The Global "Carbon Fiber Prepreg Market" is expected to grow at a high CAGR during the forecasting period (2022-2029).
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.
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 manufacturers to prefer carbon fiber prepregs in the production of various products. Growing production of aircraft 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 the automotive industry over the next few years through leveraging its technological specification might boost the market for carbon fiber prepregs globally. The growing adoption of carbon fiber prepreg technology by various Electric Vehicle manufacturers to improve the aerodynamic performance of vehicles through significant weight reduction is another factor driving the global carbon prepregs market globally. In July 2019, Yachiyo Industry initiated the usage of sheet form of carbon fiber prepreg in the production of automobile roofs.
However, the high-cost nature and availability of alternatives for carbon fiber prepregs are major factors hindering the growth of the global carbon fiber prepregs market during the forecast period.
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 dominates the global carbon fiber prepreg market owing to the growing usage of these composites in the manufacturing of various components and structural units of commercial and military aircraft & the lack of availability of alternatives for low-weight and high strength materials. The major players in the aerospace industry utilizing carbon fiber prepregs in their products include 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 aircraft. The components produced through carbon fiber prepregs in commercial aircraft include wing box, forward fuselage, horizontal stabilizer, elevator, rudder and other control surfaces.
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 the high presence of the aerospace industry and increasing usage of carbon fiber prepregs in various structural applications in the production of civil aircraft, military jets, helicopters, aero-engines, and space satellite launchers. According to GAMA, the annual billing of General aviation airplanes in the United States increased from 10,641 in 2017 to 11,598 in 2018 providing similar market growth for the carbon fiber prepreg market in North America. Additionally, growing usage of carbon fiber prepregs in the production of sports and recreation devices and the high presence of respective industries across the region are boosting the market for carbon fiber prepregs market in North America during the forecast period.
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 the industry to improve their market presence and foothold in the respective industries.
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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