Global Prepreg Market Size to Reach USD 17.24 Billion in 2030 | Emergen Research

Vancouver, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The global market for prepreg materials achieved a market size of USD 6.94 Billion in 2021. As per the latest analysis conducted by Emergen Research, it is projected that the market will sustain a Compound Annual Growth Rate (CAGR) of 10.7% throughout the forecast period. This growth trajectory is primarily attributed to the escalating demand for prepreg materials across various industries, with a notable emphasis on sectors like aerospace and defense. Additionally, the automotive sector's growing need for these materials also contributes significantly to the expansion of market revenues.

A pivotal driving force behind this surge in market revenue is the adoption of prepreg materials across different applications. In sectors such as aerospace and defense, as well as automotive, there's a discernible shift towards incorporating composite materials, including carbon fiber. The rationale lies in the unique combination of lightweight properties and remarkable strength exhibited by these materials. Consequently, there's been a notable substitution of conventional metals with composite materials in the production of both aircraft and automobiles.

One of the distinctive advantages of these prepreg materials is their inherent flexibility, allowing them to be shaped through casting or molding processes. This attribute holds particular significance in the production of diverse components used in aircraft interiors, engine blades, rotors, propellers, seats, and horizontal stabilizers, among others. The latter, also referred to as tail planes, benefits from the material's malleability. This aspect significantly streamlines the manufacturing process for these critical parts.

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Various resin types, including phenolic, fiber, and epoxy, find extensive utility in both military and commercial aircraft production. Prepreg materials play a crucial role in crafting reinforcement fibers for ballistic applications within the defense sector. Their distinctive characteristics, encompassing lightweight properties, robust strength, and adaptability to intricate shapes, have instigated a notable surge in the demand for enhanced-grade cosmetic prepreg. This demand is particularly pronounced in the automotive industry, where superior-quality lamination is sought.

The scope of prepreg applications extends beyond the realms of defense and automotive sectors. These materials find utilization in an array of contexts, including sporting goods, racing accessories, vehicle interior components, aerospace applications, commercial products, and pressure vessels. The escalating focus on environmental sustainability has spurred a growing desire for lightweight components in the automotive sector. This trend aligns with the pursuit of producing vehicles that are lighter, thereby contributing to reduced carbon dioxide emissions. This environmental consciousness is poised to remain influential in shaping demand for lightweight automobile parts in the future.

A notable collaborative effort between TRB Lightweight Structures and Kordsa on May 6, 2022, yielded composite materials tailored for sustainable lightweight composites in the automotive domain. This initiative signifies a response to the burgeoning environmental concerns and the concurrent need for cost-efficient solutions. The drive for cleaner sources of energy has kindled a heightened interest in wind energy initiatives, furthering the demand for lightweight components and materials in the sector.

While the potential of prepreg materials is evident, certain challenges hinder their market growth. High costs associated with these materials and their relatively short shelf life stand as significant impediments to their widespread adoption. Moreover, the absence of efficient recycling processes for prepreg materials has resulted in environmental issues, with substantial volumes of waste ending up in landfills. Addressing this concern, a significant move was observed on November 30, 2021, as Hexcel and FAIRMAT entered into a commercial agreement for the recycling of Hexcel carbon fiber prepreg. This collaboration included FAIRMAT's leasing of the Hexcel Bouguenais facility in Loire-Atlantique, which has implications for a more sustainable approach to managing these materials.

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Major Companies and Competitive Landscape

The global prepreg market is consolidated, with few large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective prepreg solutions. Some major companies included in the global prepreg market report are:

• Hexcel Corporation
• Toray Industries, Inc.
• Park Aerospace Corp.
• Teijin Limited
• Mitsubishi Chemical Carbon Fiber and Composites, Inc.
• SGL Carbon
• Gurit
• Rock West Composites, Inc.
• Plastic Reinforcement Fabrics Ltd.
• ACP Composites, Inc.

