Carbon Fiber Prepreg Market worth $18.9 billion by 2027 | Key players Mitsubishi Chemical Carbon Fiber and Composites, Inc. (Japan), Solvay (Belgium), Teijin Limited (Japan).

According to recent market research the "Carbon Fiber Prepreg Market by Resin Type (Epoxy, Phenolic, Thermoplastic, BMI, Polyimide), Manufacturing Process (Hot Melt, Solvent Dip), End-use Industry (Aerospace & Defense, Automotive, Sports & Recreation, Wind Energy) - Global Forecast to 2027", The global carbon fiber prepreg market size is expected to grow from USD 9.7 billion in 2022 to USD 18.9 billion by 2027, at a CAGR of 14.2% during the forecast period. Carbon fiber prepreg is used in aerospace & defense, wind energy, sports & recreation, automotive, and other end-use industries. Some of the major drivers identified in the market are the increasing use of carbon fiber prepreg in electric cars. Another major driver is the growing demand for carbon fiber prepreg due to increased commercial aircraft production.

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Carbon fiber prepregs are developed and manufactured through two manufacturing processes, namely, hot melt and solvent dip. The hot melt process dominated the overall carbon fiber prepreg market. The machinery required to perform the hot melt process is less complex than the machinery used in the solvent dip process. Furthermore, this process is less hazardous, and no organic solvents are consumed or emitted during operations.

The market for carbon fiber prepreg is segmented on resin as epoxy, phenolic, BMI, thermoplastic, polyimide, and others. Epoxy resin dominates the overall carbon fiber prepreg market as it is widely applicable in aerospace & defense, automotive, sports & leisure, wind energy, and other industries. Due to their unique molecular structure, epoxy-based carbon fiber prepregs are lightweight and strong and, therefore, can be used in aircraft tails and fuselage.

The aerospace & defense industry accounted for 68.9%, in terms of value, of the overall carbon fiber prepreg market in 2021. The market size in this segment is projected to reach USD 13,062.0 million by 2027 at a CAGR of 14.2%. This growth is expected to be driven by the increase in the delivery of Boeing-787 and Airbus-350 aircraft during the forecast period. According to Boeing Market Outlook, 2019-2038, the Asia Pacific region plans to acquire 17,390 new airplanes; Europe - 10,270; North America - 9,130; Latin America - 2,960; and the Middle East & Africa - 3,130. This is expected to result in a significant consumption of carbon fiber prepreg for the manufacturing of composite components.

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Europe is the largest carbon fiber prepreg market across the world. The aerospace & defense, wind energy, and automotive industries have huge demand for carbon fiber prepregs for various structural applications. In Europe, there is presence of distinguished automotive players such as BMW, Rolls-Royce, Mercedes-Benz, and Jaguar. These companies are expanding their R&D efforts in collaboration with carbon fiber prepreg manufacturers to decrease the weight of cars by using high-performance carbon fiber prepregs for structural applications.

The key players in the carbon fiber prepreg market include Mitsubishi Chemical Carbon Fiber and Composites, Inc. (Japan), Solvay (Belgium), Teijin Limited (Japan), Toray Industries Inc. (Japan), Hexcel Corporation (US), Gurit Holding AG (Switzerland), SGL Carbon (Germany), Park Aerospace Corp. (US), and Axiom Materials, Inc. (US), and others. These players are adopting the strategies of new product launches, expansions, and agreements to maintain their competitive position in the carbon fiber prepreg market.

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Mitsubishi Chemical Carbon Fiber and Composites, Inc., a subsidiary of Mitsubishi Chemical Holdings Corporation, deals in the business of fibers and chemicals and provides water purification solutions. The company manages its business through five main business segments, which include chemicals, plastics, fiber, carbon fiber, composite materials, and aqua (water-related solutions). The carbon fiber and composite materials segment manages its carbon fiber prepreg business. Mitsubishi Chemical Carbon Fiber and Composites, Inc. has four manufacturing sites in Japan and has acquired carbon fiber manufacturing companies in North America and Europe. The company has four manufacturing facilities in Japan and overseas services in the US, Hong Kong, China, and Germany. It also has a presence in other regions with sales representatives and distribution centers.

Solvay is one of the leading players in the plastic and chemical business worldwide. The company is primarily engaged in developing, manufacturing, and selling products for agro, feed & food, automotive & aerospace, building & construction, customer goods & healthcare, electrical & electronics, energy & environment, and industrial applications. Cytec Industries, which was acquired by Solvay, included its former aerospace materials and industrial materials activities in the Materials segment and its process separation and additive technologies activities in the chemicals segment of Solvay. The company has four major segments, which are Solutions, Chemicals, Materials, and Corporate & Business Services. This acquisition of Cytec Industries is expected to boost Solvay's growth by making it one of the world's largest producers of carbon fiber prepreg material for the market. Solvay provides its carbon fiber prepreg products through the Aerospace Materials and Industrial Materials segments of Cytec Industries. The Aerospace Materials segment provides aerospace-qualified prepreg, resin infusion systems, structural/surfacing adhesive films, and high-performance standard modulus carbon fibers.

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