Press release
Prepreg Global Market Report 2024: Key Players, Demand Patterns And Forecasts 2033 | Axiom Materials Inc., Gurit Holding AG, Hexcel Corporation, Mitsubishi Chemical Carbon Fiber And Composites Inc
Prepreg Market Characteristics
The Business Research Company offers in-depth market insights through Prepreg Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The prepreg market size has grown rapidly in recent years. It will grow from $8.79 billion in 2023 to $9.95 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to growth in aerospace and aviation industries, demand for lightweight and high-performance composites, expansion of automotive and wind energy applications, development of advanced prepreg materials, regulatory standards for material safety, advancements in composite manufacturing technology, increase in sports and leisure equipment..
The prepreg market size is expected to see rapid growth in the next few years. It will grow to $16 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to sustainable and recyclable prepreg materials, customized prepreg solutions for specific applications, growth in electric and hybrid vehicle production, expansion in space exploration and satellite technology, increased use in medical and healthcare devices.. Major trends in the forecast period include smart and sensor-integrated prepreg composites, regulatory compliance in prepreg material safety, bio-based and biodegradable prepreg materials, nanotechnology-enhanced prepreg composites, personalized prepreg solutions for specific industries..
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Market Segmentation:
The main types of prepreg are carbon fibre prepreg, glass fibre prepreg, and other types of fibre reinforcement. Glass fibre prepreg refers to composite materials such as carbon, graphite, or glass fibres that are ""pre-impregnated"" with resins and then cured. The forms are tow prepreg and fabric prepreg. The manufacturing process is the hot-melt process and solvent dip process. The various applications involved aerospace and defense, wind energy, automotive, sporting goods, electronics (PCB), and other applications.
Major Driver - Automotive Production Fuels Prepreg Market Growth
Growing automotive production is expected to propel the growth of the prepreg market going forward. Automotive refers to the design, operation, manufacture, or sale of automobiles. Prepregs are used for high-performance applications in industries like aerospace, defence, automotive, sports, and wind energy. For instance, in 2021, according to ACEA, a Belgium-based association of the automobile industry, 79.1 million motor vehicles were produced around the world, an increase of 1.3% compared to 2020. Therefore, growing automotive production is driving the growth of the prepreg market.
Competitive Landscape:
Major companies operating in the prepreg market include Axiom Materials Inc., Gurit Holding AG, Hexcel Corporation, Mitsubishi Chemical Carbon Fiber And Composites Inc., Park Aerospace Corporation, Solvay S.A., Teijin Limited, Toray Industries Inc., Plastic Reinforcement Fabrics Ltd., Rock West Composites Inc., SHD Composite Materials Ltd., GMS Composites, ACP Composites Inc., Celanese Corporation, SGL Group SE, Hanyang Corporation, Composites One, Saudi Basic Industries Corporation (SABIC), Airtech Advanced Materials Group, Isola Group, Olin Corporation, Zoltek Companies Inc., Park Electrochemical Corp., Henkel AG & Co. KGaA, Socomore, Kineco Group, Cristex, North Thin Ply Technology (NTPT)
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Top Trend - Technological Advancements And Innovative Products In The Prepreg Market
Technological advancements are a key trend gaining significant popularity in the prepreg market. Major companies operating in the prepreg market are focused on developing new technological solutions to strengthen their position. For instance, in October 2023, Solvay, a Belgium-based company operating in prepreg, launched SolvaLite 716 FR is a revolutionary fast-curing epoxy prepreg technology designed for a variety of structural elements and reinforcements in premium battery electric vehicles (BEVs). SolvaLite 716 FR, features involves Solvay's proprietary Double Diaphragm Forming (DDF) technology, targeted at flame-retardant battery enclosure applications for premium and super-premium BEVs possesses a dry glass transition temperature (Tg) of 145°C (293°F) and has been shown in practical UL 2596 flammability testing to surpass aluminum and discontinuous fiber composites by offering protection at a wall thickness of 2mm. SolvaLite® 716 FR is designed for quick curing, with an eight-minute press cure time at 150°C (302°F); with greater temperature and lower cycle time capability.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Prepreg Market Characteristics
3. Prepreg Market Trends And Strategies
4. Prepreg Market - Macro Economic Scenario
5. Prepreg Market Size And Growth
…..
27. Prepreg Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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