The prepreg market share is expected to increase by USD 2.08 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 6.84%.
This prepreg market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers prepreg market segmentation by type (carbon fiber, glass fiber, and aramid fiber), application (aerospace and defense, wind energy, automotive, and others), and geography (North America, Europe, APAC, South America, and MEA). The prepreg market report also offers information on several market vendors, including Celanese Corp., Gurit Holding AG, Haci Omer Sabanci Holding AS, Hexcel Corp., Mitsubishi Chemical Corp., Park Aerospace Corp., SGL Carbon SE, Solvay SA, Teijin Ltd., and Toray TCAC Holding BV among others.
What will the Prepreg Market Size be During the Forecast Period?
Download the Free Report Sample to Unlock the Prepreg Market Size for the Forecast Period and Other Important Statistics
"Increased government spending in the aerospace and defense sectors in the US is accelerating the North America prepreg market growth."
Prepreg Market: Key Drivers, Trends, and Challenges
Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The demand for lightweight materials in the automotive sector is notably driving the prepreg market growth, although factors such as prepregs being cost-prohibitive may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the prepreg industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Prepreg Market Driver
One of the key factors driving the global prepreg market growth is the increase in demand for lightweight materials in the automotive sector. With the introduction of new high-speed manufacturing technologies, there has been a significant increase in the demand for carbon fibers to be incorporated in production vehicles (for instance, shift from e-glass) that are further driven by the need for better and fuel-efficient automobiles. Moreover, the reduction in the weight of an automotive has helped original equipment manufacturers to meet the low carbon emission regulations. The US automakers are also trying to achieve the set average fleet fuel efficiency target of 35 miles per gallon (mpg) to 54.5 mpg by 2025, as per the Corporate Average Fuel Economy (CAFÉ) legislation. Steady progress toward material change in key automotive segments such as powertrain, chassis, exterior, and the interior is expected to positively impact the market in focus during the forecast period.
Key Prepreg Market Trend
Another key factor driving the global prepreg market growth is the wind power capacity additions. An increasing number of vendors in the market are focusing on the R&D of technologically advanced products for such applications. The introduction of new low-cost carbon fiber prepregs for wind energy applications is expected to lead to the manufacture of wind turbine blades that are stronger, lighter, and longer, thereby creating more energy compared with shorter blades. For instance, Hexcel offers the HexPly prepreg, which is an advanced epoxy-resin-based carbon fiber prepreg for wind energy applications. There has been a 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. For instance, India is expected to install nearly 20.2GW of wind power capacity between 2021 and 2025 which is more than 50% growth from the 39.2GW currently installed in the country. Thus, the growing wind farm across the various nation of the globe will leverage the prepreg market during the forecast period
Key Prepreg Market Challenge
The R&D and manufacturing costs of prepregs are high. The procedure for testing the application of such materials in sectors such as aerospace and defense is elaborate, time-consuming, and expensive as prepregs have to undergo prepregging before they can be used. Other factors such as rising in the prices of raw materials and fluctuation in the prices of crude oil are expected to have a negative impact on the operating costs of the vendors and their profit margins. In addition, crude oil prices affect the prices of resins and have increased the procurement cost of vendors, hence several offshore drilling companies have started to cut costs by reducing the size of their operation, which has affected the revenue of vendors and the market as a whole. Hence, prepregs are cost-prohibitive which may limit its adoption, thereby impacting the growth of the market in focus during the forecast period.
This prepreg market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Parent Market Analysis
Technavio categorizes the global prepreg market as a part of the global commodity chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the prepreg market during the forecast period.
Who are the Major Prepreg Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- Celanese Corp.
- Gurit Holding AG
- Haci Omer Sabanci Holding AS
- Hexcel Corp.
- Mitsubishi Chemical Corp.
- Park Aerospace Corp.
- SGL Carbon SE
- Solvay SA
- Teijin Ltd.
- Toray TCAC Holding BV
This statistical study of the prepreg market encompasses successful business strategies deployed by the key vendors. The prepreg market is fragmented and the vendors are deploying growth strategies such as the incorporation of environmental management programs that include eco-friendly and cost-effective manufacturing practices (to avoid unexpected business expenses) to compete in the market.
Product Insights and News
- Gurit Holding AG - The company offers a wide range of prepregs such as SE 75, SF 75-90, SA 75-90, MP 75-90 and many more
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The prepreg market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Prepreg Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the prepreg market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global commodity chemicals market includes the following core components:
- Inputs
- Inbound logistics
- Operations
- Outbound logistics
- Marketing and sales
- Support activities
- Innovation
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Which are the Key Regions for Prepreg Market?
For more insights on the market share of various regions Request for a FREE sample now!
52% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for prepreg in North America. Market growth in this region will be faster than the growth of the market in other regions.
The significant increase in government spending in the aerospace and defense sectors in countries such as the US and the presence of key vendors will facilitate the prepreg market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the market witnessed challenges due to the COVID-19 pandemic. The US is the most affected country in the region. The pandemic led to the temporary shutdown of many end-user industries in the region. For instance, in April 2020, Ford Motor announced the canceling of a plan to jointly develop an EV with Rivian due to the COVID-19 pandemic. However, conditions are improving due to the increase in the number of vaccinated individuals and the lifting of lockdown restrictions. Hence, the regional prepreg market is expected to grow during the forecast period.
What are the Revenue-generating Type Segments in the Prepreg Market?
To gain further insights on the market contribution of various segments Request for a FREE sample
The prepreg market share growth by the carbon fiber segment will be significant during the forecast period. The use of composite prepregs in various fields has increased substantially during 2006-2016, which is expected to grow further during the forecast period due to increasing focus towards improving the dimensional stability and high fractural toughness of products than polymers. The high demand for carbon fiber prepregs owing to its application in aerospace and defense, wind energy, sports, and automotive sectors will further drive the growth in this segment.
This report provides an accurate prediction of the contribution of all the segments to the growth of the prepreg market size and actionable market insights on post COVID-19 impact on each segment.
|
Prepreg Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
120 |
|
Base year |
2020 |
|
Forecast period |
2021-2025 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 6.84% |
|
Market growth 2021-2025 |
$ 2.08 billion |
|
Market structure |
Fragmented |
|
YoY growth (%) |
6.01 |
|
Regional analysis |
North America, Europe, APAC, South America, and MEA |
|
Performing market contribution |
North America at 52% |
|
Key consumer countries |
US, Germany, China, UK, and Canada |
|
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
|
Key companies profiled |
Celanese Corp., Gurit Holding AG, Haci Omer Sabanci Holding AS, Hexcel Corp., Mitsubishi Chemical Corp., Park Aerospace Corp., SGL Carbon SE, Solvay SA, Teijin Ltd., and Toray TCAC Holding BV |
|
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, Market condition analysis for forecast period |
|
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. |
What are the Key Data Covered in this Prepreg Market Report?
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive prepreg market growth during the next five years
- Precise estimation of the prepreg market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the prepreg industry across North America, Europe, APAC, South America, and MEA
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of prepreg market vendors
We can help! Our analysts can customize this report to meet your requirements. Get in touch