Global Prepreg Market - 2022-2029

Global Prepreg Market - 2022-2029
Market Overview

The Prepreg Market Reached US$ XX million in 2021 and is expected to record significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of 13.10% during the forecast period (2022-2029).

Prepregs are resin pre-impregnated composite materials, which are then cured with materials such as carbon, graphite or glass fibers. The reinforcement materials improve composites' mechanical, physical and chemical properties. As a result, prepregs are primarily used in high-performance aerospace, military, automotive, sports and wind energy applications.

Market Dynamics

The application of carbon-based prepregs as an economical substitute for steel & aluminum is a major market driver for the global prepreg market. Nonetheless, excessive material and manufacturing costs could be a major market restraint.

Application of carbon-based prepregs as an economical substitute for steel & aluminum

Carbon-based prepregs are long strands of carbon atoms linked to a plastic polymer resin via heat bonds. The products are stiff, robust and light and are utilized in numerous sectors due to their outstanding properties, such as high stiffness, high tensile strength, low weight, good chemical resistance, high-temperature tolerance and low thermal expansion. In modernity, carbon fibers have replaced steel and aluminum as the primary building material due to their low weight and high load-bearing capabilities, making them ideal for retrofit projects. Carbon fibers, on average, have a longitudinal tensile strength of 2000 MPa, an elastic modulus of 150–200 GP and are 2.5 times stiffer than metal.

Further, carbon prepregs can be molded in various densities, shapes and sizes and are gaining popularity as an alternative to aluminum and steel in the aviation and vehicle industries. Premium manufacturers, such as BMW, Ferrari and Lexus, are developing new models with a complete carbon fiber body. For instance, the carbon fiber Shelby GT500CR Mustang concept car produced in 2020. The large-scale replacement of steel and aluminum in various industrial segments such as construction, automotive and aviation increases the market prospects for carbon-based prepregs and, therefore, could be considered a prominent market driver.

Excessive material and manufacturing cost

Due to the high material and manufacturing costs, the manufacture and utilization of prepregs are extremely expensive. As a result, the current utilization of prepregs such as carbon prepregs is limited only to the manufacture of racing cars and high-end sports cars in the automotive industry due to their high cost. As a result, cost estimation tools must be employed currently in the design process to reduce the cost of prepreg products. Since prepregs' high material and manufacturing cost limits prepregs' application in various end-user verticals, thereby limiting the sales and market prospects of the global prepreg market, the aforementioned factor is considered a major market restraint.

COVID-19 Impact Analysis

During its initial waves, the pandemic COVID-19 had a negative impact on the global prepreg market, just like any other market.

The following are the pivotal factors behind the market’s freefall:
• Because prepreg production has been disrupted because the industrial-scale synthesis of prepreg necessitates massive machinery, large-scale industrial reagents and skilled workers. During the pandemic, the industry lockdowns and social distancing requirements hampered the production process.
• The supply of raw materials required to make prepreg and the supply of finished products were significantly hampered due to the global lockdown imposed by the COVID-19 pandemic. As a result, the prepreg market's demand-supply dynamics were severely impacted.
• Prepregs are primarily used in construction, automotive, aerospace and related industries. Lockdowns and the inability to get raw materials in these industries reduced total activity in these application sectors, lowering overall demand for prepregs.

However, since the ban was lifted, the global prepreg market has experienced tremendous growth. The predicted rise of the automotive, construction and aerospace sectors in the post-COVID-19 environment is expected to stimulate the market further.

Segment Analysis

The global prepreg market is classified based on fiber reinforcement, resin, form, manufacturing process, application and region.

The falling prepreg prices and skyrocketing demand for automotive

Prepregs, particularly carbon prepreg, are widely employed in manufacturing racing cars and some high-end sports cars in the automotive industry. However, as the cost of prepregs is expected to fall, the respective product is expected to be used for mass production of automobiles, resulting in increased demand for prepregs. As per data, the global automotive sale grew from 7,77,11,725 in 2020 to 8,01,45,988 in 2021. The sales of passenger cars alone grew from 5,59,08,989 in 2020 to 5,70,54 295 and are further expected to skyrocket in the future. The combined prospect of the aforementioned factors allows the automotive sector to dominate the global prepreg market application segment.

Geographical Analysis

Growing innovations and their adoptions in the field of technology boost the prepreg market in Asia-Pacific

Asia-Pacific dominated the global prepreg market because of rising demand from aerospace and defense sectors, wind energy, construction and infrastructure projects, automotive, sporting goods and electronic manufacturing. Further, the presence and expansion of tire manufacturers and wind installation capacities create a huge potential for the Asia-Pacific prepreg market.

Competitive Landscape

The global prepreg market is currently rich in terms of the number of market players, prospects and strengths and is growing rapidly. Furthermore, technological behemoths such as Solvay, Hexcel Corporation, Toray Industries, Teijin Limited, Mitsubishi Chemical Holdings Corporation, SGL Group, Axiom Materials, Gurit Holding AG, Park Aerospace Corp and Plastic Reinforcement Fabrics make the market extensively competitive. The market is fragmented and key market participants use market tactics such as mergers, acquisitions, product launches, contributions and collaborations to gain a competitive advantage and recognition in their respective markets.

Solvay

Overview: Solvay is a global leader in the provision of Materials, Chemicals and Solutions. The company addresses key industrial, social and environmental concerns by exploiting breakthroughs in planes, vehicles, batteries, smart and medical devices, water and air purification and other disciplines. Agriculture and feed, automotive, aerospace, food, electronics, consumer goods, healthcare, coatings, construction and other industries benefit from the company's products. The corporation has 110 manufacturing sites and 20 main research and development facilities globally. Solvay has a presence in over 64 countries spanning Europe, North America, Latin America, Asia-Pacific and the rest of the world.

Product Portfolio:
• Thermoset Composites: Solvay's prepregs and resin systems' stiffness, impact resistance and thermal performance are industry standards. Many of Solvay's composite products are thermoset prepregs used in aerospace, automotive, oil and gas and other industries. When the resin matrix and fibers are merged, an irreversible chemical bond is formed when the molecules cross-link during the curing process, causing the material to be permanently set in its final form. As a result, the material cannot be remolded. The material's heat resistance, stability, flexibility and durability make it an ideal candidate for cost-effective, high-performance design.

Key Development:

On October 04, 2021, Solvay introduced CYCOM EP2190, an epoxy-based prepreg system with exceptional toughness in thick and thin structures and excellent in-plane performance in hot/wet and cold/cold/dry environments. The material, the company's new flagship product for aerospace primary structures, competes with incumbent solutions for wing and fuselage applications across all the aviation market segments, such as private and commercial aerospace (sub and supersonic), urban air mobility (UAM), defense and rotorcraft.

Why Purchase the Report?
• To visualize the global prepreg market segmentation based on fiber reinforcement, resin, form, manufacturing process, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the global prepreg market by analyzing trends and co-development.
• Excel data sheet with numerous data points of prepreg market-level with four segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available as excel consisting of key products of all the major market players

The global prepreg market report would provide approximately 76 tables, 78 figures and almost 205 pages.

Manufacturing Process Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies