Prepreg Market
Prepreg Market Forecasts to 2030 - Global Analysis By Fiber Type (Carbon Fiber Prepreg, Glass Fiber Prepreg, Aramid Fiber Prepreg and Other Fiber Types), Resin Type (Thermoset Prepreg, Thermoplastic Prepreg, Epoxy Prepreg, BMI Prepreg, Phenolic Prepreg, Cynate Ester and Other Resin Types), Form (Tow Prepreg, Fabric Prepreg and Other Forms), Manufacturing Process (Hot-Melt Process, Solvent Dip Process and Other Manufacturing Processes), Application, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $9.17 BN |
|
Projected Year Value (2030) |
US $23.67 BN |
|
CAGR (2023 - 2030) |
14.5% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Prepreg Market is accounted for $9.17 billion in 2023 and is expected to reach $23.67 billion by 2030 growing at a CAGR of 14.5% during the forecast period. Prepregs are composite materials made of high-strength reinforcement fibers that have already been pre-impregnated with either thermoset or thermoplastic resin. The fiber-to-resin ratio is precisely controlled during resin impregnation. It provides a number of advantages, including maximum strength properties, part uniformity and repeatability, less waste, and quicker curing. Prepregs are typically used in high-performance applications where cost is secondary to weight and mechanical performance in sectors like aerospace, sports, military, automotive, and wind energy.
According to the Boeing Commercial Outlook 2022-2041, around 8,485 new airplane deliveries are expected to be made by 2041, with a market service value of USD 545 billion. According to Boeing, around 41,170 fleet deliveries will be done by 2041.
Market Dynamics:
Driver:
Increased demand from the automotive industry for lightweight materials
The global automotive industry is investing heavily in research and development of lightweight materials in order to reduce costs, improve recycling rates, maximize fuel efficiency, and enable materials integration into vehicles. Thus, aluminum and steel are currently being replaced in the automotive industry by carbon fiber-reinforced polymer (CFRP) and glass fiber-reinforced polymer (GFRP). Steel is 15-20% and 50-70% lighter in weight than prepregs made of glass and carbon fiber, respectively. Additionally, using such prepreg parts can reduce a vehicle's weight by about 60%. As a result, the demand for lightweight materials from the automotive industry fuels the expansion of the global prepreg market.
Restraint:
High material costs
Prepreg products are expensive because the cost of the raw materials, like carbon fiber and epoxy resin, is relatively high. Additional production-related costs, such as those for handling, storage, and transportation, further increase this cost. The high cost of production and processing, as well as the difficulties related to the product's recyclability, will slow the market's expansion. Additionally, a lack of demand for and supply of raw materials may push up market prices.
Opportunity:
Rising interest in renewable energy
Prepregs are composite materials that have a resin system pre-impregnated into them. They are also referred to as pre-impregnated composites. Composites are becoming a more popular material choice for solar panels, wind turbine blades, and other renewable energy applications in the renewable energy sector. Moreover, these Composites are perfect for these applications due to their lightweight and high strength characteristics, which can help reduce the overall structure's weight, boost energy efficiency, and enhance durability. As a result of manufacturers' efforts to create more effective and long-lasting products, the demand for prepregs in the renewable energy sector is probably going to rise. Prepreg manufacturing could then see an increase in investment as businesses try to take advantage of the rising demand.
Threat:
Recycling materials
Prepreg recycling can be a costly process, and since the fibers degrade during recycling, the recycled material might not perform as well as the original material. This may restrict the recycled material's usefulness, especially in fields that demand high-performance materials. Moreover, prepreg materials are frequently difficult to recycle, and disposal can be expensive and environmentally harmful. Due to rising environmental awareness and corporate pressure to lessen their environmental impact, this issue has gained importance over the past few years.
Covid-19 Impact:
The COVID-19 pandemic has had a conflicting effect on the prepreg market, causing supply chain disruptions and a decline in demand from some end-use industries, including aerospace and automotive. A few prepreg materials, however, that are used in protective gear and medical equipment have seen an increase in demand. In the prepreg industry, the pandemic has brought to light the necessity for robust supply chains and diversified end markets. Due to COVID-19, Europe and North America were the two regions that were most severely impacted. In order to meet the demand for prepreg materials in the near future and deal with the sudden changes in the market, businesses must quickly improve their distribution network and supply chain to prepare for the sudden impact the pandemic will have on the industry.
The carbon fiber segment is expected to be the largest during the forecast period
The carbon segment is expected to account for largest revenue share during the forecast period, due to its outstanding characteristics and extensive usage across a wide range of industries, including aerospace, automotive, wind energy, and sporting goods. In the aerospace and defense industries, carbon fibers are widely used. Carbon fibers' high strength, superior stiffness, and superior fatigue resistance make them ideal for use in aircraft structures. Additionally, due to the consumer of these materials due to their high strength-to-weight ratio, exceptional heat resistance, and resistance to corrosion.
