The Market of BMI Prepreg is to grow at CAGR 6.3% by 2023

The new report of Stratview Research analyses the BMI Prepreg Market over the trend period from 2012 to 2017 and forecast period from 2018 to 2023. The insights of the report shall enable informed decision making and strategy formulation for the near future to capitalize on the opportunities.

Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
• Strategic segmentation
• Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Detailed Competitive Rivalry landscaping
• Market trend and forecast analysis
• Future Growth Boulevards

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The Global BMI Prepreg Market: The Growth Prognosis & its Drivers
The BMI prepreg market will continue to flourish with sizeable growth opportunities in the coming five years. It is estimated that the global BMI prepreg market is likely to grow at an excellent CAGR of 7.8% over the next five years. Growth of BMI prepreg would be higher than the overall prepreg market (7.8% vs 5.9%) over the next five years.

Market Segments
The global BMI prepreg market is segmented based on the end-use industry type as aerospace, defense, and others. Aerospace is likely to remain the most dominant segment of the global BMI prepreg market during the forecast period. Increasing production rates of the fifth- generation military fighter aircraft F-35 (Joint Strike Fighter) is likely to give an impetus to the demand for BMI prepreg in the segment in the coming years. Lockheed Martin announced that it increased the deliveries of F-35 by 40% in 2017 than the previous year. The company is likely to further increase its annual deliveries from 66 aircraft in 2017 to an expected delivery of 160 aircraft in 2023.

Based on the application type, tooling is likely to remain the most dominant application over the next five years. BMI prepreg, in tooling application, serves high Tg (glass transition), which can be used across all the major structural parts in the aerospace & defense industry. It offers good mechanical performance, toughness, robust tooling, and durability with an excellent surface finish.

Based on the curing type, the autoclave is projected to maintain its dominance in the market over the next five years. Aircraft primary structures, such as wings, fuselages, and empennage components, were mostly fabricated by using composite materials and cured through an autoclave. High pressure of autoclave ensures good mechanical properties and helps reduce void contents. The segments of out-of-autoclave and others are also likely to witness healthy growth rates in the market during the forecast period.

Based on regions, North America is projected to remain the largest market for BMI prepreg during the forecast period, driven by the presence of world’s leading aircraft OEMs, aeroengine manufacturers, tier players, prepreg manufacturers, and raw material suppliers. The USA is the growth engine of the region’s market. Lockheed Martin has opened a new manufacturing facility to produce F-35 aircraft in Pinellas Park, Florida, the USA, to raise the existing production rate, which will generate the high demand of BMI prepreg in this region.

Europe, another major market, is also projected to create favorable growth opportunities during the forecast period. Dassault Aviation, BAE Systems, and Airbus Group are some of the key OEMs, which are driving the demand for BMI prepregs in the European market.

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, 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.

Market Players
The supply chain of this market comprises raw material suppliers, BMI prepreg manufacturers, part fabricators, engine manufacturers, aircraft OEMs, defense OEMs, Auto OEMs, airlines, leasing companies, and MRO companies. Major BMI prepreg companies are GMS Composites, Hexcel Corporation, Mitsubishi Chemical Carbon Fiber and Composites (MCCFC), Renegade Materials Corporation, Solvay S.A., and Koninklijke TenCate nv. Development of prepreg system, which can withstand extremely high temperature with ease of manufacturing processes; reduced operational cost; and formation of strategic alliances are some of the key strategies adopted by the players to gain a competitive edge in the market.

Comprehensive Market Coverage
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This release was published on openPR.