The Global Carbon Fiber Prepreg Market size was valued at USD 9.74 Billion in 2022 and is expected to surpass USD 20.98 Billion by 2031, expanding at a CAGR of 8.9% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing product demand across several industries.
Carbon fiber prepreg is a type of carbon fiber, which is specially designed by impregnating carbon with a resin system. Thermoset and thermoplastic resins are utilized in the preparation process. They are manufactured chemically using the technique of holt melt and solvent dip. Carbon fibers are laid through a comb and then on carrier paper for lamination with the resin content, and it is further coated with another layer of carrier paper.
Carbon fiber prepreg offers several advantages including superior strength, excellent chemical, corrosion, moisture, fatigue, and fire resistance, high durability, and stability among others. Thereby, carbon fiber prepreg finds its prime applications where high strength, high performance, and minimum weight materials are needed. In fact, carbon fiber prepreg is widely used across diverse end-use industries such as automotive, aerospace & defense, wind energy, sports & leisure, civil engineering, marine, and other industrial settings.
COVID-19 Impact on Carbon Fiber Prepreg Market
The global carbon fiber prepreg market has experienced a negative impact due to the emergence of the COVID-19 crisis. The pandemic enforced subsequent lockdowns and several restrictions have resulted in a temporary shutdown of almost all manufacturing firms. The disrupted supply chains, the emergence of a shortage of skilled workers and raw materials, and government-imposed stringent regulations and measures all create strong limitations in the market economy of the carbon fiber prepreg market to great extent.
Global automobile industry witnessed a massive decline in the sales and production of motor vehicles. Additionally, several massive wind energy projects were put on hold with the increasing risk of infection leading to reduce demand for carbon fiber prepreg. Furthermore, the aerospace & defense sector was also severely affected during the COVID-19 pandemic which is a major end-use industry of carbon fiber prepreg. Thus, the carbon fiber prepreg market had a downfall amid the coronavirus crisis.
Carbon Fiber Prepreg Market Dynamics
The carbon fiber prepreg market report presents a complete overview of market dynamics by focusing on the current market trends, existing drivers, growth opportunities, and emerging challenges that can shape the outcome or overall performance of the market during the forecast period, 2022 to 2030.
What are the Major Trends in the Global Carbon Fiber Prepreg Market?
Key players in the carbon fiber prepreg market are actively participating in collaboration and are effortlessly contributing to product development. Acquisition activities and growth in merger agreements further boost the development of the carbon fiber prepreg market. For instance, SHD Composition Materials by collaborating with Haydale Composite Solutions introduced three graphene-enhanced carbon fibers using epoxy resin.
Which Factors Drive the Demand for Carbon Fiber Prepreg?
Carbon fiber prepreg has gained significant popularity across diverse end-user industries. Product demand is rising in the automotive industry, owing to its magnificent existing properties including high strength, durability, and lightweight among others. Carbon fiber prepreg is increasingly adopted as an alternative to metals in the manufacturing process of various automobile components such as fenders, bumpers, brake ducts, vents, spitters, and wheel archers.
Carbon components are widely served as an essential raw material in the production of various aerospace equipment further influencing the increased demand for prepreg solutions.
Furthermore, Carbon fiber prepreg is used in producing cabin linings, plenums, seats, bars, brackets, trailing edges, partitions, and air ducts, owing to their high structural performance, superior physical strength, and minimal weight. Product demand from several industries is anticipated to drive market growth during the forecast period.
Which Factors Limit the Growth of the Carbon Fiber Prepreg?
High cost associated with the production process is projected to hamper the market in coming years. Moreover, the high requirement for advanced technologies further creates strong challenges in the carbon fiber prepreg market. The prepreg once molded, becomes non-recyclable and might pose adverse environmental consequences.
What are the Growth Opportunities in the Carbon Fiber Prepreg Market?
Research and development activities and ongoing product launching are anticipated to create lucrative opportunities for market growth. The demand for carbon composition coupled with the rapid expansion of automobile industrial sectors in countries mainly the U.K., Spain, Germany, and France is growing and further facilitates the growth of the global carbon fiber prepreg market. Moreover, the presence of an increasing number of wind projects in countries such as the Czech Republic and Germany is also likely to provide growth opportunities for the carbon fiber prepreg market development across the globe.
