The global prepreg market size is expected to grow from USD 6.2 billion in 2020 to USD 10.2 billion by 2025, at a CAGR of 10.5% during the forecast period. Prepreg is extensively being used in the aerospace & defense, wind energy, automotive, sporting goods, electronics, and other end-use industries. The increasing wind energy projects support the demand for prepreg in the wind energy end-use industry.
Carbon Fiber Prepreg comprises a major share of the prepreg market in terms of value.
The carbon fiber prepregs find wide applications in various end-use industries. Some of the major applications includes aerospace & defense, wind energy, sporting goods, automotive, electronics (PCB), and others. The increasing demand from these applications is expected to drive the carbon fiber prepreg market during the forecasted period.
The COVID-19 pandemic resulted in a decline in industrial activities in the first half of 2020 across the globe. It resulted in reduced demand for prepreg from various end-use industries.
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The Thermoset prepregs accounts for the largest market share in the global prepreg market
Thermoset prepreg is the largest type of prepreg used for variety of applications. Thermoset prepreg is a rigid material that has high mechanical strength and high-temperature stability. The most commonly used resin in thermoset prepreg is epoxy. It is widely used in wind, automobile, electronics, and sporting goods applications. Thermoset prepregs are made by solvent impregnation and hot-melt technology. The wide applications and acceptance of thermoset prepregs is expected to drive the demand during the forecasted period. The COVID-19 pandemic has resulted in reduced demand for prepreg from major applications such as caerospace & defense, and wind energy. These factors are expected to reduce the demand for thermoset prepreg in 2020. The prepreg consumption is expected to recover post the pandemic.
The aerospace & defense application accounted for the largest market share in the global prepreg market
The aerospace & defense application holds the dominant market share in the global prepreg market, both in terms of value and volume. The aerospace & defense industry has increased demand for prepreg in manufacturing various structural parts of aircrafts with high tensile strength and lightweight. The demand for prepregs from aerospace & defense end-use is expected to decline in 2020 due to halts in the first half of 2020. Also, major manufacturers temporarily closed their plants during the lockdown. The demand is expected to recover after the COVID-19 pandemic is under control.
APAC is expected to account for the largest market share in the prepreg market
APAC accounts for the biggest share of the global prepreg market. The aerospace & defense, and wind energy applications are the major consumers of prepregs in the region. The China is a manufacturing hub of various commercial, military, and passenger automotive vehicles. North America is the second major consumer of prepregs aerospace & defense, and wind energy are the major industries fueling the growth of the prepreg market in this region.
However, the COVID-19 outbreak has affected the demand for prepregs in the region. On the positive side, support packages offered by governments of various countries will help to maintain the liquidity in prepreg market. Such initiatives coupled with recovery in the application industries will increase the demand for prepregs in APAC and European region.
The key players in the prepreg market include Solvay Group (Belgium), Hexcel Corporation (United States), Toray Industries, Inc. (Japan), Teijin Limited (Japan) and Mitsubishi Chemical Holdings Corporation (Japan), are some of the key players in the prepreg market. SGL Group (Germany), Axiom Materials (United States), Gurit Holding AG (Switzerland), Park Aerospace Corp. (United States) and Plastic Reinforcement Fabrics Ltd. (United Kingdom) are among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the prepreg market. These players have taken different organic and inorganic developmental strategies over the past five years.
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