Increasing demand for lightweight materials in various end-use industries such as aerospace, automotive and wind energy drives the growth of the global prepreg market.
PORTLAND, Ore., April 10, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Prepreg Market by Fiber Type (Carbon, Glass, Aramid), by Resin Type (Thermoset, Thermoplastic), by Manufacturing Process (Hot-Melt, Solvent Dip), by End User Industry (Aerospace & Defense, Automotive, Wind Energy, Sporting Goods, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the global prepreg industry generated $6.3 billion in 2021, and is anticipated to generate $16.1 billion by 2031, witnessing a CAGR of 9.9% from 2022 to 2031.
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Prime determinants of growth
There is a growing demand for lightweight materials in several industries such as aerospace, automotive, and wind energy. The wind energy sector, in particular, is experiencing significant growth as nations aim to reduce their carbon footprint. The use of prepregs in wind turbine blades is becoming more prevalent as these blades become more advanced and larger, which is driving up demand for prepregs. Furthermore, advancements in manufacturing processes and new technologies are fueling the expansion of the global prepreg market. On the other hand, several technical challenges faced during the manufacturing of prepregs impede the growth to some extent. However, the rise in demand for carbon fiber-reinforced plastic (CFRP) has paved the way for lucrative opportunities in the industry.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2022–2031 |
|
Base Year |
2021 |
|
Market Size in 2021 |
$6.3 billion |
|
Market Size in 2031 |
$16.1 billion |
|
CAGR |
9.9 % |
|
No. of Pages in Report |
500 |
|
Segments covered |
Fiber Type, Resin Type, Manufacturing Process, End User Industry, And Region. |
|
Drivers |
The broad scope of prepreg applications Rising demand from the automotive industry Implementation of enhanced production control strategies by the key players in the industry |
|
Opportunities |
High processing and manufacturing cost |
|
Restraints |
Rising demand for lightweight vehicles |
Covid-19 Scenario
The COVID-19 pandemic has had a mixed impact on the global prepreg market. The temporary closure of composite manufacturing firms during the lockdown led to a decline in demand.
However, there was a surge in demand for prepreg materials in the medical industry due to the production of PPEs as well as medical equipment requiring lightweight and durable
materials.
The carbon fiber segment to maintain its leadership status throughout the forecast period
Based on fiber type, the carbon fiber segment held the highest market share in 2021, accounting for more than four-fifths of the global prepreg market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment would also cite the fastest CAGR of 9.93% during the forecast period. Carbon fiber prepregs are lightweight and easy to fabricate and hence, used by major aerospace companies to manufacture combat, commercial, and cargo transport aircraft.
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The thermoset segment to maintain its leadership status throughout the forecast period.
Based on resin type, the thermoset segment held the highest market share in 2021, accounting for nearly three-fourths of the global prepreg market revenue and is expected to dominate throughout the forecast period. The same segment would also showcase the fastest CAGR of 9.91% during the forecast period. This is because thermoset prepregs offer high strength-to-weight ratios, making them a popular choice in applications where weight reduction is critical, such as aerospace and automotive industries.
The hot-melt segment to maintain its lead position during the forecast period
Based on manufacturing process, the hot-melt segment accounted for the largest share in 2021, contributing to nearly three-fourths of the global prepreg market revenue, and is projected to maintain its lead position during the forecast period. The same segment would also portray the fastest CAGR of 9.9% from 2022 to 2031. Environment-friendly production and no requirement of organic solvent for solvent coating as well as drying are the major factors driving the growth of this segment.
The aerospace and defense segment to maintain its lead position during the forecast period
Based on end user industry, the aerospace and defense segment accounted for the largest share in 2021, contributing to nearly two-fifths of the global prepreg market revenue, and is projected to maintain its lead position during the forecast period. Prepregs are known for their high strength-to-weight ratio, which makes them ideal for aerospace and defense applications where weight savings are important.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global prepreg market revenue and is likely to dominate the market during the forecast period. This is due to the increasing demand for lightweight and fuel-efficient materials in the aerospace and automotive industries. Europe, on the other hand, would showcase the fastest CAGR of 10.13% from 2022 to 2031.
Leading Market Players: –
AXIOM MATERIALS, INC.
HEXCEL CORPORATION
GURIT
SGL CARBON
SOLVAY
TEIJIN CARBON EUROPE GMBH
MITSUBISHI CHEMICAL CORPORATION
TORAY COMPOSITE MATERIALS AMERICA, INC.
SUNREZ CORPORATION
ISOLA GROUP
The report provides a detailed analysis of these key players in the global prepreg market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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