Glass Prepreg Industry size is expected to register 7.4% CAGR between 2023 and 2032 propelled by Increasing applications in aerospace and defense.
Selbyville, Delaware, May 22, 2024 (GLOBE NEWSWIRE) — Glass Prepreg Market size is estimated to be valued at USD 10.4 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
The demand for lightweight and high-strength materials is significantly increasing in various industries, such as aerospace, automotive and gas. In the aerospace sector, glass prepregs are essential for their good mechanical properties to help reduce aircraft weight and improve fuel efficiency. The automotive industry also benefits from these materials as they are used to create components that improve vehicle performance while meeting strict emissions standards.
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Rapid technological advancements and innovations in manufacturing processes will also influence the market growth. The development of new resin systems and improved glass fiber technologies are optimizing the performance characteristics of prepregs, making them more suitable for a wide range of applications. To cite an instance, in April 2024, TCR Composites Inc. launched TR1116, a room-temperature stable, epoxy prepreg resin system created specifically for press-cure applications.
Increased investments in R&D by key market players for improving the profitability and efficiency of glass prepreg production is resulting in enhanced access and attractiveness to end users. The surging awareness and emphasis on material sustainability and recyclability in several industries will further boost the market growth.
Thermoplastic Prepregs to gain traction
Glass prepreg market from the thermoplastic product segment is expected to expand exponentially up to 2032, owing to its enhanced toughness, impact resistance, and recyclability. Thermoplastic prepregs offer fast processing times and the ability to remanufacture significantly while reducing manufacturing cycle time and costs. Durability and resistance to chemicals and environmental factors are also making thermoplastic glass prepregs ideal for applications in the aerospace, automotive and consumer goods industries.
Growing adoption by construction industry
The glass prepreg market size from construction application segment is expected to record lucrative expansion in the glass prepregs market from 2023 to 2032. The growth is attributed to the increasing demand for high-performance, durable, and lightweight materials. Due to its excellent mechanical properties, corrosion resistance and ease of installation, glass prepreg is widely used in the manufacturing of frames, structural components, and reinforcements. The strong ability to provide better strength-to-weight ratios compared to conventional building materials for more modern and sustainable building designs will add to the segment growth.
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Asia Pacific to emerge as a lucrative market
Asia Pacific glass prepreg market is estimated to record significant growth by 2032 driven by rapid industrialization and urbanization in emerging economies, such as China and India. Expanding aerospace and engineering industries and the increasing defense budgets are driving the demand for high-performance materials in APAC. The rise in government initiatives that promote the use of clean and energy-efficient resources to meet environmental regulations are likely to support regional market growth.
Glass Prepreg Market Participants
Some prominent glass prepreg industry players include Owens Corning, Hexcel Corporation, Toray Industries, Inc., Cytec Solvay Group, SGL Carbon, Gurit, and Teijin Limited. These firms are engaging in new product developments to proliferate their portfolio and customer base. To cite an instance, in February 2024, Owens Corning acquired vliepa GmbH for expanding its nonwovens portfolio for European customers with an aim to enhance its services in the building and construction markets.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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