Thermoset Prepreg Market likely to reach an estimated value of US$ 6.8 billion by 2024, as estimated by Stratview Research

Stratview Research in its recent report has offered an overlook of the current Thermoset Prepreg Market scenarios and has also estimated the Thermoset Prepreg Market to each an estimated value of US$ 6.8 billion by 2024. The insights highlighted in the report are based on data that is carefully collected from reliable sources and is then scrutinized to have a proper analysis.
Not only the report offers the market size but also details about the market segmentation with its share. Stratview Research also extends its research to offer a forecast of the market during the period of 2019 – 2024, to provide the clients with base knowledge of the market and make strategies to have beneficial results ahead.

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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 thermoset prepreg market is slowly heading towards a greater market consolidation as the industry recorded a good number of M&A activities over the past few years. For instance, in 2015, Solvay SA acquired Cytec Industries Inc. in order to enhance its advanced material portfolio. Similarly, in 2018, Toray, the world’s largest supplier of carbon fiber, acquired TenCate Advanced Composites Holding B.V. (TCAC) from Koninklijke Ten Cate B.V. Further, In Feb. 2019, Teijin has agreed to acquire Renegade Materials Corp. to enhance its product portfolio for the aerospace industry.

BMI prepreg is likely to witness the highest growth during the forecast period, owing to the increase in the production of the fifth- generation military fighter aircraft F-35 Joint Strike Fighter (JSF). BMI prepreg can operate at temperatures up to 350°C or above and can be used in a wide array of high-temperature applications, such as tooling, engine nacelles, compressor fairing, thrust reverser, automotive racing components, radomes, and missile propulsion system.

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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.

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.

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Highlights of the Report:
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.
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.

Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

The Thermoset Prepreg Market analysis report discusses the following heads in great detail:
• 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

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