Global Prepreg Market Booming—Projected to Reach worth USD 11.2 Billion in 2027

Published | 30 June 2021

A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global prepreg market was worth USD 7.8 billion in 2020 and is further projected to reach USD 11.2 billion by 2027, at a CAGR of 5.9% during the forecast period (2021-2027). The market is being driven by the rising demands for mechanically strong, durable, lightweight, and low electricity conducting materials by various global industries. Prepreg refers to composite materials that have been pre-impregnated with resins and subsequently cured. Examples of such composite materials are graphite, carbon, or glass fibers. Aerospace and defense, automotive, wind energy, and electrical are some of the primary industries that generate significant demand for prepreg, thereby, driving the global prepreg market. Additionally, the prepreg is also used to make cargo liners, UV resistant parts, sporting goods, high-temperature parts, carbon-carbon composites, high-rise flooring, high-impact surfaces, honeycomb & foam panels, flame retardant laminates, and other products.

Rising Demands from The Aerospace & Defense Industry to Drive the Global Prepreg Market

The global prepreg market is expanding to meet the high demands for lightweight components and materials from the aerospace & defense industry. Owing to durability and high strength-to-weight ratio, the prepreg is the material of choice in this industry. Furthermore, lucrative government initiatives and technological innovation by key players have attracted significant investment to the aerospace and defense business, which in turn fuels the global prepreg industry. Furthermore, growing defense budgets in countries such as the United Kingdom, France, Japan, and numerous Middle Eastern countries, among others, are likely to raise demand for prepregs.

Replacement of Conventional Metallic Composites by High Strength & Lightweight Materials is Propelling the Market Forward

Prepregs are partially cross-linked fibers that have been pre-impregnated with polymers. They are required in the production of flexible and lightweight construction components as prepregs increase their mechanical strength, bending ability, security, and durability. They have a lot of advantages over stiff constructions when it comes to permanently high strain materials. Fiber-reinforced plastics are less expensive and safer than metallic composites because of their metallic composites. They are replacing metallic parts in the manufacturing of cargo liners, UV resistant parts, sporting goods, high-temperature parts, carbon-carbon composites, high-rise flooring, high-impact surfaces, honeycomb & foam panels, flame retardant laminates, and other products due to their chemical make-up and properties. Furthermore, their significant involvement in composite products for the aerospace, electricals, automotive, and clean technology industries is propelling the global prepreg market forward.

Global Prepreg Market by Fiber Reinforcement Type

Based on fiber reinforcement type, the global prepreg market is divided into carbon fiber, glass fiber, and others. Due to the abundant utilization of carbon fiber composite materials as an alternative for metal components to reduce fuel consumption and carbon emission, the carbon fiber segment dominates the global prepreg market. Carbon fiber is widely utilized because of its high stiffness and chemical resistance, lightweight, high-temperature tolerance, high tensile strength, and low thermal expansion. On the other hand, glass fiber is used as reinforcement fiber for polymeric resins including unsaturated polyester and epoxy. Hence, due to their wide application in the manufacturing of tent poles, crossbows, automobile bodies, paper honeycomb, boat hulls, etc. the glass fiber segment shows the fastest growth in the global prepreg market.

Impact of COVID-19

The COVID-19 pandemic has disrupted the world economies. Due to the high infection rates and severe impact on public health systems, various countries had to enforce nationwide curfews, which impacted trade, industrial supply chains, etc. The ongoing pandemic did not spare the prepreg market as well. Due to mandated lockdowns and nationwide curfews, global sales of prepregs have plummeted. Because of the ongoing pandemic, there has been a decline in the usage of prepregs in the automotive, aerospace & defense, wind energy, sporting goods, automobile, and other industries. This market has been severely impacted by a dramatic drop in demand from the aerospace and defense industries, as well as the automotive industry.

The Asia Pacific Shows the Fastest Growth in The Global Prepreg Market

The Asia Pacific is one of the most populated regions across the globe. Furthermore, considerable infrastructural demands related to renewable energies are also growing in the region. Wind energy is driving up demand for prepreg in several Asia Pacific countries, generating attractive potential for the global prepreg market. Apart from this aerospace & defense sector, construction & infrastructure projects, automotive production, growing sporting goods production, and increasing electronic manufacturing in countries like China, India, and Japan are further fuelling the demands for the global prepreg market.

However, out of all the continents, North America dominates the global prepreg market. Out of all continents, North America, however, dominates the worldwide prepreg industry. The rapid growth of the aerospace sector, as well as growing operational fleet demand, have resulted in increased aircraft manufacturing, which in turn is contributing to the growth of the North American prepreg market. Additionally, major players in the United States are expected to raise their investments in the research & development of advanced prepregs that may be used in innovative applications across several industries, which will probably lead to greater prepreg consumption in the future.

Competitive Landscape

The global prepreg market consists of few key players, making the market almost consolidated. At the same time, the global prepreg industry has drawn many new entrants due to its high growth potential and significant R&D, resulting in larger prospects. Some of the key players in the global prepreg market are Solvay Group, Hexcel Corporation, Toray Industries, Inc., Teijin Limited and Mitsubishi, Chemical Holdings Corporation, SGL Group, Axiom Materials, Gurit Holding AG, Park, Aerospace Corp., Plastic Reinforcement Fabrics Ltd., and other prominent players.

Don’t miss the business opportunity of the global prepreg market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global prepreg market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the ­­­global prepreg market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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