Global Prepreg (Prepreg Composite Fibers) Market To Reach $ 6.9 Billion By 2026
FACTS AT A GLANCE
Editing: 17; Posted: May 2021
Executive pool: 606
Companies: 94 – Players covered include APCM, LLC; Axiom Materials, Inc .; Gurit Holding SA; Hexcel Corporation; Composite holding company; Isola Group; Mitsubishi Chemical Corporation; Park Aerospace Corp; SGL Group – The Carbon Company; Solvay SA; Taiwan First Li-Bond Co., Ltd. ; Teijin Limited; Toray Advanced Composites; Toray Industries, Inc .; Zoltek Companies, Inc. et al.
Blanket: All major geographies and key segments
Segments: Fiber type (carbon fiber prepreg, glass fiber prepreg, aramid fiber prepreg); Type of resin (thermosetting, thermoplastic); Application (aerospace and defense, automotive, wind power, sporting goods, electronics, other applications)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Africa.
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Global Prepregs (Prepreg Composite Fibers) Market To Reach $ 6.9 billion by 2026
The term prepreg is used to denote prepreg composite fibers. Prepreg, a reinforcing material impregnated with a resin using a machine, is an intermediate material that is processed into various shapes (such as boards, wires, tapes and rods). Shapes in turn serve as raw inputs to specialty part manufacturers, able to mold and shape material into finished items using specialized equipment. The finished parts are then sold to OEMs (original equipment manufacturers). A prepreg can therefore be thought of as a combination of nonwoven material, fabric, wick or mat with resin, which is usually cured in stage B, ready to be molded.
Prepregs are generally unidirectional (aligned) or come in the form of a fabric (multiaxial or woven). The resin system used is primarily an epoxy which offers a full range of properties. However, in motorsport and aerospace applications, higher performance resins such as vinyl ester and polyester systems can be used. Resin systems react quite slowly at room temperature, with the chances of prepreg resins being fully cured increasing upon heating to a prescribed curing temperature. The precision of the machines used to combine the fabric with the resin system ensures that laminates produced using prepregs contain higher fibers and more consistent contents compared to contents obtained using wet lamination techniques. In addition, this technology facilitates the use of strong and very resistant high viscosity resin systems.
Prepregs contain a certain amount of matrix material that is used to assemble the prepreg as well as to combine the prepreg with other components during their manufacturing process.
In the midst of the COVID-19 crisis, the global prepreg (prepreg composite fibers) market is estimated at US $ 5.1 billion in 2020, is expected to reach a revised size of US $ 6.9 billion by 2026, with a CAGR of 5.6% over the analysis period. Carbon, one of the segments analyzed in the report, is expected to register a CAGR of 6.5% and reach US $ 4.5 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Glass segment is readjusted to a revised CAGR of 4.1% for the next 7 year period.
The US market is estimated at $ 1.3 billion in 2021, when China is expected to reach $ 1 billion by 2026
The market for prepreg (prepreg composite fibers) in the United States is estimated at US $ 1.3 billion in 2021. China, the world’s second-largest economy, is expected to reach a projected market size of US $ 1 billion by 2026, with a CAGR of 8% over the analysis period. Other notable geographic markets include Japan and Canada, each forecasts growth of 4.3% and 4.9% respectively over the period 2020-2027. In Europe, Germany is expected to grow at around 4.1% CAGR.
The demand from various industries, especially automotive and aerospace, along with the attractive properties of these materials will support the growth of the global prepreg market. Adoption in automotive and aerospace applications is being driven by a business focus on incorporating durable, lightweight materials to manufacture lightweight vehicles and improve fuel efficiency. Market growth is supported by the implementation of strict regulations to improve fuel efficiency and reduce vehicle carbon emissions, especially in Europe and North America. Based on their superior attributes such as high mechanical properties, strength and faster curing, prepregs are used in various applications in industries such as automotive, military and defense, electronics, sporting goods and wind power. In addition to witnessing growing demand from the electronics and marine industries, these products are likely to benefit from the increasing adoption of lightweight materials for sports equipment. The continued advancements in electrical engineering and the growing popularity of printed circuit boards are likely to provide a major boost to the market. Prepregs are expected to find increasing use in the wind power industry to enable lightweight and durable wind turbine blades. The growing demand for prepregs derived from chemical research is expected to present new growth opportunities to market players.
In addition, space and orthopedic technologies are rapidly emerging as promising areas for prepregs, while the production of gears for motorsport vehicles is expected to increase the overall consumption of these materials. Ongoing efforts to develop advanced manufacturing and curing techniques are expected to positively influence the prepreg market. Technological advances also lead to further improvements in material characteristics and reduce the curing time and cost of prepreg materials. Innovations and the development of new products are also expected to contribute to the expansion of the market. However, the growth of the prepreg market is hampered by the high cost of prepreg materials. The high cost of prepregs compared to alternatives like aluminum as well as the low shelf life limit product demand. Other constraints related to autoclaving and maintenance, as well as damage detection and subsequent repairs are also hampering the market outlook.
Aramid segment to be reached $ 894.5 million by 2026
In the global aramid segment, United States, Canada, Japan, China and Europe will lead to the estimated 5% CAGR for this segment. These regional markets representing a combined market size of US $ 546.2 million in 2020 will reach a projected size of US $ 767.7 million before the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, India, and South Korea, the market of Asia Pacific should reach US $ 74.4 million by 2026, while Latin America will increase at a CAGR of 6.6% throughout the analysis period. Following
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