New York (US), June 08, 2023 (GLOBE NEWSWIRE) -- Prepreg Market Overview
According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Prepreg Market Information by Type, Application, and Region - Forecast till 2030", The market for prepregs will surge from USD 10.84 billion in 2023 to USD 24.46 billion in 2032, at a rate of 10.70% from 2023 to 2032.
Market Synopsis
A reinforcement fabric that has already been pre-impregnated with a resin system is referred to as a prepreg. Prepregs are employed in high-performance applications where cost is less of an issue than weight and mechanical attributes. Composite laminates made of thermoset and thermoplastic prepregs are both thin and strong.
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Market Competitive Landscape:
The renowned vendors in the prepreg industry 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
- SHD Composite Materials Ltd
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size2032 | USD 24.46 billion |
| Compound Annual Growth Rate (CAGR) | 10.70% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing need for the housing and lodging sector with the rapid industrialization |
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Market USP Covered:
Market Drivers:
As prepreg materials are used more frequently in the aerospace and automotive industries, the market is anticipated to rise strongly. The prepreg business has recently been pushed by a surge in demand for lightweight, strong materials with improved manufacturing efficiency for aerospace components. Prepreg industry growth is also largely fueled by the expanding usage of lightweight wind turbine blades that are more fuel-efficient. Prepreg fibers are essential for the aircraft manufacturing industry because of their excellent strength and lightweight. The goal of making lightweight airplanes to improve fuel efficiency, reduce emissions, and use fewer resources can be achieved by substituting conventional materials with lightweight composites, which has led to a rise in the use of prepreg materials.
The U.S. dominated the regional North American prepreg market in 2022 and will continue to grow at a sizable CAGR throughout the projected period. Prepreg market expansion is anticipated to be aided by rising demand for materials with low density, low electrical conductivity, and high durability and strength across numerous industries, including aerospace & defense, automotive, and wind energy.
Prepreg consumption is on the rise as a result of the U.S. aerospace & defense system manufacturers reporting significant profits from the export of manufactured aircraft parts. Prepreg is being used more frequently in the components of aeroplanes, helicopters, military aircraft, and aero engines, which can be the cause of this.
Opportunities
The market expansion of prepreg will be fostered by the increased adoption of innovative processing and assembly techniques to reduce lead times and improve product quality.
Major prepreg market participants are well-represented at all stages of the value chain, including the production of raw materials and finished goods. As a result, they can get raw materials for cheap and acquire a competitive advantage. Additionally, businesses are concentrating on R&D expenditures to create high-quality items, which will probably promote industry growth.
Market Restraints:
The production of prepregs has numerous technical difficulties that limit market expansion. Maintaining the fibre orientations in the finished product is one of the toughest issues in prepreg manufacture. It is because prepregs are frequently chopped to fit the specifications and are manually laid out.
COVID 19 Analysis
The world economy, as predicted by the UN, will decrease by 3% or more rather than expand by 2.5% as predicted by the World Economic Situation and Prospects Report 2020. Governments all across the world are imposing different monetary and fiscal policies to lessen the effects of COVID-19, providing respite to the public.
The global enactment of lockdown and travel restrictions has caused a slowdown in the automotive and aerospace sectors. Additionally, the athletic goods business was impacted by the closure of public spaces as a result of safety laws and crowd control limits. Additionally, producers of COVID-19 alleviation items including gloves, masks, and sanitizers across a variety of end-use industries have changed or adjusted their production lines.
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Market Segmentation
By Prepreg Type
Carbon Fibre Prepreg, Glass Fibre Prepreg, and Aramid Fibre Prepreg are the types of prepregs in the market. Because vehicle part makers are being pressured to employ carbon fiber composite materials instead of metal to cut down on fuel consumption and CO2 emissions, the carbon fiber prepreg category has dominated the market. This is expected to result in a rise in carbon fiber demand during the course of the projected period. High stiffness, lightweight, high tensile strength, strong chemical resistance, high-temperature tolerance, and little thermal expansion are just a few of carbon fiber’s remarkable properties. The aerospace and defense, automotive, sports equipment, construction, and other sectors are expected to see a rise in the use of carbon fiber.
By Application
Aerospace & defense, wind energy, automotive, sporting goods, electronics, and others make the application segmentation. Because prepregs are used to make aircraft interiors, aerospace components, aircraft flooring, cargo liners, and honeycomb and foam panels, the aerospace & defense sector dominated the market. The expansion of the tourism sector, the improvement of commercial aviation networks, quickening economic growth, and higher air passenger traffic are all factors that have contributed to an increase in aircraft production.
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Regional Insights
The largest market share was attributed to North America. The fast-developing North American aerospace sector is credited with this expansion. Growth in the wind sector market is anticipated to be fuelled by increasing public knowledge of the advantages of harnessing wind energy. An increase in the manufacturing of airframes and aircraft parts is anticipated throughout the forecast period as North America is predicted to supply approximately one-third of the operating fleet demand worldwide. The regional prepreg sector is anticipated to be supported over the projected period by the aircraft manufacturing industry as a result of rising demand for new-generation aircraft.
The most rapidly expanding market over the forecast period is expected to be Asia Pacific. The fast-growing application industries in developing nations like China, India, and Japan are to blame for this expansion. While the aerospace & defense category holds the lion's share of the APAC regional prepreg business, the wind energy application segment is predicted to grow at the highest CAGR throughout the projected period.
Over the anticipated years, Europe is expected to experience moderate growth. The region's automotive sector is anticipated to grow as a result of process innovation, enhanced R&D, and increased production of automobiles in nations like France, Germany, Spain, and the United Kingdom. Prepreg's market is thus expected to develop in Europe due to the automotive industry's rapid expansion and the growing demand for lightweight materials. It is also anticipated that the market for prepreg would develop as a result of the increasing number of wind energy projects in nations like Germany and the Czech Republic.
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