Carbon Prepreg Market Share, Size, Trends, Industry Analysis Report, By Resin Type (Epoxy Resin, Phenolic Resin, BMI Resin, Cyanate Ester Resin, Thermoplastic Resin, and Others); By Manufacturing Process; By Application; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM3430
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global carbon prepreg market was valued at USD 11.05 billion in 2023 and is expected to grow at a CAGR of 13.6% during the forecast period. The growing demand for highly durable and light materials with improved and increased efficiency in the manufacturing of various types of aerospace components & parts and surging prevalence for the replacement of traditional materials to the developed lightweight composites with aim to decrease emissions, reduce material usage, and boost the fuel efficiency, are primary factors driving the global market growth.
The carbon prepreg market report details key market dynamics to help industry players align their business strategies with current and future trends. It examines technological advances and breakthroughs in the industry and their impact on the market presence. Furthermore, a detailed regional analysis of the industry at the local, national, and global levels has been provided.
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In addition, the increasing focus of key market players on introduction products with more improved properties and at affordable cost, so that the large number manufacturers can opt and improved their product portfolio, is likely to bode well for the demand and growth of the market. For instance, in September 2021, Notus Composites, introduced NE7 low-temperature curing prepreg system. The newly developed system will allow the composite manufacturers at temperature as low as 70 C, while reducing the energy consumption.
Moreover, bio-based carbon prepregs that are made up of renewable resources such as plant fibers or biopolymers in place of several petroleum-based materials, as these materials offer similar mechanical properties to traditional carbon prepregs but while having a lower environmental impact, is also likely to have a positive impact on the market and will push the growth forward in the near future.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the carbon prepreg market. The rapid emergence of deadly coronavirus across the globe has forced countries to impose lockdowns and several other stringent regulations on trade activities, which has resulted in temporary closure of manufacturing facilities and high disruptions in the global supply chains, that declined the demand for the product worldwide.
Industry Dynamics
Growth Drivers
The growing use of carbon prepreg materials in wind turbine blades and other renewable energy applications, as these materials offer numerous benefits including high strength-to-weight ratios and durability in harsh environments along with the rapid development of various new manufacturing processes such as automated tape laying and automated fiber placement, which has enabled the production of complex-shaped carbon fiber composites at a lower cost and with higher efficiency are major factors boosting the carbon prepreg market growth.
Furthermore, the growing focus on developing advanced software tools for carbon prepreg product development to automate the engineering process and reduce the average cycle time, as these tools can easily identify and solve problems incurred during the designing and manufacturing stages and have the ability to build cost-modelling analysis, are also contributing significantly growth rate globally.
Report Segmentation
The market is primarily segmented based on resin type, manufacturing process, application, and region.
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By Resin Type |
By Manufacturing Process |
By Application |
By Region |
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Thermoplastic resin segment is expected to witness highest growth over the forecast period
The segment growth is attributable to its continuously growing demand and prevalence, as they can be easily molded in different types of structures and shapes and widespread use in applications of packaging containers, water & soda bottles, safety glass lenses, window frames, and airplane armrests among others. Additionally, these types of resin offer superior aesthetic finishing, hard crystalline and rubbery surface, and comparatively high resistance to chemicals that makes it ideal for being used in applications including gutters, drainpipes, and vinyl siding, which in turn, propelling the segment growth.
The epoxy resin segment led the industry market with significant revenue share in 2022, mainly due to the wide utilization of the product in carbon prepreg materials due to its excellent mechanical properties, high stiffness, and low shrinkage and its growing consumption from the aerospace industry.
Hot melt process segment accounted for the largest market share in 2022
The growth of the segment market can be highly attributed to its numerous benefits including easy handling, better control over resin content, and enhanced product quality. In addition, the environment friendliness of these process and lower cost of production as compared to other processes is further promoting its adoption in the production of several automotive parts and aircraft structures.
The solvent dip process segment is anticipated to grow at a healthy CAGR during the projected period, on account of its growing popularity to produce high-quality and consistent carbon prepreg materials with excellent mechanical properties, that makes it a highly preferred choice for many applications including wind energy, sports, leisure, and automotive.
Aerospace & defense segment held the significant market revenue share
Aerospace & defense segment held the majority market share in terms of revenue, which is highly attributable to its growing preference to fabricate various types of parts & components in the airline industry. Additionally, the significant rise in the production of commercial aircraft on account of continuous growth in the global passenger traffic along with the surge in demand for highly durable & light-weight aircraft parts across the globe, is positively influencing the segment market growth.
Automotive segment is expected to grow at fastest growth rate over the course of study period, on account of growing product usage as an structural composite applications in automobile, because it has superior mechanical properties compared to the synthetic fibers.
North America region dominated the global market in 2022
North America region dominated the global market with largest share in 2022, and is expected to maintain its dominance throughout the projected period. The rapid expansion in the aerospace industry and continuous surge in the awareness among the population towards the benefits associated with the use of wind energy coupled with the significantly growing investments for developing next-generation aircrafts especially in developed countries including US, Canada, and Mexico, are the major factors driving the regional market growth at rapid pace.
The Asia Pacific region is projected to be the fastest growing region over the coming years, owing to growing process innovations, rising research & development activities, growing automobile production in countries like China and India, and high prevalence for lightweight materials from numerous industries. Moreover, the growing number of wind energy projects to reduce the dependence of diesel and other fuels and to reduce the global air pollution levels, is further enhancing the market expansion across the region.
Competitive Insight
Some of the major players operating in the global market include Gurit Holding, Park Electrochemical, Toray Industries, Teijin Limited, Royal TenCate, Mitsubishi Rayon, Axiom Materials, SGL Group, Cytec, Solvay Group, Hexcel Corporation, Rock West Composites, ACP Composites, Park Aerospace, Mitsubishi Chemical, and Plastic Reinforcement.
Recent Developments
- In September 2022, Solvay, introduced ‘LTM 350’, specially designed to deliver significant cost & time savings for the several industries. The new carbon fiber based epoxy material provides an industry fast, low-temperature cure cycle & is also easily cured even at the temperatures as low as 45 C.
- In July 2021, Toray Composites unveiled its flexible & adaptive 2,700 pre-peg system. It is a high-performance & patented resin technology used in the several aerospace programs. This material is used in coming aerospace programs transitions from the prototype to significant volume production.
Carbon Prepreg Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 12.53 billion |
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Revenue forecast in 2032 |
USD 34.88 billion |
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CAGR |
13.6% from 2024– 2032 |
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Base year |
2023 |
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Historical data |
2019– 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Resin Type, By Manufacturing Process, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Gurit Holding AG, Park Electrochemical Corporation, Toray Industries Inc., Teijin Limited, Royal TenCate N.V., Mitsubishi Rayon Co. Ltd., Axiom Materials, SGL Group, Cytec, Solvay Group, Hexcel Corporation, Rock West Composites, ACP Composites Inc., Park Aerospace Corporation, Mitsubishi Chemical Carbon Fiber and Composites Inc., and Plastic Reinforcement Fabrics. |
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FAQ's
The carbon prepreg market report covering key segments are resin type, manufacturing process, application, and region.
Carbon Prepreg Market Size Worth $34.88 Billion By 2032.
The global carbon prepreg market is expected to grow at a CAGR of 13.6% during the forecast period.
North America is leading the global market.
key driving factors in carbon prepreg market are rising use of carbon prepreg materials in wind turbine.
