The global prepreg market growth is expected to progress at a CAGR of 9.02% in terms of volume and 10.41% in terms of revenue during the forecast period, 2021-2028. The growing use of prepreg in wind energy, ease of use, demand from the automotive industry, and the increasing use in the aerospace and defense sectors propel market growth.
Prepregs are reinforcing fabrics saturated with resin products that find applications in the preparation of multilayer boards. They also offer unique properties attributed to their manufacturing by curing under high pressures and temperatures.
Composites are used in trucks and cars, particularly under the hood and interiors. High-performance automobiles have long used carbon fibers. Also, currently, new high-speed manufacturing technologies facilitate the incorporation of carbon fibers in manufacturing vehicles. In addition, the automotive sector entails a growing demand for better and fuel-efficient automobiles. Besides, manufacturers are inclined to produce light and improved exterior and interior parts that substantially enhance fuel efficiency.
Furthermore, there has been a shift from e-glass to carbon fiber composite materials for fuel-efficient and lightweight vehicles. Additionally, carbon composite materials are incorporated into more diverse structures, given the advanced R&D by carbon fiber manufacturing companies. Such aspects increase the need for prepregs in the automotive industry. This further drives the global prepreg market growth. However, the market growth is restrained by cost-prohibitive, limited shelf life, and technological limitations.
The global prepreg market growth evaluation includes the analysis of North America, Europe, Asia-Pacific, and Rest of World. North America is the dominating region in the global market in terms of revenue and volume. The rising use of prepreg in electric cars and aircraft, and the presence of established market players, contribute to the region’s market prospects.
The increasing demand for prepreg has led to leaders implementing competitive strategies like mergers & acquisitions and capacity expansions, thereby increasing the competitive rivalry. Hexcel Corporation, Park Aerospace Corporation (Formerly Park Electrochemical), Mitsubishi Rayon Co Ltd (Mitsubishi Chemical Corporation), Gurit Holding AG, etc., are among the key firms in the market.
Our report offerings include:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments