Press release
Prepreg Market Size, Share and Trends Analysis Report 2023-2031
The global prepreg market is estimated to reach over USD 25.69 billion by 2031, exhibiting a CAGR of 13.16% during the forecast period.
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Prepreg is a reinforcing fiber pre-impregnated with a particular ratio of either a thermoplastic or thermoset resin. Prepreg is a composite material that is being used in more and more applications because of its high strength, homogeneity, and repeatability, as well as its reduced wastage and quick curing times. It is utilized in various aircraft interiors, automotive, aerospace, and electronic-transmission applications, sporting goods, and high-impact surfaces, to name a few.
The market is expected to expand due to the rising use of the production of wind turbines and the rising use of renewable energy sources. Greater vehicle sales due to industrialization and urbanization growth have raised demand in the automotive industry. The aerospace and defense industries have also accelerated uptake. Increased defense investment and increased commercial aircraft manufacturing have sped up market expansion. Import restrictions put in place to stop the virus's spread have also slowed the market's expansion.
List of Prominent Players in the Prepreg Market:
• Solvay Group
• Hexcel Corporation
• Toray Industries, Inc.
• Teijin Limited
• Mitsubishi Chemical Holdings Corporation
• SGL Group
• Axiom Materials
• Gurit Holding AG
• Park Aerospace Corp.
• Plastic Reinforcement Fabrics Ltd.
Market Dynamics:
Drivers-
Since it offers several useful properties, like lightweight, increased fuel efficiency, reduced material usage, and fewer emissions, the prepreg is in high demand on the market. Prepreg is also used for outdoor applications due to its durability, particularly in construction and logistics. It has helped prepreg become more well-liked and widely used by end users. Lightweight prepreg made with carbon fibers is known as carbon fiber prepreg. Compared to other fiber prepregs, this one has additional advantageous mechanical characteristics, including high strength, low density, and modulus of elasticity. The prepreg market is anticipated to increase faster due to the increasing demand for carbon fiber prepreg.
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Challenges:
The high cost of production and processing and the difficulties related to the prepreg's recyclability will slow the market's expansion. The development of inexpensive technologies will also hamper the growth pace of the prepreg market. The lack of demand and availability for raw materials due to the lockdown will also be a significant obstacle to expanding the prepreg sector.
Regional Trends:
The North American prepreg Market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly. This expansion can be attributed to North America's quickly growing aviation industry. A third of the world's operational fleet need is anticipated to be satisfied in the region, which will enhance the production of aircraft parts and airframes during the next ten years. The aircraft manufacturing business is expected to expand as demand for new-generation aircraft rises, supporting regional market growth throughout the projection period.
Recent Developments:
• In August 2021, the Manufacturer of epoxy prepreg material Notus Composites, announced the inclusion of a high-performance epoxy range introduction of NE7 low-temperature curing prepreg system. This launch has a variety of applications in the industrial, marine, wind energy, and architectural fields.
• In April 2022, Hitachi Power Solution introduced cutting-edge services, such as "Blade Total Service." This blade's entire service reduces the risk of wind power outages due to stress produced by fusing drones and artificial intelligence technology.
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Segmentation of Prepreg Market-
By Type Fiber Reinforcement
• Carbon Fiber Prepreg
• Glass Fiber Prepreg
• Others
By Resin Type
• Thermoset Prepreg
o Epoxy
o Polyester
o Others
• Thermoplastic Prepreg
o Peek
o Others
By Form
• Tow Prepreg
• Fabric Prepreg
By Manufacturing Process
• Hot-Melt Process
• Solvent Dip Process
By Application-
• Aerospace & Defense
• Wind Energy
• Sporting Goods
• Electronics (PCB)
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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