Prepreg Market Growth & Trends
The global prepreg market size is expected to reach USD 25.18 billion by 2030, expanding at 10.8% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The prepreg industry is primarily driven by the growing demand from the aerospace and defense industry, as well as the increasing adoption of composites in various applications such as automotive, wind energy, and sports equipment. Other key drivers include the advantages of prepreg materials such as superior mechanical properties, lightweight and high strength, and ease of handling and processing compared to traditional materials like metals.
The growth of the aerospace industry in North America and Europe is anticipated to fuel carbon fiber demand. The rapid surge of air passenger traffic has resulted in the growth of the commercial aviation industry; this surge can be attributed to the increased disposable incomes of general consumers and globalization. There is also a significant growth in demand for carbon fibers in sports and leisure goods, especially in the Asia Pacific region.
Wind energy has appeared to be a major consumer of prepreg-based composites in the past few years. Prepregs are considered the most suitable material to manufacture wind energy OEM. Application of carbon fiber prepregs in wind turbines triggers improved performance of turbine and reduction in overall turbine loads. Prepreg composites are used in various parts of wind turbines such as trailing edges, spar caps, shear webs, wind rotors, and other parts of wind blades.
Rising demand for fire and heat-resistant materials in end-user industries such as aerospace, automotive, wind, and sporting goods is anticipated to propel the demand for glass fibers in prepreg manufacturing. Furthermore, the manufacturing cost associated with glass fiber-based prepregs is low in comparison with carbon and aramid. Growing demand for low-cost prepreg with improved structural performance in numerous applications is projected to boost the demand over the forecast period.
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Prepreg Market Report Highlights
The aramid fiber segment is estimated to witness sluggish growth over the forecast period, owing to high cost and reduced shelf life. Prepreg based on aramid fiber is more sensitive to the environment, as the fiber tends to absorb moisture, which negatively impacts the shelf life of prepreg. In terms of revenue, the market share of the segment is expected to decrease by 1.0% during the forecast period
Hot melt accounted for 71.1% of the global prepreg industry in 2022. This technique is used for both unidirectional as well as fabric prepregs and hence is adopted by numerous manufacturers. Also, the cost-effectiveness of this process is expected to fuel its adoption over the forecast period. Hot melt is estimated to continue as the leading segment of the prepreg industry over the forecast period
Thermoset resins accounted for the largest share of the prepreg industry in 2022. Liquid thermoset resins are saturated with fiber to produce prepreg. Epoxy is the major thermoset resin used in prepreg manufacturing. Excellent compatibility of thermoset epoxy resin in widely used carbon fiber prepreg has fostered the demand
Aerospace & defense accounted as the largest application segment of the global prepreg industry in 2022. In terms of revenue, the application segment accounted for a 39.0% share of the global prepreg industry in 2022. Wind energy was the second leading application segment of the market followed by others, automotive, and sporting goods. The rising need among manufacturers for the manufacturing of durable and lighter materials for the production of various aerospace parts is expected to have a positive impact on the industry over the next eight years
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