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The carbon fiber prepreg market is estimated to grow at a CAGR of 6.68% between 2022 and 2027. The size of the market is forecast to increase by USD 1,129.26 million. The growth of the market depends on several factors, including the growth of wind power capacities, increasing use of carbon composites in commercial aircraft, and emerging demand from developing economies.
This report extensively covers market segmentation by type (thermoset and thermoplastics), application (aerospace and defense, wind energy, automotive parts, and sports equipment), and geography (North America, APAC, Europe, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The reports categorize the global carbon fiber prepreg market as a part of the global commodity chemicals market within the global chemicals market. The global commodity chemicals market covers companies that primarily produce industrial and basic chemicals, including, but not limited to, plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The growth of wind power capacities is notably driving the market growth, although factors such as growing demand for high costs related to carbon composites may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Carbon Fiber Prepreg Market Driver
The growth of wind power capacities is notably driving the market growth. Developed regions such as North America and Western Europe have accounted for the highest installations in wind energy across the globe. Carbon fiber composites have high-potential applications in the wind energy sector, with turbine blades being the fastest-growing segment. The use of thermoset prepreg in the manufacturing of wind turbines is quite high due to its properties, such as high strength-to-weight ratio and durability. Low-cost carbon fiber prepreg for wind energy applications is expected to enable the manufacturers of wind turbine blades to manufacture wind turbine blades with benefits such as strength and lightweight. This will enable the manufacturers to make the blade longer, thereby creating more energy as compared with shorter blades.
There has been the rapid installation of wind energy in various countries such as India, Brazil, and others due to stringent environmental norms of the government to control air pollution. Also, in May 2021, the US approved major offshore wind farms, and it is the new domestic energy industry that will help eliminate emissions from the power sector. Thus, the growing wind farm across the various nation of the globe will leverage the market during the forecast period.
Significant Carbon Fiber Prepreg Market Trend
Increasing demand for lightweight and high-performance materials is the primary trend in the market. The demand for lightweight and high-performance materials from various end-user industries has increased as these are used in various industrial applications for their properties, such as energy-saving and wear resistance. These materials are widely used in the aerospace and defense, and automotive industries.
Among various types of high-performance materials, carbon composites are the most preferred composites. This is because of their properties, such as high strength-to-weight ratio, high-temperature resistance, thermal shock resistance, non-conductive nature, and increased fuel efficiency. The demand for carbon composites is expected to increase R&D activities, which is expected to foster the use of carbon composites in several new application areas during the forecast period.
Major Carbon Fiber Prepreg Market Challenge
High cost related to carbon composites is the one of challenges affecting the market growth. The manufacturing processing and testing of carbon fiber composites, for applications such as aerospace and defense, involve high R&D costs and are time-consuming and expensive. The cost of carbon fiber composites is higher than metals and is eight times more when compared to steel, which restricts the market growth. The manufacturing cost and the R&D cost associated with carbon fiber composites can reduce the demand for carbon fiber composites and can increase the demand for substitute products.
Polyacrylonitrile (PAN) is the raw material used to manufacture carbon fiber composites, whose cost is very high when compared to its substitutes, such as steel. The high manufacturing cost associated with carbon fiber composite is mainly due to the increased raw material cost. As carbon fiber composites are costly, OEMs will shift to cheaper alternatives, which will lower the demand for carbon fiber prepreg used in carbon fiber composites during the forecast period.
Key Carbon Fiber Prepreg Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Carbon Fiber Prepreg Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Axiom Materials Inc. - The company offers carbon fiber prepreg products such as Woven for honeycomb paneling and electronic transmission. Through this unified segment, the company offers progressive composite materials such as prepreg and adhesives.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the thermoset segment will be significant during the forecast period. The global thermoset-based carbon fiber prepreg market is expected to account for the major share in the forecast period owing to favorable properties such as low processing viscosities for infusion, superior thermal resistance, and strong adhesion to carbon fibers. Some of the commonly used thermosets in wind turbine composites are epoxy and polyester. Epoxy resins have replaced polyester resins in most wind turbine applications as it offers better fatigue properties and stronger and more durable blades in comparison with polyester resins.
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The thermoset segment was valued at USD 2,247.08 million in 2017 and continued to grow until 2021. Technological advances have decreased the curing time for thermoset-based products. Such attributes have contributed to the wide application of thermoset-based carbon fiber prepreg in applications such as jet engines (polyimide thermoset resin-based products), automotive brakes (phenol thermoset resin-based products), and wind turbine blades. Thus, with the rising popularity of thermoset-based carbon fiber prepreg, the global market is expected to witness high growth during the forecast period.
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North America is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America is expected to have the major share of the global carbon fiber prepreg market during the forecast period. The major driver is the growth of the aerospace and defense industry in this region. The US economy is becoming more balanced with more consumer spending, residential construction, and government spending. The growth is supported by an increase in employment and better real income.
The COVID-19 pandemic severely affected the economies of various countries in North America, especially the US. However, the restoration of various commercial and developmental activities in North America encouraged further the end-user industries to resume operations in manufacturing facilities, increasing the demand for carbon fiber prepregs. Therefore, the regional market is expected to grow substantially during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Type (Thermoset and Thermoplastics), Application (Aerospace and Defense, Wind Energy, Automotive parts, and Sports equipment), and Geography (North America, APAC, Europe, South America, and Middle East and Africa).
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Carbon Fiber Prepreg Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.68% |
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Market growth 2023-2027 |
USD 1,129.26 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
6.46 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 50% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Axiom Materials Inc., Arvind Composites, Celanese Corp., Dexcraft, DowAksa Ileri Kompozit Malzemeler San. Ltd. Sti., Formosa M Co. Ltd., Gurit Holding AG, Hexcel Corp., K. Sakai and Co. Ltd., Kordsa Teknik Tekstil AS, Mitsubishi Chemical Corp., Nippon Steel Corp., OCSiAl, Plastic Reinforcement Fabrics Ltd., SGL Carbon SE, SK Chemicals Co. Ltd., Solvay SA, TCR Composites, Teijin Ltd., and Toray Composite Materials America Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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