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The Global Prepreg Market Size is valued at 9.55 billion in 2023 and is predicted to reach 25.67 billion by the year 2031 at a 13.36% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- Prepared from carbon fibers, carbon fiber prepreg is a lightweight material. Carbon fiber prepreg is predicted to be the main driver of the prepreg market's growth pace.
- Prepreg demand is rising in tandem with the expansion of the automobile sector, which is the main factor fueling the market's expansion.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- Market expansion is impeded by several technological obstacles encountered in producing prepregs.
Prepregs are composite materials of fiber sheets impregnated with polymer resins that still need to be fully cured. To make lightweight aircraft to improve fuel efficiency, reduce emissions, and use less material, lightweight composites can be used in place of conventional materials. This has shown to a rise in the use of prepreg materials. The Prepreg market growth is primarily driven by the growing use of composites in the aerospace and defense industries for applications such as aircraft interiors, structural components, and missile systems. Rising demand for prepregs in the wind energy industry for the manufacturing of wind turbine blades due to their superior strength and durability is driving Prepreg market expansion.
However, high material and production costs due to advanced materials and manufacturing processes can limit Prepreg market demand and adoption. Environmental concerns related to the disposal of composite materials and the use of petroleum-based resins. Limited availability of skilled labor and technical expertise required for the manufacturing and processing of prepregs. Long lead times and complex supply chain logistics due to the need for specialized raw materials and complex processing requirements are some of the major challenges faced by Prepreg market.
Recent Developments:
- In August 2021, the Manufacturer of epoxy prepreg material Notus Composites, announced the inclusion of a high-performance epoxy range introduction of NE7 low temperature curing prepreg system. This launch has a variety of applications in the industrial, marine, wind energy, and architectural fields.
- In April 2022, Hitachi Power Solution introduced cutting-edge services, such as "Blade Total Service." This blade's entire service reduces the risk of wind power outages due to stress produced by fusing drones and artificial intelligence technology.
Competitive Landscape:
Some of the prepreg market players are:
- Solvay Group
- Hexcel Corporation
- Toray Industries, Inc.
- Teijin Limited
- Mitsubishi Chemical Holdings Corporation
- SGL Group
- Axiom Materials
- Gurit Holding AG
- Park Aerospace Corp.
- Plastic Reinforcement Fabrics Ltd.
Market Segmentation:
The prepreg market is segmented on the type of Fiber Reinforcement, resin type, form, manufacturing process and application. Based on the type of fiber reinforcement, the market is segmented as carbon fiber prepreg, glass fiber prepreg and others. By resin type, the market is categorized into thermoset prepreg and thermoplastic prepreg. By form, the market is segmented into tow prepreg and fabric prepreg. By manufacturing process, the market is segmented into the hot-melt process and solvent dip process. Based on application, the market is segmented into aerospace & defense, wind energy, sporting goods, electronics (PCB) and others. Other applications include construction, electrical & electronics, paints & coatings, and textiles.
Based On Resin Type, The Thermoset Resin Segment Is A Major Contributor To The Prepreg Market
The thermoset resin category will hold a major share of the global Prepreg Industry in 2021. At room temperature, thermoset resins are liquid, making it simple to impregnate reinforcing fibers. The fiber is stronger than it would be with thermoplastic resins thanks to the three-dimensional network that connects these polymers. Thermoset resins have great corrosive and solvent resistance, heat and high-temperature resistance, outstanding adhesion, high strength, and flexibility, to name a few of their superior qualities. This is expected to encourage its use across several application industries, fueling the segment's expansion.
The Carbon Fibre Segment Witnessed Growth At A Rapid Rate
The carbon fiber segment is projected to grow rapidly in the global Prepeg Market. Over 84% of the market in 2019 was occupied by carbon fiber, and it is anticipated that it will continue to hold the top spot during the projection period. Manufacturers of vehicle parts are being pushed to adopt carbon fiber composite materials as alternatives to metal to reduce fuel consumption and CO2 emissions. Over the projection period, this is anticipated to increase demand for carbon fibers. High stiffness, lightweight, high tensile strength, high chemical resistance, high-temperature tolerance, and minimal thermal expansion are just some of carbon fiber's exceptional qualities. According to projections, carbon fiber will gain popularity across various industries, including aerospace & defense, automotive, sports equipment, construction, and others.
The North American Prepreg Market Holds A Significant Revenue Share In The Region
The North American prepreg market position is expected to record the highest market share in revenue shortly. North America is estimated to hold the largest market share for carbon fiber prepreg globally and to grow at an increasing rate throughout the forecast period. The growing demand for lightweight products from the developed aerospace & military, and automotive industries will directly contribute to improving the performance of various products. The region's market is developing due to the increasing use of carbon fiber prepreg manufacturing military, commercial, and transport aircraft. The area's need for carbon fiber prepreg is also fueled by the leading automakers, such as General Motors, Ford, and Fiat Chrysler.
Prepreg Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 9.55 Bn |
|
Revenue forecast in 2031 |
USD 25.67 Bn |
|
Growth rate CAGR |
CAGR of 13.36% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, Volume (KT) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Fiber Reinforcement, Resin Type, Form, Manufacturing Process and Application |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Solvay Group, Hexcel Corporation, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, SGL Group, Axiom Materials, Gurit Holding AG, Park Aerospace Corp. and Plastic Reinforcement Fabrics Ltd. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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