Newark, NJ, Feb. 04, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global carbon fiber prepreg market is expected to grow from USD 6.24 Billion in 2017 to USD 14.29 Billion by 2025 at a CAGR of 10.91% during the forecast period 2018-2025. Rise in number of commercial aircrafts production, increasing demand for lightweight fuel efficient cars and growing worldwide emphasis on increasing wind energy production are the factors fuelling the carbon fiber prepreg market.
Prepregs are composite fibers that are pre impregnated with resin matrix containing proper curing agents. The fibers often take the form of a weave and the resin matrix is used to fuse them together and to other components during manufacturing. As a result, the prepregs are ready to lay into the mold without the addition of any more resin. Carbon fiber prepregs possess improved thermal resistance, anti-corrosion, tensile strength, lightweight and easy to mold properties. Thus carbon prepegs have found a tremendous application value in manufacturing of high strength, lightweight sporting equipment, aircrafts, wind turbines, and automotive parts.
Increasing demand for lightweight fuel efficient cars and rising global production of commercial aircrafts is driving the global carbon fiber prepreg market. Whereas high production cost and low shelf life are anticipated to prove to be the major hindrances for the market growth.
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The major players in global carbon fiber prepreg market include SGL Group, Gurit Holdings AG, Park Electrochemical Corporation, Toray Industries, Teijin Limited, Royal TenCate N.V., Hexcel Corporation, Solvay, Mitsubishi Rayon Co. Ltd., Axiom Materials, ACP Composites, The Carbon Company, Park Electrochemical Corp Airtech Advanced Materials Group, Kaneka Corp, Haydale Composite Solutions among others.
- To better serve the burgeoning demand for the carbon fiber prepegs from the aerospace and defense industry, major players are increasingly focusing on raising their production capacities. For instance Kaneka Corp in 2018 announced its plan to manufacture high-performance thermoset resin based carbon fiber prepregs in North America.
- To cater to the ever increasing demand for the carbon fiber prepregs, firms are increasingly focusing on augmenting their production capacities via merger and aquisistions route. For instance Solvay in 2015, announced the acquisition of U.S.-based carbon fiber and prepreg manufacturer Cytec Industries Inc. for USD 5.5 billion.
- For instance in November 2017, Toray Industries, Inc had developed a new variety of regular tow carbon fiber which had an outstanding performance with good price. The organization had decided to build a new carbonization facility for its mass production at the Mexico Plant (Jalisco, Mexico) of its U.S. subsidiary company called Zoltek Companies, Inc.
Epoxy segment emerged as the global leader in demand for the carbon prepreg with a 48.82% share of revenue in 2017
Resin type segment is divided into epoxy, phenolic, thermoplastic and others. Epoxy segment emerged as the global leader in demand for the carbon prepreg with a 48.82% share of revenue in 2017. Due to its unique molecular structure epoxy-based carbon fiber prepregs exhibit properties of chemical, corrosion, moisture, heat and UV resistance as well as very high strength-to-weight ratio. Thus they are widely used in manufacturing of various aircraft and automobile parts.
Hot melt process emerged a dominating segment with a 72.49% share of revenue in 2017
Manufacturing process is segmented into hot melt and solvent dip process. Hot melt process emerged a dominating segment with a 72.49% share of revenue in 2017. This can be attributed to hot melt process being high-Speed production without generating any thermal stress on substrate materials. Solvent dip process is anticipated to grow at the highest CAGR of 12.83% over the forecast period owing to growing demand for high temperature resistant carbon fiber prepegs.
Aerospace and defense segment was the leading segment with a 43.27% share of market revenue in 2017
End user industry is categorized into aerospace and defense, automotive, sports and recreation, wind energy and others. Aerospace and defense segment was the leading segment with a 43.27% share of market revenue in 2017. Parts made out of carbon fiber prepegs are widely used in the manufacturing of aircrafts due to their lightweight nature, fatigue resistance and high stiffness. Thus global increase in number of commercial aircraft production is driving the global carbon fiber prepregs market. Automobile segment is anticipated to account for a significant market share over the forecast period due to global emphasis on increasing the fuel efficiency of cars and rising demand for the electric vehicles.
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Regional Segment Analysis of the Carbon Fiber Prepreg Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Europe emerged as the largest market for the carbon fiber prepregs with a 36.41% share of revenue in 2017. Europe is home to Airbus, the largest commercial aircrafts manufacturer in the world as well as a very well developed automobile and wind energy industry. Thus rising utilization of carbon fiber prepregs in these end user industries led Europe to dominate the global market. Asia Pacific region is anticipated to progress at a CAGR of 12.36% over the forecast period. This increased growth can be credited to the rapid development of end user industries such as automotives, within the Asia Pacific region.
About the report:
The global carbon fiber prepreg market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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