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Posted by lingshenyao on June 14th, 2022

The global prepreg market size is expected to reach USD 20.7 billion by 2027 registering a CAGR of 10.6%, according to a new report by Grand View Research, Inc. Benefits of prepreg products, such as cost-effectiveness and low maintenance requirement, are further anticipated to fuel their demand across various sectors. Some of the key application industries include aerospace & defense, automotive, wind energy, and sporting goods.

This is projected to propel the market growth. High demand for lightweight parts from the automotive industry is projected to boost the market growth. Rising fuel prices have augmented the demand for fuel-efficient vehicles, which has prompted a reduction in automotive weight.Rising product demand from the automotive, aerospace & defense, wind energy, and sporting goods industries owing to its high strength to weight ratio is projected to benefit the market growth over the forecast period.

Carbon fiber-based prepreg is widely utilized as a substitute to conventional heavier materials on account of its higher strength to weight ratio. Thus, the rising use of prepreg in the automotive industry is anticipated to benefit the market growth. Rising demand for high-strength, lightweight aircraft parts are also projected to propel the market growth.

The prepreg fibers with superior strength and lightweight are vital for the aircraft manufacturing industry. Replacing traditional materials with lightweight composites is an effective path towards meeting the aim of producing lightweight aircraft to increase fuel efficiency, decrease emissions, and reduce material usage, which translates into a growing adoption of prepreg materials.

U.S. led the North America regional market in 2020 and will expand further at a significant CAGR from 2020 to 2027. Rising demand for materials with low density, low electrical conductivity, and high durability and strength across various industries such as aerospace & defense, automotive, and wind energy is projected to augment the market growth.

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Upstream and downstream integrations across the value chain are considered by the leading players to maintain the business flow in the industry. The market is moving towards fragmentation on account of the presence of a large number of global and regional players. Major companies have a strong distribution network and product brands in the global market.

Prepreg Market Report Highlights

• Carbon fiber accounted for the largest market share of 84.6% in 2020 owing to its superior strength and wide usage as a lightweight material across industries including automotive and aerospace & defense
• Thermoset resins led the market in 2020 and is estimated to retain its leading position over the forecast period due to their superior properties, such as excellent resistance to corrosives, heat, and high temperature, excellent adhesion, high strength, and elasticity
• The hot-melt manufacturing process is projected to register the fastest CAGR of 10.7% from 2020 to 2027 owing to its benefits, such as easy handling, control over resin content, and excellent product quality
• The aerospace & defense is projected to be the largest application segment by 2027 on account of rising utilization of prepreg in aerospace equipment for enhanced fuel efficiency
• North America is estimated to account for the second largest market share by 2027 owing to the increased penetration of prepreg in aerostructure and automotive applications
• Key companies focus on collaborations and joint ventures with the existing manufacturers

They are adopting various growth strategies for building a business framework, which will ensure stable profitability in the future. These strategies include prioritizing high-performance and eco-friendly businesses, restructuring the value chain, and creating new supply chains. Some of the prominent players in the prepreg market include:

• Toray Industries, Inc.
• Axiom Materials, Inc.
• Park Aerospace Corp.