Market Trends of Glass Prepreg Industry
This section covers the major market trends shaping the Glass Prepreg Market according to our research experts:
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.
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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.
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