Prepreg Market worth $12.6 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 30, 2022 /PRNewswire/ -- According to the new market research report "Prepreg Market by Fiber Type (Glass, Carbon, Others), By Resin Type (Thermoset, Thermoplastic), Form (Tow, Fabric), Manufacturing, Application ( Aerospace & Defense, Wind Energy, Sporting Goods, Automotive) and Region - Global Forecast 2026", published by MarketsandMarkets™, the global Prepreg Market size is estimated at USD 7.0 billion in 2021 and is projected to reach USD 12.6 billion by 2026, at a CAGR of 12.5%. Prepreg is being used in the aerospace & defense, wind energy, automotive, sporting goods, electronics, and other end-use industries. The increasing wind energy projects and demand of lightweight material from automotive industry support the demand for prepreg in the wind energy and automotive end-use industry.
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Carbon Fiber Prepreg comprises a major share of the prepreg market in terms of value.
The carbon fiber prepregs find wide applications in various end-use industries. Carbon fiber prepregs are used in automotive, sporting goods, and leisure items such as vehicles (motorcycle) rim and integral spokes structural components. The use of carbon fiber prepregs in these applications provides 40–50% weight reduction over their conventional aluminum counterparts.
The COVID-19 pandemic resulted in a decline in industrial activities in the first half of 2020 across the globe. It resulted in reduced demand for prepreg from various end-use industries.
The Thermoset prepregs accounts for the largest market share in the global prepreg market during the forecasted period in terms of value and volume
Thermoset prepreg is the leading resin type in the overall prepreg market. They are used in several applications in the wind energy, electronics, and sporting goods industries. Epoxy, BMI, and polyamide are the widely used thermoset resins in the aerospace & defense application due to their toughness, high strength, moisture absorption resistance, high-performance properties, and ability to survive high-temperature conditions. Thermoset prepregs are used in industries such as aerospace & defense, wind energy, and automotive.
On the other hand, the processing cost of thermoplastic is high for various applications in different end-use industries, which makes them expensive. Since thermoplastic prepregs are easy to remold, reform, and reuse, companies are investing in R&D for the mass production of thermoplastic prepregs to reduce the cost. This is expected to drive the market for thermoplastic prepregs during the forecast period.
Fabric prepregs accounted for the largest market share in the global prepreg market based on the form of prepregs in terms of value and volume.
The fabric prepreg form dominated the overall prepreg market in 2020 and is expected to register a significant during the forecast period. Fabric prepregs are pre-impregnated with a resin system that already includes a proper curing agent. In this type of prepreg, epoxy resin helps to improve and maximize the overall strength and mechanical properties.
Hot-melt process accounted for the largest market share in the global prepreg market based on the manufacturing process of prepregs in terms of value and volume.
As the hot-melt process is environment-friendly and does not use any organic solvents, it is widely used to manufacture prepregs for multiple applications. Due to less complex machinery, the hot-melt process is preferred over the solvent dip process. Environmentally, this process is less hazardous as small or no organic solvents are consumed or emitted during operations. Therefore, it tends to replace the solvent dip process.
The aerospace & defense application accounted for the largest market share in the global prepreg market during the forecast period in terms of value and volume.
The use of prepregs has continuously increased in aerospace & defense applications due to their lightweight properties and increased fuel efficiency. Mass usage of prepreg is quite established in aerospace & defense applications, with 50% of aircraft materials being composites. Prepregs help build lightweight aircraft and facilitate more efficient structural and aerodynamical designs. They are used in secondary structures, such as fairings, seat structures, luggage racks, and galley equipment. Due to COVID-19 outbreak major manufacturers temporarily closed their plants during the lockdown. However, The demand is expected to recover in the forecasted period.
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APAC is expected to account for the largest market share in the prepreg market during the forecast period.
APAC is the largest prepreg market in terms of volume and is expected to maintain its lead during the forecast period. The remarkable growth of the wind energy industry has driven the expansion of the market in the region. China is leading the Asia Pacific prepreg market in the wind energy industry, with 71.7 GW new wind capacity installed in 2020. Favorable government policies, to protect the economies from volatile fossil fuel prices and take steps against harmful GHGs emissions, are expected to drive the wind energy industry in Asia Pacific, stimulating the demand for prepreg in the region. North America is the second major consumer of prepregs aerospace & defense, and wind energy are the major industries fueling the growth of the prepreg market in this region.
The key players in the prepreg market include Solvay Group (Belgium), Hexcel Corporation (United States), Toray Industries, Inc. (Japan), Teijin Limited (Japan), and Mitsubishi Chemical Holdings Corporation (Japan), are some of the key players in the prepreg market. SGL Group (Germany), Axiom Materials (United States), Gurit Holding AG (Switzerland), Park Aerospace Corp. (United States), and Plastic Reinforcement Fabrics Ltd. (United Kingdom) are among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the prepreg market. These players have taken different organic and inorganic developmental strategies over the past five years.
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Browse Adjacent Markets: Fibers and Composites Market Research Reports & Consulting
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Tow Prepreg Market by Resin Type (Epoxy, Phenolic), Fiber Type (Carbon, Glass), Application (Pressure Vessels, Scuba Tanks, Oxygen Cylinders), End-Use Industry, and Region (North America, Europe, APAC, MEA, & Latin America) - Global Forecast to 2026
https://www.marketsandmarkets.com/Market-Reports/tow-prepreg-market-73680934.html
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