The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Prepreg Market Growth & Trends
The global prepreg market size is expected to reach USD 20.7 billion by 2027 registering a CAGR of 10.6%, according to a new report by Grand View Research, Inc. Benefits of prepreg products, such as cost-effectiveness and low maintenance requirement, are further anticipated to fuel their demand across various sectors. Some of the key application industries include aerospace & defense, automotive, wind energy, and sporting goods.
This is projected to propel the market growth. High demand for lightweight parts from the automotive industry is projected to boost the market growth. Rising fuel prices have augmented the demand for fuel-efficient vehicles, which has prompted a reduction in automotive weight.
Carbon fiber-based prepreg is widely utilized as a substitute to conventional heavier materials on account of its higher strength to weight ratio. Thus, the rising use of prepreg in the automotive industry is anticipated to benefit the market growth. Rising demand for high-strength, lightweight aircraft parts are also projected to propel the market growth.
Prepreg Market Report Highlights
- Carbon fiber accounted for the largest market share of 84.6% in 2019 owing to its superior strength and wide usage as a lightweight material across industries including automotive and aerospace & defense
- Thermoset resins led the market in 2019 and is estimated to retain its leading position over the forecast period due to their superior properties, such as excellent resistance to corrosives, heat, and high temperature, excellent adhesion, high strength, and elasticity
- The hot-melt manufacturing process is projected to register the fastest CAGR of 10.7% from 2020 to 2027 owing to its benefits, such as easy handling, control over resin content, and excellent product quality
- The aerospace & defense is projected to be the largest application segment by 2027 on account of rising utilization of prepreg in aerospace equipment for enhanced fuel efficiency
- North America is estimated to account for the second largest market share by 2027 owing to the increased penetration of prepreg in aerostructure and automotive applications
- Key companies focus on collaborations and joint ventures with the existing manufacturers