Carbon fiber prepreg is a process in which carbon fiber is injected with thermoset resins and enhancing its tensile strength, chemical resistance, and overall weight. The global carbon fiber prepreg market report contains drivers, restraints, developments, and latest trends for the period of 2017 to 2023 (forecast period). The outbreak of the COVID-19 virus and its impact on the production of carbon fiber is analyzed and discussed thoroughly in the report.
The global carbon fiber prepreg market is anticipated to expand at an impressive growth rate over the forecast period. The scope of prepregnated carbon fibers in industries of automotive, aerospace, and renewable energy are expected to bode well for the market. Increasing demand for fuel-efficient cars amid growing carbon emission levels is likely to spur the demand for composite materials.
Hexcel Corporation, Royal TenCate N.V., Park Electrochemical Corporation, Cytec Solvay Group, Gurit Holding AG, Axiom Materials, Mitsubishi Rayon Co., Ltd., SGL Group, Toray Industries, Inc., and Teijin Limited are key players of the global carbon fiber prepreg market.
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The global carbon fiber prepreg market is segmented by resin type, manufacturing process, and end user industry.
On the basis of the resin type, the market is segregated into thermoplastic resin, epoxy resin, BMI resin, cyanate ester resin, phenolic resin, and other resins. Among the various resin segments in carbon fiber prepreg market, the epoxy resin segment is the leading one and is expected to continue its dominance over the forecast period. Properties of high strength to weight ratio, enhanced heat corrosion, and moisture resistance of epoxy resins makes them suitable for applications in aerospace, defense, and others. Its fast curing process is likely to culminate in the segment accumulating maximum revenue for the global carbon fiber prepreg market.
By manufacturing process, it is segmented into hot melt manufacturing process and solvent dip manufacturing process.
End users of the market include wind energy, automotive, aerospace defense, sports leisure, and others. Aerospace defense is the leading segment owing to high performance stability of carbon fiber prepreg in comparison to conventional materials. In addition, the move by airlines to increase their fleet numbers in order to handle incoming passenger traffic can bode well for the global carbon fiber prepreg market.
The global carbon fiber prepreg market estimates its value by looking at the potential in top five regions, namely Europe, Latin America, Asia Pacific (APAC), North America, and the Middle East Africa (MEA).
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Among these, North America holds a major share of the market and is expected to be exhibit an astounding CAGR during the forecast period. Increasing demand from aerospace defense and automotive sectors are likely to trigger the huge market demand. Moreover, presence key automobile manufacturers such as Fiat Chrysler, General Motors, and Ford and aircraft manufacturers such as Boeing can fuel the need for carbon fiber prepreg in the region. This is evident with General Motors planning to integrate carbon fiber composites for the beds of full sized pickups to reduce its weight.
Europe is expected a large windfall owing to presence of various aircraft and automobile manufacturers. In addition, policies advocating the use of renewable energy and the move to lower carbon emission levels can be a plus for the global market.
APAC is estimated to perform well in the global carbon fiber prepreg market owing to inclination towards sustainable energy development. Production of alternate fuels and policies encouraging the use of electric and hybrid vehicles are likely to fuel regional market growth.