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(MoneyNewsWire.Net, May 09, 2018 ) The carbon fiber prepreg market is projected to reach USD 7.20 Billion by 2021, at a CAGR of 11.0% during the forecast period, 2016 to 2021. Increasing use of carbon fiber prepregs in the aerospace & defense, automotive, and sports & leisure industries is expected to fuel the growth of the carbon fiber prepreg market during the forecast period. Moreover, long life of products manufactured using carbon fiber prepregs, their low maintenance requirements, urbanization taking place across the globe, economic growth of emerging economies, and development and launch of various innovative products are the key factors expected to lead towards the growth of the carbon fiber prepreg market from 2016 to 2021.
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The carbon fiber prepreg market has been segmented on the basis of resin type, application, manufacturing process, and region. On the basis of resin type, the carbon fiber prepreg market has been segmented into epoxy, phenolic, bismaleimide (BMI), cyanate ester, thermoplastic, and others. The epoxy resin type segment of the carbon fiber prepreg market is projected to grow at the highest CAGR during the forecast period, as epoxy resin-based carbon fiber prepregs offer both, increased operational stability at high temperatures and pressures as well as improved impact resistance. They are cheaper as compared to other resins.
On the basis of application, the carbon fiber prepreg market has been segmented into aerospace & defense, automotive, sports & leisure, wind, and others. The aerospace & defense segment is leading the carbon fiber prepreg market, in terms of value and volume. Carbon fiber prepregs are lightweight and offer resistance to moisture, chemicals, and corrosion. They exhibit increased operational stability at high temperatures in comparison to materials made of other conventional materials, such as thermoset composites and metallic alloys. As such, carbon fiber prepregs are being increasingly used in the aerospace & defense industry.
On the basis of manufacturing process, the carbon fiber prepreg market has segmented into hot melt and solvent dip. The hot melt manufacturing process segment is leading the carbon fiber prepreg market, in terms of value and volume. The growth of the hot melt manufacturing process segment of the market can be attributed to the ability of hot melt manufacturing process to produce both, fabric and unidirectional carbon fiber prepregs.
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The North America carbon fiber prepreg market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021. Increasing demand for carbon fiber prepregs from the aerospace & defense and automotive industries of the region is fueling the growth of the North America carbon fiber prepreg market. Aerospace companies, such as Airbus S.A. (France) and Boeing (U.S.), among others use carbon fiber prepregs to manufacture commercial, combat, and cargo transport aircraft as carbon fiber prepregs are lightweight, easy to fabricate, and possess high tensile strength. They also offer increased resistance to chemicals and corrosion. In addition, increasing urbanization and industrialization, long life of products manufactured using carbon fiber prepregs, and their low maintenance requirements are the factors contributing towards growing demand for carbon fiber prepregs from various industries of the North American region. This, in turn, is leading towards the growth of the North America carbon fiber prepreg market.
The carbon fiber prepreg market is witnessing significant growth, in terms of value. However, high processing and manufacturing costs and issues related to the recyclability of carbon fiber prepregs are the major restraints to the growth of the carbon fiber prepreg market.
Companies, such as SGL Group (Wiesbaden, Germany), Gurit Holding AG (Wattwil, Switzerland), Park Electrochemical Corporation (Melville, U.S.), Toray Industries, Inc. (Tokyo, Japan), Teijin Limited (Osaka, Japan), Royal TenCate N.V. (Almeo, Netherlands), Hexcel Corporation (Connecticut, U.S.), Cytec Solvay Group (Brussels, Belgium), Mitsubishi Rayon Co., Ltd. (Tokyo, Japan), and Axiom Materials (California, U.S.), among others are the leading players in the carbon fiber prepreg market. They have been adopting various organic and inorganic growth strategies, such as agreements, new product launches, acquisitions, and expansions to enhance their shares and strengthen their position in the carbon fiber prepreg market.
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