Press release
Aerospace Prepreg Market in Aerospace industry is likely to reach an estimated value of US$ 4.9 billion in 2024. – Stratview Research Market Report
The research studies Aerospace Prepreg market in the trend period of 2013 to 2018 and forecasted period of 2019 to 2024 under given segments - by Platform Type (Commercial Aircraft, Military Aircraft, General Aviation, Regional Aircraft, Spacecraft, and UAV), by Fiber Type (Carbon Prepreg, Glass Prepreg, and Aramid Prepreg), by Resin Type (Epoxy Prepreg, Polyimide Prepreg, BMI Prepreg, PPS Prepreg, Cyanate Ester Prepreg, PEEK Prepreg, PEI Prepreg, and Others), by Form Type (UD Prepreg and Fabric Prepreg), by Curing Type (Autoclave, Out of Autoclave, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024.The study finds –
North America is expected to remain the largest market for aerospace prepreg during the forecast period. The USA is the growth engine of the region’s market with the presence of major aircraft OEMs, tier players, raw material suppliers, and part fabricators.
The market is segmented as autoclave, out of the autoclave, and others. Autoclave is expected to remain the largest segment of the market during the forecast period.
The market is segmented as epoxy, polyimide (PI), bismaleimide (BMI), polyphenylene sulfide (PPS), cyanate ester, polyether ether ketone (PEEK), polyetherimide (PEI), and others. Epoxy prepreg is expected to remain the most widely used resin system in the market during the forecast period.
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The Aerospace Prepreg Market: Highlights
Composite materials have been witnessing the most disruptive journey especially in the aerospace & defense industry where the penetration of advanced composites has reached up to 53% of the total structural weight of the next-generation aircraft programs, such as A350XWB and B787, in order to make the aircraft lightweight yet durable with an ultimate aim to enhance fuel efficiency. Prepreg is an intermediate material and is one of the most common forms of composite materials in which the reinforcement material is pre-impregnated with either thermoplastic or thermoset resin system in a predefined ratio. It is one of the most preferred materials used for fabricating different parts and components in the aerospace industry as it enables consistent resin/matrix ratio in the finished product, thus delivering uniform mechanical and physical properties throughout the final part or component.
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The prepreg market is expected to grow at a healthy rate over the next five years to reach an estimated value of US$ 4.9 billion in 2024. Currently, aerospace alone accounts for more than 70% of the total prepreg market and it is expected to gain further share in the years to come, propelled by an incessant increase in the penetration of composites in the upcoming aircraft programs with prepreg being the material of choice.
The market for aerospace prepreg is gradually consolidating as the major companies are performing mergers & acquisitions to quickly gain the leading position and to tap growing opportunities in the market. For instance; Solvay S.A., a leading global supplier of advanced material for a wide array of applications, acquired the Cytec Industries Inc. at a total purchase price of approximately US$ 5.5 Billion. After the acquisition of Cytec Industries Inc.; Solvay S.A. has become the second-largest player in the aerospace prepreg market.
Similarly, in 2018, Toray, the world’s largest carbon fiber manufacturer, acquired TenCate Advanced Composites Holding B.V. (TCAC), a fully-owned subsidiary of Koninklijke Ten Cate B.V., at an agreed purchase price of 930 million Euro. TCAC is the leading supplier of carbon fiber-reinforced thermoplastic tapes and high heat-resistant thermoset prepregs to the aerospace industry.
Several factors driving the growth of prepreg in the aerospace industry are increasing demand for fuel-efficient aircraft coupled with composites becoming the material of choice; increasing production of the prepreg-rich aircraft programs including B787 and A350XWB; upcoming aircraft programs with high composites content; and introduction of fuel-efficient variants of the best-selling aircraft programs including B737 Max and A20neo with a greater use of composites.
