New York, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The global carbon fiber prepreg market size is projected to grow at a CAGR of over ~11% from 2023 to 2035. The market is expected to garner a revenue of USD 20 billion by the end of 2035, up from a revenue of ~USD 8 billion in the year 2022.This growth of the market could be owing to the growing demand for automobiles. Around 65 million vehicles were sold globally in 2021, but close to 66 million vehicles were sold globally in 2022. Moreover, major automotive companies are focusing more on producing lightweight vehicles. This is why the use of carbon fiber prepreg is on the rise.
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Additionally, growing carbon emission is also set to influence the focus on lightweight vehicles. It is estimated that reducing the weight of vehicles by 10% could lead to fuel economy improvement by about 6% to 8%. Hence, further replacing cast iron and steel with carbon fiber prepreg reduce the body and chassis weight of a vehicle by up to 50%, which is expected to lower the fuel consumption of the vehicle. Hence, the market demand for carbon fiber prepreg is surging. Moreover, to control the development and sale of passenger cars with lower vehicle masses and, subsequently, lower carbon dioxide (CO2) emissions, the US, Europe, and other nations and regions have enacted strict laws. Therefore, owing to this the market revenue is poised to grow.
Carbon Fiber Prepreg Market: Key Takeaways
- Market in Europe to propel the highest growth.
- The Aerospace & defense segment to garner the highest growth
- Market in North America to grow at a tremendous rate
Growing Utilization of AI to Boost Growth of Global Carbon Fiber Prepreg Market
Recently, AI has been incorporated in every field. According to recent AI statistics, about 41% of organizations are researching the use of AI while approximately 36% of companies are already employing it. Hence, the utilization of AI is growing in the manufacturing of carbon fiber prepreg. The development and manufacture of carbon fiber composites can be optimized using AI-powered algorithms, which enhance material performance and lowers production costs. Prediction analytics powered by AI can help improve quality control and make real-time production parameter monitoring easier, ensuring constant quality for carbon fiber prepregs.
Carbon Fiber Prepreg Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Demand for Wind Energy to Boost Market Growth in Europe
The carbon fiber prepreg market in Europe is set to grow at the highest share of ~30% over the forecast period. This could be owing to rising wind energy. Over the years 2023 to 2027, about 128 GW of new wind farms are anticipated to be installed in Europe, with the EU-27 installing approximately 97 GW of that total. Hence, the market demand is slated to grow since it is utilized to manufacture blades of wind turbines.
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Growing Manufacturing of Automotive to Influence the Market Demand in North America
The North America market for carbon fiber prepreg is also expected to have noteworthy growth over the projected period. This growth is set to be influenced by the rising manufacturing of automotive in this region. In 2022, approximately 13 million automobiles were made in North America. The North American economy is heavily dependent on the production of vehicles. Also, since the disposable income of people in this region is growing their demand for luxury cars is also surging which is also estimated to boost the market revenue in this region.
Carbon Fiber Prepreg, Segmentation by End Use Industries
- Aerospace & Defense
- Automotive
- Sports & Leisure
- Wind Energy
The aerospace & defense segment is poised to garner the highest revenue of about 64% over the forecast period. This is could be backed by rising operation of aircraft. Despite the coronavirus pandemic, about 25,577 aircraft were anticipated to be in operation globally in 2022. Additionally, as it is both light and robust, carbon fiber prepreg is unquestionably one of the most effective and desired composite materials for a variety of military applications.
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Web Application Firewall, Segmentation by Resin Type
- Epoxy Resin
- Phenolic Resin
- BMI Resin
- Cyanate Ester Resin
- Thermoplastic Resin
The epoxy resin is set to have the highest market share of about 51% by the end of 2035. This growth could be attributed by growing manufacturing of bicycles. There are over a billion bicycles in around the world, which is double the number of cars. In comparison with about 49 million cars, the production of bicycles has recently surged to in excess of than 99 million annually. Epoxy resin is extensively used in producing bicycles. Hence, with the growth in this segment is market is also expected to expand.
Carbon Fiber Prepreg, Segmentation by Manufacturing Process
- Hot Melt Process
- Solvent DIP Process
A few of the well-known industry leaders in the carbon fiber prepreg market that are profiled by Research Nester are Plastic Reinforcement Fabrics Ltd, Barrday, Inc., GMS Composites, TCR Composites, Inc., Hexcel Corporation, Solvay, Teijin Limited, Park Aerospace Corporation, Axiom Materials, TenCate Fabrics, and others.
Recent Development in the Market
- Hexcel Corporation recently disclosed that it had won a long-term agreement with Dassault in order to produce carbon fiber prepreg for the Falcon 10X development. This Dassault business jet programme is the first to employ high-performance advanced carbon fiber composites in the production of its aircraft wings.
- An important new product, SolvaLite 714 Prepregs, a new generation of unidirectional carbon-fiber and woven fabric products pre-impregnated with Solvalite 714 epoxy resin, has been added to the extensive portfolio of composite materials for the automotive industry by Solvay, a leading supplier of specialty materials.
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