Carbon Fiber Prepreg Market is projected to be worth USD 17.1 billion by 2030, registering a CAGR of 10.4% during the forecast period (2022 - 2030).
Carbon Fiber Prepreg Market Overview:
The carbon fiber prepreg market is showing an exceptional growth rate and was valued at USD 7.5 billion in 2020. The carbon fiber prepreg is a composite manufacturing material that is light in weight and has excellent mechanical properties. Therefore, it has high demand in the market which can potentially replace conventional manufacturing materials such as metals.
The carbon fiber prepreg has a very high strength-to-weight ratio, and high resistance to fatigue, corrosion, heat, and moisture which makes it suitable for various industrial applications.
It is used in manufacturing, different parts of aircraft, vehicle parts, sporting goods, windmill blades, etc. The global carbon fiber prepreg market is anticipated to grow at the Compound Annual Growth Rate ( CAGR ) of 10.4 % over the current forecast period (2022-2030).
The prepregs are easy to mold into different shapes and reduce manufacturing faults and resin wastage. Additionally, the very high tensile strength of carbon fiber along with its lightweight property makes it the most suitable choice. The global carbon fiber prepreg market value is expected to be worth USD 17.1 billion by the end of the current forecast period in 2030.
Covid 19 Analysis
There was a sharp decline in demand for carbon fiber prepreg during the pandemic period. Restrictions imposed to control the pandemic affected the demand and supply of prepreg materials badly. The poor performance of the automotive and aerospace industry and a temporary halt in their production decreased the overall growth rate. Moreover, the total production rate was also affected by disruptions in the supply chain and the closure of production units.
The growing demand for carbon fiber prepreg in different end-user industries owing to its several advantages is the major growth driving factor. Carbon fiber having lightweight and strong tensile strength is an ideal material for making different components of a machine. Many industries are replacing their metallic components with carbon fiber composite which is very advantageous for market growth. The global carbon fiber prepreg market share is increasing with increasing investments in R&D and innovation.
The exponential growth of the automotive and aerospace industry which are the significant demand-generating sectors is increasing its market value. Furthermore, the demand from the sports industry to manufacture lightweight and durable sporting goods such as bicycles, tennis rackets, skis, hockey sticks, and golf shafts is also increasing. The carbon fiber prepreg is also used to build blades of windmills, and expansion of the renewable energy sector is also likely to boost the market growth.
The high cost of production of carbon fiber and the requirement of sophisticated technology is the major growth hindering factors. Moreover, the requirement of heat source and vacuum bagging at minimum temperature during the molding process limits its use by small production units.
Once molded the prepreg is nonrecyclable so increases the burden on environmental pollution. Moreover, the market growth is also restricted by the harmful environmental effects of the resins used in the manufacturing process.
Carbon fiber prepreg is a reinforced carbon fabric that has been impregnated with a resin system. The already available resin within it makes it able to be molded into any shape without the addition of more resin. These resins can be thermoset resins such as phenols, epoxy, or thermoset resins such as PEEK.
A carbon fiber prepreg is a composite mix of fibers in a matrix of glass, carbon, and aramid materials. It is used to create molds or shapes of different mechanical parts. It finds wide application in the aerospace industry, automobile industry, and sports goods industry to manufacture light and strong parts. The advantages of using carbon fiber prepreg are that these are light in weight and have superior mechanical properties.
The specific objectives of this carbon fiber prepreg market report are given below:
Segmentation of the global carbon fiber prepreg market by resin type
The epoxy resin segment holds the major market share. These resins are very strong and can adapt to wide applications. They are very much resistant to chemicals and acids and also to heat and moisture. Moreover, the low viscosity of the resin makes customers able to impregnate and mold materials at room temperature.
