Ne York, US, July 15, 2021 (GLOBE NEWSWIRE) -- Prepreg Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Prepreg Market Information by Fiber Reinforcement Type, Application, and Region - Forecast till 2028”, the market is projected to reach USD 10 Billion by 2028 registering a CAGR of 9%.
Market Scope:
Prepreg refers to composite materials like carbon, graphite, or glass fibres that are "pre-impregnated" with resins and subsequently cured. The term "prepreg" stands for "pre-impregnated," which means the material has been reinforced beforehand. Tow-preg, unidirectional tape, and fabric are the three fundamental types of prepreg. Prepregs with reinforcement materials give composites with improved mechanical, physical, and chemical properties. In the aerospace, military, automobile, sports, and wind energy industries, they are frequently employed.
Market Drives
Rising demand from wind energy and aerospace and defense applications are driving the market. In terms of volume, the wind energy industry is one of the main application industries in the prepreg market. Prepregs are widely used in the production of complex structural components for wind turbines. During the anticipated period, the prepreg market is expected to be driven by rising demand from these applications. Carbon fiber prepregs are currently exclusively utilized in racing cars and select high-end sports cars in the automobile industry due to their exorbitant cost. However, because the average cost of carbon fiber prepreg is likely to fall in the next years, it can be employed in mass manufacturing of automobiles, resulting in increased demand for the material.
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Competitive Landscape:
The Notable Players of the Prepreg Market are:
- Solvay
- Hexcel Corporation
- Toray Industries Inc.
- Teijin Limited
- Mitsubishi Chemical Corporation
- SGL Carbon
- AXIOM MATERIALS
- Gurit
- PARK AEROSPACE CORP.
- Plastic Reinforcement Fabrics Ltd
- DuPont
- GMS COMPOSITES
- The SHD Composite Materials Ltd.
COVID-19 Analysis
The coronavirus outbreak has hampered the growth of the prepreg market globally, since demand from the automotive and aerospace & military industries has decreased. Across end-use sectors, the pandemic has caused disruptions in operations and the global supply chain. Markets have been slowed or shut down as a result of the disruptions. The automotive and aerospace industries have slowed as a result of the widespread application of lockdown and travel restrictions. Furthermore, the imposition of safety standards and crowd control limits resulted in the closure of public spaces, impacting the athletic goods industry. Manufacturers of COVID-19 alleviation items such as gloves, masks, and sanitizers have shifted/modified their production lines across several end-use sectors.
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Market Restraints:
The price of prepreg is inflated due to high manufacturing costs for aramid, carbon, and glass fibers, which are employed as raw materials. Market expansion is expected to be hampered by rising raw material prices.
Market Segmentation
By Fiber Reinforcement Type is segmented into carbon fiber reinforcement prepreg, glass fiber reinforcement prepreg, aramid fiber reinforcement prepreg, and others. Carbon fiber is predicted to increase at a faster rate because to its several advantages, including high strength, reduced weight, stress resistance, and corrosion resistance.
The worldwide prepreg market is divided into thermoset resin and thermoplastic resin based on resin type. Because thermoset resins have a longer shelf life than thermoplastic-based prepregs, the market for them is likely to grow at a faster rate. The epoxy, polyester, and other segments are further subdivided.
The market is divided into six categories based on application: aerospace & defense, wind energy, automobile, sporting goods, electronics, and others. The global prepreg market for the aerospace and military industry is predicted to be driven by improvements in the commercial aviation network, tourism industry growth, rapid economic development, and an increase in air passenger traffic.
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Regional Insights:
The North American prepreg industry is fueled by the region's growing industrial sector. The United States has one of the world's most powerful military forces, and it is expected to stay so in the future. Over the next few years, the region is forecast to meet approximately one-third of worldwide operational fleet demand, resulting in increasing manufacturing of airframes and aircraft parts. As demand for new-generation aircraft grows, the aircraft manufacturing industry is likely to expand, supporting the regional market over the projection period. The desire for lightweight, fuel-efficient military aircraft for homeland security and counterterrorism is likely to drive regional market expansion.
Due to the rise of the automotive, aerospace, and energy industries in Europe, the market for prepreg is expected to be quite strong. Germany, the United Kingdom, France, and Russia are all major contributors to market growth.
Because of the region's increasing development, Asia-Pacific is the fastest-growing regional market. Emerging economies such as India, South Korea, Thailand, and Malaysia have significant development potential. Due to growing demand from the aerospace & defense sector, wind energy sector, construction & infrastructure projects, growing automotive production, growing sporting goods production, and increasing electronic (PCB) manufacturing, the region has the largest share in terms of volume in the prepreg market. There are a number of tyre producers in the region, and wind installation capacity are increasing, creating a great possibility for prepreg markets in both industries.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.