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The carbon prepreg market is expected to register a CAGR of over 6%, during the forecast period. Increasing demand from the aerospace and defense sector is one of the major factors that is driving the market. However, storage temperature restriction is expected to hinder the growth of the carbon prepeg market.
- The automotive sector dominated the market and is expected to grow during the forecast period.
- Increasing application in the electronics industry is likely to act as an opportunity in the future.
- North America dominated the market across the world, with a share of over 30%, followed by Europe and Asia-Pacific.
Key Market Trends
Increasing Applications from the Automotive Industry
- Carbon prepregs have experienced widespread use in the automotive industry, owing to their high strength-to-weight ratios, corrosion resistivity, and workability features. They are replacing metals in various automotive applications due to their light-weight but tough features, which contributes to lesser fuel consumption.
- Automotive manufacturers, such as BMW, Mercedes-Benz, McLaren, Chevrolet, and Lamborghini have committed themselves to increase the usage of carbon fiber, such as CFRP components in their vehicles, as they contribute to the reduction in weight.
- Companies, such as Daimler and Toray Industries provide CFRP automotive parts to their consumers. In recent times, more automotive companies are forming close partnerships with carbon fiber manufacturers to conduct research and realize the dream to commercialize automotive CFRPs.
- Carbon fiber manufacturers, such as Oak Ridge National Laboratory’s (ORNL) carbon fiber composites consortium is well connected with various OEM manufacturers, tier-one players, and various other major material suppliers in the industry.
- In the automotive industry, the use of such materials is found in front bumpers, splitters, fenders, wheel arches, brake ducts, bonnets, vents, roofs, and door liners to name a few.
- With the growing automotive industry and the increasing need for materials that will help to save fuel consumption, the market for carbon prepreg is expected to continue to increase during the forecast period.
North America to Dominate the Market
- North America dominated the carbon prepreg market, contributing to a share of more than 30%. The aerospace and defense sector is one of the promising sectors in the region.
- In defense applications, prepregs are used in ballistic and blast protection systems in armored vehicles and structural components for vehicles in the United States.
- In addition to this, major players in the United States are planning to increase their investments for the development of carbon prepregs, for use in newer applications in the energy sector, which is expected to increase the consumption of carbon prepregs in the coming years.
- The United States is the second-largest producer of automobiles in the world. The production of automobiles in the country had recorded a robust growth in the past. However, the growth decreased by almost 8.13% recently, due to the excess inventory and low demand for passenger cars.
- Hence, the increased emphasis on the aerospace and defense sector and automobile industries, along with the growth of other end-users across the region, is expected to augment the growth of the global carbon prepreg market over the forecast market.
The carbon prepreg market is partially consolidated among the leading players, with the top-five players accounting for a major chunk of the market share. Major recognized players include Axiom Materials, Teijin Limited, Hexcel Corporation, Toray Industries, and Mitsubishi Chemical Carbon Fiber and Composites.
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