Scope of Carbon Fiber Prepreg Report
The report on the global carbon fiber prepreg market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Carbon Fiber Prepreg Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Resin Type (Epoxy, Bismaleimide (BMI), PEEK, Phenolic, Polyimide, Cyanate Ester, Thermoset, and Thermoplastic), Manufacturing Process (Hot Melt and Solvent Dip), and End-use Industry (Automotive, Aerospace & Defense, Wind Energy, Sports & Leisure, Civil Engineering, Marine, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Toray Industries Inc.; Axiom Materials Inc; ABC Composites; Teijin Limited; TCR Composite; Mitsubishi Chemical Holdings Corporation; Taiwan First Li-Bond Co., Ltd.; Solvay; SGL Group; Royal Tencate N.V.; PRF Composite Materials; Plastic Reinforcement Fabrics Ltd; Park Electrochemical Corporation; North Thin Ply Technology; Mitsubishi Rayon Co. Ltd.; Kineco; Hexcel Corporation; Hc Composite; Hankuk Carbon; Gurit Holding Ag; GMS Composites; Barrday Corporation; Axiom MaterialsI Inc; ABC Composites; and others.
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Carbon Fiber Prepreg Market Segment Insights
What are the Key Factors Driving the Epoxy Prepreg Segment?
Based on the resin types, the global carbon fiber prepreg market is segmented as epoxy, bismaleimide (BMI), PEEK, phenolic, polyimide, cyanate ester, thermoset, and thermoplastic. The epoxy prepreg segment is leading the market in terms of growth and is anticipated to expand during the forecast period. Epoxy prepreg carbon fiber has provided several benefits over other thermoset resins. It offers high durability coupled with its inert chemical composition, rigid interlinking molecular structure, and resistance to UV and chemical attacks.
Epoxy prepreg reinforcing with carbon fiber is extensively used across diverse industries such as automobile, aerospace & defense, sports & recreation, wind energy, and other industries. For instance, the epoxy prepreg is majorly employed in the manufacturing of aircraft fuselage, engine & nacelles, control surfaces, fans, blades, and interiors. Additionally, epoxy prepreg has the ability to get cured fast than other thermoset resins which makes it better for automobile industries.
What are the Key Factors Driving the Hot Melt Manufacturing Process Segment?
On the basis of manufacturing processes, the global carbon fiber prepreg market is bifurcated into hot melt and solvent dip. The hot melt manufacturing process segment accounted for a high market share in 2021 and is expected to reach a high CAGR during the forecast period. The hot-melt process is widely adopted in several industrial settings, owing to the excellent product quality, easy handling, and control over resin content.
The initial low cost of the production process using hot melt pave the way for its extensive application in the manufacturing of aircraft structures and automotive parts. Additionally, in the hot-melt process, there is no requirement of using any kind of solvent and the whole process is an environmentally friendly solution, that provides an incremental opportunity for segment growth.
What are the Key Factors Driving the Aerospace & Defense Segment?
Based on the end-user’s industry, the global market for carbon fiber prepreg is fragmented into automotive, aerospace & defense, wind energy, sports & leisure, civil engineering, marine, and others. The aerospace & defense segment remained to dominate the global market of carbon fiber prepreg. Carbon fiber prepreg finds its prime usage in the manufacturing of narrow-body aircraft. The rapid development in aircraft manufacturing industries including Boeing and Airbus offers strong growth prospects for carbon fiber prepreg market growth. For instance, according to The Teal Group, aircraft production is projected to reach a CAGR of around 5.7%, from USD 164 billion in 2017 to USD 218 billion by 2022.
Carbon fiber prepreg is majorly applied in helicopters, aero-engines, civil and military aircraft, space satellites, and launchers. Carbon composites are highly preferred in aircraft production, due to their lightweight, high strength, and cost advantages over other traditional aircraft raw materials such as aluminum.
The adoption of carbon fiber prepreg as an essential raw material is increasing in the manufacturing of various structural and component units in both commercial and military aircraft and is anticipated to drive market growth. The components produced using carbon fiber prepregs in commercial aircraft are horizontal stabilizers, elevators, wing boxes, rudder, forward fuselage, and other control surfaces.
