Global Prepreg Market to be Driven at a CAGR of 10.4% in the Forecast Period of 2022-2027
The new report by Expert Market Research titled, ‘Global Prepreg Market Size, Share, Growth, Analysis, Report and Forecast 2022-2027’, gives an in-depth analysis of the global prepreg market, assessing the market based on its segments like fibre, resin, manufacturing process, application, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2021): USD 11.3 Billion
- Forecast CAGR (2022-2027): 10.4%
- Forecast Market Size (2027): USD 20.4 Billion
The growth of the global prepreg market is driven owing to its widespread applications. The demand for prepreg from aircraft industry owing to its high weight to strength ration is anticipated to drive the demand over the forecast period. Meanwhile the application of prepregs in production of wind turbines if is likely to aid the market growth owing to the increasing focus of various countries towards renewable sources of energy such as wind energy. Moreover, the application of carbon prepreg in the automobile industry in high end cars and racing cars is likely to augment the growth further. However, the high manufacturing and processing cost may constrain the market growth over the forecast period.
Prepreg Industry Definition and Major Segments
Prepregs refer to composites with pre-impregnated reinforcement fibres and semi-cured polymer matrix such as even thermoplastic combined with liquid or resins or rubbers, or epoxy or phenolic resins. These provide advantages such as higher strength-to-weight ratio, lower maintenance, corrosion resistance, and longer lifecycle compared to its steel and aluminium counterparts.
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By fibre, the market is divided into:
Based on resin, the industry can be segmented into:
The market is bifurcated by manufacturing process into:
- Solvent Dip
On the basis of application, the industry can be classified into:
- Aerospace and Defence
- Wind Energy
- Sporting Goods
The regional markets for prepreg include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Prepreg Market Trends
Regionally, North America is projected to hold the largest share in the global market for prepregs. This can be attributed to the presence of large and rapidly expanding aerospace sector in United States. Additionally, the increasing investment in the defence sector is likely to further bolster the regional market growth. Meanwhile, Asia Pacific is estimated to show the fastest growth rate over the forecast period. The factors such as rapidly growing aerospace and defence sectors along with increasing investment in wind energy farms in emerging economies like China and India are anticipated to propel the regional growth. Europe is likely to witness a steady growth over the coming years.
Key Market Players
The major players in the market are Hexcel Corporation, Toray Industries, Inc., Axiom Materials, Inc., Teijin Limited, Park Aerospace Corp., Mitsubishi Chemical Carbon Fiber and Composites, Inc., and a few others.
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