Among all the factors, increasing production rates of key commercial aircraft programs are primarily driving the demand for aerospace prepregs. Both major commercial aircraft OEMs, Airbus and Boeing, are incessantly increasing the production of their best-selling aircraft in order to meet huge order backlogs of 13,528 commercial aircraft as of December 31, 2018. Irkut and COMAC, the newcomers in the commercial aerospace industry, also hold excellent order backlogs for their upcoming commercial aircraft programs, which is likely to further bolster the demand for prepreg in the coming years.
The market is segmented based on the platform type as commercial aircraft, military aircraft, general aviation, spacecraft, UAVs, and regional aircraft. Commercial aircraft is expected to remain the largest and fastest-growing segment of the market during the forecast period. Increasing production rates of key programs, such as B787, and A350XWB supported by an incessant increase in the demand for fuel-efficient aircraft; market entry of new players, such as COMAC and Irkut; introduction of variants of existing best-selling aircraft programs, such as B737 max, A320neo, and B777X; and rising commercial aircraft fleet across regions are the key factors propelling the demand for prepregs in the commercial aircraft segment.
Based on resin type, the market is segmented as epoxy, polyimide (PI), bismaleimide (BMI), polyphenylene sulfide (PPS), cyanate ester, polyether ether ketone (PEEK), polyetherimide (PEI), and others. Epoxy prepreg is expected to remain the most widely used resin system in the market during the forecast period. Epoxy resins bond well with reinforcement materials, such as carbon fiber and glass fiber. Further, they also offer excellent interlaminar strength and mechanical properties, good chemical resistance, and high electrical insulation, which make them a preferred resin system for a wide array of applications including fuselage, wings, control surfaces, as well as interior applications.
Based on the curing type, the market is segmented as autoclave, out of the autoclave, and others. Autoclave is expected to remain the largest segment of the market during the forecast period. Autoclave curing have decades of excellent track record in the aerospace composites market and is projected to remain one of the most vital curing systems in the aerospace industry. Autoclave curing leads to an excellent surface finish with low void content as well as high pressure ensures good mechanical properties, which make it the most preferred curing process.
In terms of regions, North America is expected to remain the largest market for aerospace prepreg during the forecast period. The USA is the growth engine of the region’s market with the presence of major aircraft OEMs, tier players, raw material suppliers, and part fabricators. Most of the major prepreg manufacturers have their presence in the region to address the emergent needs of the OEMs in order to be the partner for their upcoming aircraft programs or upcoming fuel-efficient variants of existing aircraft programs.
Asia-Pacific is likely to witness the highest growth during the same period, driven by a host of factors including increasing demand for commercial aircraft to support rising passenger traffic; the opening of assembly plants of Boeing and Airbus in China for B737, A320 and A330 aircraft programs; upcoming indigenous commercial and regional aircraft (COMAC C919 and Mitsubishi MRJ); rising aircraft fleet size and increasing military spending by countries such as China and India.
The supply chain of this market comprises raw material suppliers, prepreg suppliers, tier players, aircraft OEMs, airline companies, aircraft leasing companies, and MRO companies. The key players in the aerospace prepreg market are Hexcel Corporation, Cytec Solvay Group, Toray Industries, Teijin Group, and Gurit Holdings, AG. Execution of mergers & acquisitions, development of new applications, advancements in prepregs are the key strategies adopted by the major players to gain a competitive edge in the market.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum input to the entire value chain of Aerospace Prepreg. The key features of the report are -
Market structure: Overview, industry life cycle analysis, supply chain analysis
Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
Market trend and forecast analysis
Market segment trend and forecast
Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
Attractive market segments and associated growth opportunities
Emerging trends
Strategic growth opportunities for the existing and new players
Key success factors.
Stratview follows a rigorous process for conducting business research from primary and secondary sources to understand the entire market ecosystem. It has several high value market reports in the Aerospace & defence industry. Please refer to the following link to browse through the reports:
Click Here for Other Reports from Stratview Research in the Aerospace & Defence Industry: https://www.stratviewresearch.com/market-reports/Aerospace-Defense.html
Stratview Research is a global market intelligence firm offering a wide range of services including syndicated market reports, consulting, sourcing intelligence, and customer research.
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