoset prepregs have been enjoying a long and marvelous history in several industries such as aerospace & defense, wind energy, and automotive. They offer a broad range of favorable properties such as mechanical, chemical, and dimensional stability, low cost, and ease of processing and handling.
In terms of region, North America is projected to remain the largest market during the forecast period. North America is the largest manufacturing hub of prepreg, backed by key demand generators such as Aircraft OEMs (Boeing, Lockheed Martin Corporation, and Gulfstream Aerospace Corporation), Automotive OEMs (Ford, General Motors, and Fiat Chrysler), and Wind Turbine manufacturers (GE Power).
Asia-Pacific is projected to be the fastest-growing market during the forecast period. In 2019, the total installed wind capacity in Asia-Pacific reached 290.6 GW, representing a 44% share of the global market. Upcoming commercial aircraft program i.e. C919, the opening of assembly plants in China by Boeing and Airbus, a rapid shift in manufacturing plants of automotive OEMs in the region from North America and Europe, and increasing focus towards renewable source of energy such as wind energy are the major growth drivers of the region’s market in the long-term.
The supply chain of this market comprises raw material suppliers, glass fiber prepreg manufacturers, distributors, composite part fabricators, OEMs, and MRO companies. The key glass fiber prepreg manufacturers include Gurit Holding AG, Hexcel Corporation, Kordsa Teknik Tekstil, Park Aerospace Corp, Solvay S.A., and Toray Industries, Inc. The formation of long-term contracts, application development, and development of innovative products are some of the key strategies adopted by the major players in order to gain a competitive edge in the market. However, the current sudden change in events has urged the major players to focus on strategies ensuring short-term survival and long-term stability.
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 700 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The glass fiber prepreg market is segmented into the following categories.
Glass Fiber Prepreg Market, by End-Use Industry
Glass Fiber Prepreg Market, by Resin Type
Glass Fiber Prepreg Market, by Form Type
Glass Fiber Prepreg Market, by Curing Type
Glass Fiber Prepreg Market, by Product Type
Glass Fiber Prepreg Market, by Region
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected]
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