Strategic Development

• On 4 October 2021, Solvay announced the launch of CYCOM EP2190, which is an epoxy-based system that provides superior toughness in thick and thin structures with excellent in-plane performance in different climatic conditions. CYCOM EP2190 offers significant benefits of the ideal balance of performance, which has various applications across the aviation sector including Urban Air Mobility (UAM), commercial, and private aerospace segments, rotorcraft, and defense.
• On 7 April 2022, Archer Aviation Inc. and Hexcel, which is a global leader in advanced lightweight composites technology for major aerospace programs, collaborated on the supply of high-performance carbon fiber material, which would be utilized in the manufacturing of Archer’s production aircraft. Collaboration is expected to enable Archer to mitigate supply chain risks while simultaneously building the foundation for the manufacturing of all-electric aircraft.

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Some Key Highlights From the Report

• Thermoset segment accounted for a comparatively larger revenue share in 2021. Thermoset is widely preferred as it is easy to work with at room temperature and fibers easily permeate before curing. As a result, traction has been increasing and this is one of the primary factors that is boosting revenue growth of the thermoset segment. Thermoset resins provide improved overall strength, thermal stability, moisture resistance, targeted reinforcement, in addition to chemical resilience, which enables use of the materials in various applications in different end-use industries. Polyester resin, vinyl ester, and epoxy resins are in high demand owing to easy impregnation of reinforcing fibers such as Kevlar, carbon fiber, and fiberglass, among others.
• Hot-melt segment is expected to register a steady revenue growth rate over the forecast period. Hot-melt process enables environmental-friendly production owing to no requirement of organic solvents for solvent coating and drying. In addition, stringent norms and regulations have resulted in increased and rapid adoption of the hot-melt process for industrial purposes, and this is expected to continue to drive revenue growth of this segment.
• Carbon fiber segment revenue is expected to increase at a significant rate over the forecast period. Carbon fiber is a cost effective, light weight, and strong material with robust potential for a range and variety of applications, especially in aircraft, and motorsport. Properties to enhance structural integrity with reduced wastage of resources is expected to boost demand over the forecast period. On 19 October 2021, Teijin announced that Renegade Materials Corp., which is a U.S. based supplier of heat-resistant thermoset products for the aerospace industry will increase production capacity by 2.5 times. Increased capacity by the company is expected to increase the use of high-performance materials in the manufacturing of aerospace components and expand into a range of industrial applications.
• In 2021 wind energy segment is expected to register a significantly steady revenue growth rate over the forecast period. Rising focus on environmental sustainability and concerns regarding depletion of fossil fuel resources are increasing the need for exploration of more eco-friendly alternatives, which is driving revenue growth of the wind energy segment. Flexibility for manufacturing complex and heavy structures using prepreg is significantly increasing R&D investments for more innovative solutions, which are expected to boost revenue growth of the segment over the forecast period.
• Asia Pacific market is projected to register fastest revenue growth rate as compared to other regional markets over the forecast period owing to rapid adoption of various prepreg materials in applications in industries in emerging countries including Japan, China, and India. Increasing government initiatives and stringent regulations to reduce dependence on fossil fuel resources and consumption and to reduce carbon emissions are some of the major factors boosting revenue growth of the market in the region.

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Emergen Research has segmented the global Prepreg market on the basis of resin, manufacturing process, fiber, end-use, and region:

• Resin Outlook (Revenue, USD Billion, Volume (Kilo Tons); 2019-2030)

• • Thermoset
  • Thermoplastic

• Manufacturing Process Outlook (Revenue, USD Billion, Volume (Kilo Tons); 2019-2030)

• • Hot-melt
  • Solvent dip

• Fiber Outlook (Revenue, USD Billion, Volume (Kilo Tons); 2019-2030)

• • Glass
  • Carbon
  • Aramid
  • Others

• End-Use Outlook (Revenue, USD Billion, Volume (Kilo Tons); 2019-2030)

• • Aerospace & defense
  • Automotive
  • Wind energy
  • Sporting goods
  • Others

• Regional Outlook (Revenue, USD Billion, Volume (Kilo Tons); 2019-2030)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Benelux
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Turkey

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