The automotive segment is expected to have the highest CAGR during the forecast period
The automotive segment is expected to experience the highest CAGR during the forecast period due to rising consumer demand for lightweight and fuel-efficient vehicles. Prepreg materials are used in the manufacture of numerous automotive components, such as body panels, door panels, and structural elements. Due to their exceptional stiffness, longevity, and strength-to-weight ratios, these materials are ideal for use in the automotive industry.
Region with largest share:
During the forecast period, it is anticipated that the Asia-Pacific market will contribute the largest revenue share. Rising demand for lightweight materials across a range of industries, including aerospace and defense, automotive, wind energy, and sports and leisure, is anticipated to fuel market revenue growth in this area. The increase in air traffic, rising defense spending, and rising space exploration investments are all contributing to the region's aerospace and defense industries rapid growth. Prepreg demand in this area is rising as a result of the need for strong materials that are lightweight. Additionally, the automotive sector is embracing lightweight materials to increase fuel efficiency and decrease emissions, which is predicted to increase demand for prepreg in this region.
Region with highest CAGR:
Due to the growing demand for prepreg in the aerospace and defense industries, the North American market is anticipated to experience the highest CAGR during the forecast period. Some of the top aerospace and defense firms, including Boeing and Lockheed Martin, are based in the area, increasing demand for lightweight materials like prepreg. Additionally, because prepreg is used in the production of wind turbine blades, rising demand for wind energy in the area is also anticipated to increase demand for it. Prepreg demand is anticipated to increase in this region due to the growing emphasis on renewable energy sources and rising investments in wind energy projects.
Key players in the market
Some of the key players in Prepreg market include Composite Resources Inc., SGL Group, Henkel ltd, 3M, Ventec International Group , Teijin Limited, Axiom Materials, Inc., Toray Industries, Inc., Celanese Corporation, Isola Group, Park Eletrochemical Corp. , Aerospace Corp, Plastic Reinforcement Fabrics Ltd., Renegade Materials Corporation, Zoltek, Solvay Group, BASF SE, Sunrez Corporation, Borealis AG, Hexcel Corporation and Mitsubishi Chemical Holdings Corporation
Key Developments:
In July 2023, Toray Industries, Inc., announced today that it has developed a material that can bond micro-electronic components at temperatures more than 30°C lower than with existing technologies—less than half their levels and under low-pressure conditions.
In June 2023, 3M reached an agreement to pay a $10.3bn settlement with numerous US public water systems to resolve thousands of lawsuits over PFAS contamination.
In May 2022, Solvay Group introduced SolvaLite 714 Prepregs, an essential addition to its wide portfolio of composite materials for the automotive industry. This offering is the new generation of unidirectional carbon-fiber and woven-fabric products pre-impregnated with SolvaLite 714 epoxy resin.
In April 2022, Hitachi Power Solution introduced cutting-edge services like Blade Total Service. Due to stress from fusing drones and artificial intelligence technology, this blade's full service reduces the risk of wind power outages.
Fiber Types Covered:
• Carbon Fiber Prepreg
• Glass Fiber Prepreg
• Aramid Fiber Prepreg
• Other Fiber Types
Resin Types Covered:
• Thermoset Prepreg
• Thermoplastic Prepreg
• Epoxy Prepreg
• BMI Prepreg
• Phenolic Prepreg
• Cynate Ester
• Other Resin Types
Forms Covered:
• Tow Prepreg
• Fabric Prepreg
• Other Forms
Manufacturing Processes Covered:
• Hot-Melt Process
• Solvent Dip Process
• Other Manufacturing Processes
Applications Covered:
• Aerospace & Defense
• Wind Energy
• Automotive
• Sporting Goods
• Electronics (PCB)
• Other Applications
End Users Covered:
• Commercial Aerospace
• Military
• General Aviation
• Space/Satellite
• Marine
• Civil Engineering
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Prepreg Market, By Fiber Type
