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 Prepreg Market.
It was estimated prior to this unanticipated outbreak that the Non-Woven Prepreg Market was expected to grow at a CAGR of 9.2% 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 market is expected to remain the largest consumer of non-woven prepreg during the forecast period, driven by increasing wind energy installations worldwide. Non-woven prepreg based 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 although, some companies are also using carbon fiber based non-woven prepreg in the spar section of wind blades.
Automotive industry is expected to experience fast growth in the next five years. Stringent government regulations, such as CAFÉ standards are putting pressure on automakers to either reduce the vehicle weight or downsize the engine to enhance the efficiency and reduce carbon emissions. Auto OEMs are heavily working on lightweight materials including non-woven prepreg to meet the targets set by regulations. This is pushing the demand of non-woven prepreg in the global automotive industry.
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Glass fiber based non-woven prepreg is expected to remain the largest fiber type in the global non-woven prepreg market during the forecast period, driven by wind energy and automotive industries. Carbon fiber based non-woven prepreg is expected to witness fast growth in the next five years. Increasing use of carbon fiber based non-woven prepreg in longer blades by major players, such as Vestas and Gamesa, increasing use of carbon composites in the structural applications in aerospace and defense aircraft and automotive industries will provide the significant growth momentum.
Asia-Pacific is expected to remain the largest non-woven 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.
Key Players:
The supply chain of this market comprises of raw material suppliers, textile manufacturers, non-woven prepreg manufacturers, composite part manufacturers, distributors, and OEMs. The key non-woven 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 prepreg manufacturers are Hexcel Corporation, Toray Industries, Gurit Holding AG, SGL Carbon, and Mitsubishi Rayon Carbon.
New application development, strategic alliances, and long term contracts are the key strategies adopted by major players to gain competitive edge in the market.
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