New York, United States , Nov. 29, 2023 (GLOBE NEWSWIRE) -- The Global Carbon Fiber Prepreg Market Size to grow from USD 8.1 Billion in 2022 to USD 17.5 Billion by 2032, at a Compound Annual Growth Rate CAGR of 11.2% during the forecast period.
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Carbon fibre prepreg is a composite material made of carbon fibre reinforcements impregnated with a pre-cured polymer resin system. The term "prepreg" stands for "pre-impregnated," which describes the process of soaking fibres in resin before further processing. This material is widely used in many different industries, including aerospace, automotive, sports equipment, and more, because of its exceptional strength-to-weight ratio, stiffness, and longevity. Carbon fibre prepreg has a number of mechanical advantages, including high strength, stiffness, and fatigue resistance. It also provides exceptional corrosion resistance and may be modified to fit specific needs by altering the fibre orientation and resin composition.
COVID 19 Impact
Global supply chains were hampered by the pandemic, which had an effect on the availability of the components and raw materials required to produce carbon fibre prepregs. There was a potential that travel restrictions, lockdowns, and plant closures in various parts of the world would have caused production and delivery to be delayed. Industries like aerospace, automotive, and sporting goods witnessed a fall in demand for their products throughout the outbreak as a result of economic instability and lockdown measures. This drop in demand may have had a cascading effect on the demand for carbon fibre prepreg materials. Numerous manufacturing and construction projects were halted or delayed as a result of the outbreak. This would have had an impact on the orders for carbon fibre prepregs utilised in these projects.
Carbon fibre prepregs are a significant supplier to the aerospace industry because of their superior strength-to-weight ratio and durability. As demand for lighter, more fuel-efficient aircraft increases, more carbon fibre composites, particularly prepregs, are expected to be used in aeroplane components. In order to lighten automobiles and improve fuel efficiency, carbon fibre prepregs are being employed increasingly frequently in the automotive industry. With the popularity of electric cars (EVs) growing and automakers attempting to extend their range, lightweight materials like carbon fibre are becoming increasingly essential. Carbon fibre prepregs are used in wind turbine blades and other components because of their durability and strength. As renewable energy sources like wind power are employed more frequently, the market for carbon fibre materials in this industry is anticipated to grow.
Generally speaking, prepregs and other carbon fibre composites are more expensive than common materials like metals and plastics. The expense of production processes, specialised equipment, and raw materials all contribute to the high cost of carbon fibre prepregs. This might discourage widespread use, especially in industries where cost-effectiveness is important. Carbon fibre prepregs are made using intricate production processes, such as resin impregnation and controlled curing. These procedures call for specific equipment and experience, which can offer challenges for businesses looking to increase output or enter the market. In some industries, the potential benefits of carbon fibre materials might not be as widely known.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Carbon Fiber Prepreg Market Size, Share, and COVID-19 Impact By Resin Type(Epoxy, Phenolic, Thermoplastic, Bismaleimide (BMI)), By End-use Industry(Aerospace & Defense, Wind Energy Sports & Recreation), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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Epoxy Resin type segment is dominating the market over the forecast period
On the basis of resin type, the global carbon fiber prepreg market is segmented into Epoxy, Phenolic, Thermoplastic, Bismaleimide (BMI), Polyimide, and Others. Among these, epoxy resin type segment is dominating the market over the forecast period. Epoxy resin is the preferred material because of its exceptional mechanical properties, including high strength, stiffness, and fatigue resistance. Composite materials with good overall performance are made using carbon fibre reinforced epoxy-based carbon fibre prepregs. Epoxy-based carbon fibre prepregs frequently go through a curing process in order to solidify the resin and obtain the correct mechanical characteristics. The proper consolidation of the composite depends on this process, which employs pressure and heat.
Aerospace and defence segment holds the highest market share over the forecast period
Based on the end use, the global carbon fiber prepreg market is segmented into Aerospace & Defense, Wind Energy Sports & Recreation, Automotive, and Others. Among these, aerospace and defence segment holds the highest market share over the forecast period. The aerospace industry places a strong priority on weight reduction for aircraft in order to improve fuel efficiency and overall performance. Because of their high strength-to-weight ratio, carbon fibre prepregs are ideal for creating lightweight components that reduce fuel consumption. Advanced production techniques like automated layup and resin infusion are being used to effectively construct complex aircraft components with reliable quality. As the number of unmanned aerial vehicles (UAVs) and drones for military and surveillance reasons has expanded, there is a growing need for lightweight materials that can support payload, endurance, and mission requirements.
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Europe is dominating the market over the forecast period
Europe is dominating the market with the largest market share over the forecast period. Europe has a sizable population and is home to two industries that employ a lot of carbon fibre prepregs: aerospace and the automotive sector. Businesses like Airbus employ these materials in the aerospace industry to create lighter, more fuel-efficient aeroplane components. Similar to this, the automobile industry makes lightweight components for electric vehicles (EVs) and high-performance cars using carbon fibre prepregs. The focus on renewable energy sources in Europe, such as wind power, is what is driving the need for carbon fibre composites in the manufacture of wind turbine blades. Carbon fibre prepregs improve these components' tensile strength and longevity. Other regions, including North America and Asia, compete with Europe in the development of carbon fibre prepreg applications.
Asia Pacific is witnessing the fastest market growth over the forecast period. Significant industrialization and economic growth have taken place throughout the Asia Pacific region, particularly in countries like China, Japan, South Korea, and Taiwan. Due to this growth, there is now a higher need for lightweight, high-performance materials like carbon fibre prepregs across a number of industries. In order to address the growing need for carbon fibre prepregs in the aviation industry, countries like China and India, for instance, are expanding their aerospace businesses. The advent of local aircraft suppliers and manufacturers has helped the market expand. There is a considerable market for bicycles, tennis rackets, golf clubs, and other sporting goods in the Asia Pacific region. In the region, carbon fibre prepregs are extensively used in the production of high-performance sporting goods.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the Global Carbon Fiber Prepreg Market include SGL Carbon, Solvay, Hexcel Corporation, Axiom Materials, Park Electrochemical Corporation, Teijin Limited, Airtech Advanced Materials Group, Toray Industries, Mitsubishi Rayon Co. Ltd., and TCR Composites and Other key venders
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Recent Market Developments
In September 2022, for the industrial, aerospace, automotive, and race car applications, Solvay introduced LTM 350, a carbon fibre epoxy prepreg tooling material that is intended to give considerable time and cost benefits.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Carbon Fiber Prepreg Market based on the below-mentioned segments:
Carbon Fiber Prepreg Market, Resin Type Analysis
- Epoxy
- Phenolic
- Thermoplastic
- Bismaleimide (BMI)
- Polyimide
- Others
Carbon Fiber Prepreg Market, End Use Analysis
- Aerospace & Defense
- Wind Energy Sports & Recreation
- Automotive
- Others
Carbon Fiber Prepreg Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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