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(IT-NEWSWIRE.COM, March 26, 2020 ) Market Overview
The Global Carbon Fiber Prepreg Market is expected to grow at a CAGR of 10.4% during the forecasting period (2019-2026).
Carbon fiber prepreg is a reinforcing fabric that has been pre-impregnated with a resin system. The most commonly used resins in the production of prepreg includes epoxy, thermoplastic and others. The key advantages of carbon fiber prepregs includes high strength, minimal curing time, and possess part uniformity. Various manufacturing methods used in the manufacturing of carbon fiber prepreg includes vacuum bagging and autoclave techniques. These prepregs widely used to minimize the gross weight of the part and used in production of aerospace, racing, sport goods, and other commercial products.
The global carbon fiber prepreg market valued USD XX million in 2018 and it is expected to grow at a CAGR of XX% to reach USD XX million by 2026.
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Market Dynamics:
Growing demand from various end-use industries such as automotive, aerospace and racing industries for light-weight materials with high strength properties are the major factors driving the global carbon fiber prepreg market. Increasing usage of carbon fiber prepreg in automotive industry for the production of body and aerodynamic parts is additionally contributing to the growth of carbon fiber prepreg market globally during forecast period. Lack of availability of specific properties such as stiffness & strength to weight ratio, EMC properties, corrosion resistance and molding properties in aluminum alloys, titanium alloy & steels led major automobile and aerospace manufacturer to prefer carbon fiber prepregs in production of various products. Growing production of aircrafts by the major aerospace companies Boeing and Airbus to meet the necessary global demand is expected to further boost the market for global carbon fiber prepregs. Furthermore, increasing technological innovation and usage of carbon fiber prepregs in automotive industry over next few years through leveraging its technological specification might boost the market for carbon fiber prepregs globally. Growing adoption of carbon fiber prepreg technology by various Electric Vehicle manufacturers to improve the aerodynamic performance of vehicle through significant weight reduction is another factor driving the global carbon prepregs market globally. In July 2019, Yachiyo Industry initiated usage of sheet form of carbon fiber prepreg in the production of automobile roof.
However, high cost nature and availability of alternatives for carbon fiber prepregs are major factors hindering the growth of global carbon fiber prepregs market during forecast period.
Segment Analysis
Global carbon fiber prepreg market is segmented on the basis of end-use industry into wind energy, automotive, aerospace, sports & recreation, and others.
Aerospace segment dominate the global carbon fiber prepreg market owing to growing usage of these composites in manufacturing of various components and structural units of commercial and military aircraft & lack of availability of alternative for low- weight and high strength materials. The major players in aerospace industry utilizing carbon fiber prepregs in their production includes McDonnel Douglas, Boeing, General Dynamics and Northtrop. The major application of carbon fiber prepregs in aerospace industry is towards military programs followed by various components in commercial aircrafts. The components produced through carbon fiber prepregs in commercial aircrafts includes wing box, forward fuselage, horizontal stabilizer, elevator, rudder and other control surfaces.
Geographical Presentation
By region, the global carbon fiber prepreg market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East and Africa.
North America is dominating the global carbon fiber prepreg market owing to high presence of aerospace industry and increasing usage of carbon fiber prepregs in various structural application in production of civil aircrafts, military jets, helicopters, aero-engines, and space satellite launchers. According to GAMA, the annual billing of General aviation airplane in United States increased from 10,641 in 2017 to 11,598 in 2018 providing similar market growth for carbon fiber prepreg market in North America. Additionally, growing usage of carbon fiber prepregs in production of sports and recreation devices and high presence of respective industries across the region are boosting the market for carbon fiber prepregs market in North America during forecast period.
Competitive Analysis
This market is experiencing new product launches by the major players in the industry with innovative technologies to meet the growing demand from aerospace and defense industry players. The key players in the global carbon fiber prepreg market are focusing on acquiring regional players in industry to improve their market presence and foothold in respective industry.
In March 2019, Teijin Carbon Europe GmbH acquired Renegade Materials Corp. to expand its carbon fiber and carbon fiber prepreg business in aerospace industry.
In September 2017, Hexcel Corporation launched two new products in carbon fiber prepregs category Hexply M77HF epoxy prepreg and HexTow IM5 carbon fiber for industrial applications.
Some of the key players in the global carbon fiber prepreg market includes Hexcel Corporation, Toray Industries, Inc., Teijin Carbon Europe GmbH, and Mitsubishi Chemical Carbon Fiber and Composites, Inc.
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