5.1 Introduction
5.2 Carbon Fiber Prepreg
5.3 Glass Fiber Prepreg
5.4 Aramid Fiber Prepreg
5.5 Other Fiber Types
6 Global Prepreg Market, By Resin Type
6.1 Introduction
6.2 Thermoset Prepreg
6.3 Thermoplastic Prepreg
6.4 Epoxy Prepreg
6.5 BMI Prepreg
6.6 Phenolic Prepreg
6.7 Cynate Ester
6.8 Other Resin Types
7 Global Prepreg Market, By Form
7.1 Introduction
7.2 Tow Prepreg
7.3 Fabric Prepreg
7.4 Other Forms
8 Global Prepreg Market, By Manufacturing Process
8.1 Introduction
8.2 Hot-Melt Process
8.3 Solvent Dip Process
8.4 Other Manufacturing Processes
9 Global Prepreg Market, By Application
9.1 Introduction
9.2 Aerospace & Defense
9.3 Wind Energy
9.4 Automotive
9.5 Sporting Goods
9.6 Electronics (PCB)
9.7 Other Applications
10 Global Prepreg Market, By End User
10.1 Introduction
10.2 Commercial Aerospace
10.3 Military
10.4 General Aviation
10.5 Space/Satellite
10.6 Marine
10.7 Civil Engineering
10.8 Other End Users
11 Global Prepreg Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Composite Resources Inc.
13.2 SGL Group
13.3 Henkel ltd
13.4 3M
13.5 Ventec International Group
13.6 Teijin Limited
13.7 Axiom Materials, Inc.
13.8 Toray Industries, Inc.
13.9 Celanese Corporation
13.10 Isola Group
13.11 Park Eletrochemical Corp.
13.12 Aerospace Corp
13.13 Plastic Reinforcement Fabrics Ltd.
13.14 Renegade Materials Corporation
13.15 Zoltek
13.16 Solvay Group
13.17 BASF SE
13.18 Sunrez Corporation
13.19 Borealis AG
13.20 Hexcel Corporation
13.21 Mitsubishi Chemical Holdings Corporation
List of Tables
1 Global Prepreg Market Outlook, By Region (2021-2030) ($MN)
2 Global Prepreg Market Outlook, By Fiber Type (2021-2030) ($MN)
3 Global Prepreg Market Outlook, By Carbon Fiber Prepreg (2021-2030) ($MN)
4 Global Prepreg Market Outlook, By Glass Fiber Prepreg (2021-2030) ($MN)
5 Global Prepreg Market Outlook, By Aramid Fiber Prepreg (2021-2030) ($MN)
6 Global Prepreg Market Outlook, By Other Fiber Types (2021-2030) ($MN)
7 Global Prepreg Market Outlook, By Resin Type (2021-2030) ($MN)
8 Global Prepreg Market Outlook, By Thermoset Prepreg (2021-2030) ($MN)
9 Global Prepreg Market Outlook, By Thermoplastic Prepreg (2021-2030) ($MN)
10 Global Prepreg Market Outlook, By Epoxy Prepreg (2021-2030) ($MN)
11 Global Prepreg Market Outlook, By BMI Prepreg (2021-2030) ($MN)
12 Global Prepreg Market Outlook, By Phenolic Prepreg (2021-2030) ($MN)
13 Global Prepreg Market Outlook, By Cynate Ester (2021-2030) ($MN)
14 Global Prepreg Market Outlook, By Other Resin Types (2021-2030) ($MN)
15 Global Prepreg Market Outlook, By Form (2021-2030) ($MN)
16 Global Prepreg Market Outlook, By Tow Prepreg (2021-2030) ($MN)
17 Global Prepreg Market Outlook, By Fabric Prepreg (2021-2030) ($MN)
18 Global Prepreg Market Outlook, By Other Forms (2021-2030) ($MN)
19 Global Prepreg Market Outlook, By Manufacturing Process (2021-2030) ($MN)
20 Global Prepreg Market Outlook, By Hot-Melt Process (2021-2030) ($MN)
21 Global Prepreg Market Outlook, By Solvent Dip Process (2021-2030) ($MN)
22 Global Prepreg Market Outlook, By Other Manufacturing Processes (2021-2030) ($MN)
23 Global Prepreg Market Outlook, By Application (2021-2030) ($MN)
24 Global Prepreg Market Outlook, By Aerospace & Defense (2021-2030) ($MN)
25 Global Prepreg Market Outlook, By Wind Energy (2021-2030) ($MN)
26 Global Prepreg Market Outlook, By Automotive (2021-2030) ($MN)
27 Global Prepreg Market Outlook, By Sporting Goods (2021-2030) ($MN)
28 Global Prepreg Market Outlook, By Electronics (PCB) (2021-2030) ($MN)
29 Global Prepreg Market Outlook, By Other Applications (2021-2030) ($MN)
30 Global Prepreg Market Outlook, By End User (2021-2030) ($MN)
31 Global Prepreg Market Outlook, By Commercial Aerospace (2021-2030) ($MN)
32 Global Prepreg Market Outlook, By Military (2021-2030) ($MN)
33 Global Prepreg Market Outlook, By General Aviation (2021-2030) ($MN)
34 Global Prepreg Market Outlook, By Space/Satellite (2021-2030) ($MN)
35 Global Prepreg Market Outlook, By Marine (2021-2030) ($MN)
36 Global Prepreg Market Outlook, By Civil Engineering (2021-2030) ($MN)
37 Global Prepreg Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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