Prepreg Market Size, Share & Trends Analysis Report By Fiber Type (Carbon, Glass), By Resin Type (Thermoset, Thermoplastic), By Manufacturing Process, By Application, And Segment Forecasts, 2018 - 2024

Industry Insights

The global prepreg market size was estimated at USD 5.82 billion in 2016 and is expected to grow at a CAGR of 10.0% over the forecast period. The growth can be attributed to the increasing product penetration in the aerospace and automotive industries. Growing demand for light and durable materials for the manufacture of aerospace components is expected to have a positive impact on the industry growth over the next eight years.

Increasing use of the material for the production of lightweight blades for wind turbines is projected to fuel demand over the forecast period. Furthermore, presence of stringent regulations pertaining to the reduction of carbon emissions from vehicles and to improve the fuel economy of vehicles particularly in countries across North America and Europe is expected to propel product use in the automotive industry over the next eight years.

The rapidly growing need for lightweight materials for the manufacture of sports equipment for improved performance is expected to be one of the major driving force for prepreg over the forecast period. Nonetheless, high cost associated with the product as compared to its alternatives such as aluminum is anticipated to challenge the product demand.

Also, numerous difficulties faced by manufacturers in repair as well damage detection is expected to hamper industry growth. Increasing R&D expenditure by numerous companies for the development of enhanced curing and manufacturing techniques is expected to have a positive impact on the industry over the next eight years.

Rising product demand from various applications such as automotive, sporting goods, wind, and military & defense on account of superior properties such as improved machinability, high strengths and shorter curing time is expected to fuel industry growth over the forecast period. Growing popularity among industries such as marine, and electronics owing to its enhanced mechanical properties is anticipated to open new market avenues for the product over the next eight years.

Hot-melt is the most commonly used manufacturing process, it accounted for over 70% of the segment in 2015. This technique is used for both unidirectional as well as fabric prepregs and hence is adopted by numerous manufacturers. Also, the cost-effectiveness of this process is expected to fuel its adoption over the forecast period.

Resin Type Insights

Thermosetting resin holds the largest market share owing to its widespread use in aerospace, automotive, and marine applications. The growth of the automotive industry, especially in emerging economies of Asia Pacific, on account of growing disposable income and rising need for four wheelers among consumers, is expected to propel product demand over the next eight years.

Thermoplastic resins are expected to gain significant share over the next eight years on account of its superior properties such as moisture and solvent resistance coupled with its fire retardant nature. The segment accounted for USD 1.85 billion in 2015 owing to rising need for polymer composite molded parts primarily in the automotive industry.

Application Insights

Aerospace & defense dominated the application segment accounting for over 35% of global volume in 2015. Rising product use in the manufacturing of numerous aerospace parts including cargo and passenger floor panels, air ducts, ceiling panels, lavatories, overhead compartments, cabin linings, bars, seats, fins & winglets, and brackets on account of their lightweight nature is expected to fuel demand over the forecast period.

Wind energy was the second-leading application segment with an overall share of 22.9% in 2015. Prepreg is widely used in manufacturing various components of wind turbines, owing to their high strength and fatigue resistance. It is used in wind turbine rotor blades. Tailing edge, spar caps, shear webs, and wind rotors are the key parts of wind turbines using prepreg. The wind energy sector requires turbines long, light and durable blades to improve efficiency. Increasing use of the material in wind turbines is expected to drive the segment growth over the next few years.

Fiber Type Insights

Carbon is the most widely used fiber type employed for the manufacture of prepregs owing to the advanced mechanical and chemical properties of the material such as such as excellent surface finish and low porosity. In addition, carbon fiber type prepregs can be stored at room temperature and are easier to handle and store. The segment revenue was valued at USD 3.53 billion in 2015 and is expected to witness substantial growth over the forecast period.

Growing demand for high strength materials in aerospace and wind energy industries is projected to fuel demand over the forecast period. Carbon fiber-based prepreg is widely used to manufacture several aircraft components such as air ducts, interiors, flooring carpets, seats, cargo floor, and containment case. Moreover, they have extensive usage in sporting goods such as golf club shafts, fishing rods, and tennis racket frames.

Regional Insights

North America dominated the regional market 2015 with an overall share of over 39%, which can be attributed to the presence of a robust wind energy and aerospace sectors in the region. The wind energy market in North America is expected to grow at a significant rate over the next few years, which in turn is expected to fuel the product demand over the forecast period.

Furthermore, use of carbon fiber products for the production of wind turbines enables longer blade and more efficient designs, and also optimizes weight-to-stiffness ratio in longer blades. These benefits of the product are expected to fuel its demand in wind energy applications over the next eight years.

Asia-Pacific is expected to witness rapid growth over the next eight years on account of tremendous growth in wind capacity installations across key emerging economies, including India, China and Indonesia. China accounted for the largest share in the region owing to increased adoption of wind energy at a rapid pace.

Prepreg Market Share Insights

The key players in the industry include Park Electrochemical Corp., Axiom Materials, Inc., Mitsubishi Rayon Co., LTD, Royal Ten Cate NV, Teijin Limited, Hexcel Corporation, Gurit Holding, SGL Group, Toray Industries, and Cytec Industries. Industry participants engage in strategic initiatives such as mergers & acquisitions, technological collaborations, and adoption of new and advanced technology in order to expand market share.

In January 2016, Hexcel Corporation announced the introduction of its CFRP technology in the BMW7 series. The company supplies unidirectional carbon prepregs made from HexPly M77 resin system to BMW.

Furthermore, facility expansion has been a primary focus point for several key players, in recent years. In November 2015, Mitsubishi Rayon Co., Ltd. announced its plan to establish a plant at Vilshofen, Germany, to produce SMC (Sheet Molding Compound) intermediate materials, which could help the company in developing a wider range of quick-cure prepregs.

Report Scope

Segments covered in the report

This report forecasts volume and revenue growth at regional & country levels, and provides an analysis on the industry trends in each of the sub-segments from 2013 to 2024. For the purpose of this study, Grand View Research has segmented the global prepreg market report on the basis of fiber, resin, manufacturing, application, and region:

• Fiber Outlook (Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)

  • Carbon

  • Glass

  • Aramid

• Resin Outlook (Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)

  • Thermosetting

  • Thermoplastics

• Manufacturing Process Outlook (Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)

  • Hot-melt

  • Solvent dip

• Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)

  • Aerospace & defense

  • Wind energy

  • Sporting goods

  • Automotive

  • Others

• Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)

  • North America

    • U.S

  • Europe

    • Germany

    • UK

    • Russia

  • Asia Pacific

    • China

    • India

    • Vietnam

  • Central & South America

    • Brazil

  • Middle East & Africa