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Prepreg Market Trends, Size, Top Trends, Future Scope And Outlook 2033
Prepreg Market Trends
Prepreg Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $16 billion In 2028 At A CAGR Of 12.6% :
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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Prepreg Market Major Segments
The prepreg market covered in this report is segmented -
1) By Type of Fiber Reinforcement: Carbon Fiber Prepreg, Glass Fiber Prepreg, Other Types of Fiber Reinforcement
2) By Form: Tow Prepreg, Fabric Prepreg
3) By Manufacturing Process: Hot-Melt Process, Solvent Dip Process
4) By Application: Aerospace And Defense, Wind Energy, Automotive, Sporting Goods, Electronics (PCB), Other Applications
Key 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.
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Prominent 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.
Prepreg Market Players
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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Largest And Fastest Growing Region In The Market
North America was the largest region in the prepreg market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the prepreg market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Prepreg Market Report Structure
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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