The Market of Thermoset Prepreg is to grow at CAGR 6.8% by 2024

The new report of Stratview Research analyses the Thermoset Prepreg Market over the trend period from 2013 to 2018 and forecast period from 2019 to 2024. 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 Thermoset Prepreg Market: Highlights
Composite materials have gained significant traction in a wide array of industries, such as aerospace & defense, automotive, wind energy, marine, construction, and consumer goods, in order to fabricate parts at a lesser time and with higher mechanical properties in comparison to traditional materials such as metal, wood, and plastics. Prepregs are gradually becoming a common material used in the fabrication of parts where ease of use, consistent properties, and high-quality surface finish are critical, such as aircraft’s fuselage and wings, wind turbine’s blades, passenger car’s passenger cell, golf shaft, and hockey sticks. Between types of prepregs, thermoset prepreg is the most common and are generally made using resin systems, such as epoxy and phenolic; reinforced with glass, carbon, or aramid fibers.

The Growth Prognosis & its Drivers
The global thermoset prepreg market is projected to grow at a healthy rate over the next five years to reach US$ 6.8 billion in 2024. Currently, thermoset prepreg accounts for more than 75% of the total prepreg market and is expected to remain the most dominant in the years to come, propelled by organic growth of the aircraft industry, surge in the production rate of next-gen. aircraft programs (A350XWB and B787), increasing preference towards composite parts over traditional metallic ones, development of longer and larger wind turbine blades, reduction in part cycle time, and requirement of lightweight and durable components/parts.

Market Segments
The thermoset prepreg market is segmented based on the resin type as epoxy prepreg, phenolic prepreg, BMI prepreg, cyanate ester prepreg, and polyimide prepreg. Epoxy prepreg is projected to maintain its dominance in the market over the next five years. Components/parts fabricated with epoxy prepreg shows excellent strength, durability and chemical resistance. Epoxy prepreg offers high performance at elevated temperatures, with hot/wet service temperatures up to 121°C.

Based on the end-use industry type, the thermoset prepreg market is segmented as aerospace & defense, wind energy, consumer goods, marine, automotive, construction, and others. Aerospace & defense is likely to remain the growth engine of the market during the forecast period. Thermoset prepreg has been the predominant material type in the aerospace & defense composites over the eons and is preferably used in all the crucial sections of aircraft. Several factors proliferating the growth of thermoset prepregs in the aerospace & defense industry are increasing penetration of composite materials in the next-gen. aircraft programs; organic growth of the aircraft industry coupled with an increase in the production rates of the key aircraft programs including B737, B787, A320, and A350XWB; rising demand for fuel-efficient aircraft, an excellent track record of composite materials; and increasing demand for lightweight and corrosion-resistant parts.

Based on the fiber type, the thermoset prepreg market is segmented as carbon fiber prepreg, glass fiber prepreg, and others. Carbon fiber prepreg dominated the global thermoset prepreg market in terms of value, whereas glass fiber prepreg dominated the market in terms of volume. Carbon prepreg is expected to witness the highest growth in terms of both value and volume during the forecast period, owing to its numerous advantages, such as excellent strength-to-weight ratio, high tensile and compressive strength, low coefficient of thermal expansion, and high fatigue resistance.

Based on the curing type, autoclave is likely to remain the most dominant curing type during the forecast period. Most of the composite parts for the A&D industry are cured through the autoclave process. Autoclave process helps to produce composite parts with fiber volume fractions as high as 60% and void content less than 1%. Aircraft primary structures, such as wings, fuselages, and empennage, are increasingly fabricated using composite materials with curing through the autoclave.

The out-of-autoclave segment is likely to grow at the highest CAGR over the next five years. Out-of-autoclave curing type offers the biggest advantages of low-cost production of composite parts and eliminates the investment in purchasing capital-intensive autoclaves, freezing storage, and tools. Furthermore, the other major advantages of out-of-autoclave curing, which further reinforce its claimant in thermoset prepreg business, are low energy consumption, low-part cycle time, and a higher degree of part integration.

Based on the region, North America is projected to remain the largest market for thermoset prepregs during the forecast period. The USA is the growth engine of the region’s market with the presence of a large number of OEMs, tier players, distributors, and raw material suppliers. The country is not only the largest market in North America but also in the world. Most of the major thermoset prepreg manufacturers have their presence in the region in order to cater huge demand from a wide array of industries including aerospace & defense, wind energy, marine, oil & gas, and construction.

Asia-Pacific is likely to depict the highest growth during the same period, driven by China, India, and Japan. Growing penetration of composite materials including thermoset prepregs in various end-use industries is driving the extraordinary growth of the region’s market. Economic development in the major Asian economies along with growing the disposable income of consumers is further acting as a catalyst towards the growth of the region’s market.

Market Players
The supply chain of this market comprises raw materials suppliers, thermoset prepreg manufacturers, tier players, distributors, and end-users/OEMs.The key thermoset prepreg manufacturing companies are Hexcel Corporation, Solvay S.A. (Cytec Industries), Toray Advanced Composites Inc., Axiom Materials, Inc., Gurit Holding AG, SGL Group, Mitsubishi Chemical Carbon Fiber and Composites Inc., Renegade Materials Corp., Park Electrochemical Corp., and Teijin Group. Execution of mergers & acquisitions, development of new applications, advancements in prepregs, and forming long term supply agreement with part fabricators are the key strategies adopted by the major players to gain a competitive edge in the market.

Comprehensive Market Coverage
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This release was published on openPR.