Why is the Demand for Carbon Fiber Prepreg High in Asia Pacific?
In terms of regions, the global carbon fiber prepreg market is classified as. North America is leading the global carbon fiber prepreg market. The growth of the market is fueled by the rapid expansion and development of the aerospace industry in the region. Carbon fiber prepreg is increasingly utilized in the production of various structural units of military jets, aero-engines, helicopters, civil aircraft, and others. Nearly one-third of the global fleets for operational management is demanded across the region for the production of aircraft parts and airframes which in turn, raises the demand for carbon fiber prepreg.
Prepreg composition has superior mechanical properties and is widely adopted as an alternative to organic fiber and metal wire. Thereby, immense demand for this carbon composition coupled with the massive presence of aerospace industries fueled the market growth in the region. For instance, as per GAMA reported, the United States has annual billing on general aviation airplanes that increased from 10,641 in 2017 to 11,598 in 2018 which leads to similar growth for the carbon fiber prepreg market in North America.
The increasing usage of carbon composition in sports and leisure devices further boosts market growth. The market in North America is followed by Asia Pacific. Asia Pacific is estimated to be the fast-growing market during the forecasted period. This is attributed to the surging development of several industries in developing nations such as India, China, and Japan. The rising adoption of carbon fiber prepreg across the wind energy industries also fuels the market growth in the region.
Segments
The global carbon fiber prepreg market has been segmented on the basis of
Resin Type
- Epoxy
- Bismaleimide (BMI)
- PEEK
- Phenolic
- Polyimide
- Cyanate Ester
- Thermoset
- Thermoplastic
Manufacturing Process
End-use Industry
- Automotive
- Aerospace & Defense
- Wind Energy
- Sports & Leisure
- Civil Engineering
- Marine
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Player
- Toray Industries Inc.
- Axiom Materials Inc
- ABC Composites
- Teijin Limited
- TCR Composite
- Mitsubishi Chemical Holdings Corporation
- Taiwan First Li-Bond Co., Ltd.
- Solvay
- SGL Group
- Royal Tencate N.V.
- PRF Composite Materials
- Plastic Reinforcement Fabrics Ltd
- Park Electrochemical Corporation
- North Thin Ply Technology
- Mitsubishi Rayon Co. Ltd.
- Kineco
- Hexcel Corporation
- Hc Composite
- Hankuk Carbon
- Gurit Holding Ag
- GMS Composites
- Barrday Corporation
- Axiom MaterialsI Inc
- ABC Composites
- Others
Competitive Landscape
Key players competing in the global carbon fiber prepreg market are Toray Industries Inc.; Axiom Materials Inc; ABC Composites; Teijin Limited; TCR Composite; Mitsubishi Chemical Holdings Corporation; Taiwan First Li-Bond Co., Ltd.; Solvay; SGL Group; Royal Tencate N.V.; PRF Composite Materials; Plastic Reinforcement Fabrics Ltd; Park Electrochemical Corporation; North Thin Ply Technology; Mitsubishi Rayon Co. Ltd.; Kineco; Hexcel Corporation; Hc Composite; Hankuk Carbon; Gurit Holding Ag; GMS Composites; Barrday Corporation; Axiom MaterialsI Inc; ABC Composites; and others.
Key players have adopted a series of business development strategies including merger and acquisition, entering into partnerships and collaboration, product launches, and production capacity expansion to expand their consumer base and enhance their market share.
For instance
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Renowned carbon prepreg company, Teijin, is planning to expand its market for next-generation aircraft productions with a focus on developing midstream-to-downstream lineups and related applications, including cost-effective carbon fibers with higher-tensile modulus, higher-tenacity and intermediate materials, such as thermoplastic prepreg.
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On May 2021, the Utah Governor’s Office of Economic Development (GOED) selected Hexcel Corporation, to build a flagship Center of Excellence for advanced composite solutions in the state of Utah. The new research & technology (R&T) center will focus on developing advanced composites including woven reinforcements, honeycomb, carbon fiber prepregs resins, and additive manufactured components for aerospace & defense and other markets.
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