Segmentation of the global carbon fiber prepreg market by the manufacturing process
The hot melt manufacturing process accounts for the largest market share and is estimated to grow at a faster rate than others. This process enables easy handling of products, control over resin content, and helps in enhancing product quality. Moreover, this method is also relatively more environmentally- friendly than the solvent dip manufacturing process. Therefore, its favorable properties are increasing its market share.
Segmentation of the global carbon fiber prepreg market by the end-user industry
Aerospace and defense industries have higher market value among other end users. Carbon fiber composites play a vital role in reducing the weight of aircraft and enhancing their functionality. Moreover, they provide higher strength and resistance to abrasion and corrosion in airplanes than any other conventional material.
The different regional markets for the global carbon fiber Prepreg market are:
North America holds the largest market share. The growing automotive, aerospace, and defense industries make up for the high demand in this region. The prevalence of aircraft manufacturing companies generates a very high demand as carbon fiber prepreg helps in reducing the overall weight of an aircraft. The active government support towards the development of the aerospace industry acts as a growth booster. Moreover, the presence of high-speed and luxurious vehicle manufacturers also accounts for a significant demand generation. Furthermore, high technological advancement in modern equipment manufacturing makes this region a leading market.
The Asia Pacific is the second largest leader and fastest-growing segment of the global carbon fiber prepreg market. Rapid industrialization and the high prevalence of manufacturing industries account for a very high growth rate. China has emerged as the largest manufacturing hub in this region and generates significant demand. Moreover, the presence of automobile manufacturers in China, India, Japan, and Korea also propels the market growth.
The major global companies playing a key role in the carbon fiber Prepreg market are :
This report will be beneficial for every stakeholder of the carbon fiber prepreg market such as :
This report provides an in-depth analysis of the carbon fiber Prepreg market in terms of current value and future forecasts. This report also highlights the problems and prospects of the given market.
Moreover, technological analysis of the product will greatly help with decision-making about investment in the product. Furthermore, this report contains a detailed analysis of every segment of the given market for the current forecast period. This report has also highlighted the key players and the current developments in the carbon fiber prepreg market.
|Market Size||2030: USD 17.1 billion|
|CAGR||2030: 10.4% CAGR|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, manufacturing process, and end user industry|
|Geographies Covered||Europe, Latin America, Asia Pacific, North America, and the Middle East & Africa|
|Key Vendors||Cytec Solvay Group (Brussels, Belgium), Royal TenCate N.V. (Almeo, Netherlands), Teijin Limited (Osaka, Japan), Toray Industries, Inc. (Tokyo, Japan), Hexcel Corporation (Connecticut, U.S.), SGL Group (Wiesbaden, Germany), Gurit Holding AG (Wattwil, Switzerland), Park Electrochemical Corporation (Melville, U.S.), Mitsubishi Rayon Co., Ltd. (Japan), and Axiom Materials (California, U.S.)|
|Key Market Opportunities||The growing demand for fuel efficient car, along with the growing investment in the renewable energy sector|
|Key Market Drivers||The growing demand for carbon fiber prepreg in the end user industries|
The global carbon fiber prepreg market value is expected to be worth USD 17.1 billion by 2030. at a CAGR of 10.4 %
North America holds the largest carbon fiber prepreg market share among other regions. The greater presence of aircraft and automobile manufacturing units makes it the leading regional segment.
The aerospace and defense segment of the global carbon fiber prepreg market is expected to have the highest market value over the current forecast period.
Cytec Solvay Group (Brussels, Belgium), Royal TenCate N.V. (Almeo, Netherlands), Teijin Limited (Osaka, Japan), Toray Industries, Inc. (Tokyo, Japan), Hexcel Corporation (Connecticut, U.S.), SGL Group (Wiesbaden, Germany), Gurit Holding AG (Wattwil, Switzerland), Park Electrochemical Corporation (Melville, U.S.), Mitsubishi Rayon Co., Ltd. (Japan), and Axiom Materials (California, U.S.)
The growing demand for carbon fiber prepreg in different end-user industries owing to its several advantages is the major growth driving factor.