Carbon Prepreg Market Outlook 2031
The global carbon prepreg market size was USD 8.10 Billion in 2022 and is estimated to reach USD 21.06 Billion by 2031 expand at a high CAGR 11.2% during the forecast period, 2023–2031. The growth of the market is attributed to focus on renewable energy sources and an increasing demand for CFRP components.
The carbon prepreg business is projected to grow in response to the growing demand for fuel-efficient cars. Moreover, high particular stiffness, specific strength, increased corrosion resistance, and fast production are driving the carbon prepreg market.
Carbon prepreg is ideal for a wide range of industrial applications such as manufacture of plane components, car parts, sporting products, and windmill blades. Similarly, carbon prepreg have been utilized by the Formula 1 and motorsport markets.
Carbon composite materials are becoming increasingly important in aircraft. Furthermore, because of their great strength, stability, and durability these composite materials are increasingly being employed in military vehicles.
The Covid-19 pandemic affected the demand and supply of global carbon prepreg market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Another reason boosting the global carbon prepregs market is the increasing usage of carbon fiber prepreg technology by various electric vehicle manufacturers to improve vehicle aerodynamic performance through considerable weight reduction.
Carbon Prepreg Market Trends, Drivers, Restraints, and Opportunities
- Growing demand for carbon prepreg in various end-user sectors due to its several benefits is projected to drive the market during the forecast period.
- Rapid growth of the automotive and aerospace industry is key factors boosting the market.
- Rising need for lightweight and durable athletic items such as bicycles, skis, hockey sticks, tennis rackets, and golf shafts in the sports business are projected to propel the market.
- High cost of production is expected to hamper the market expansion.
- Maintaining the shelf life of carbon prepreg act as major factors that can restrict the market during the forecast period.
Scope of The Carbon Prepreg Market Report
The report on the global carbon prepreg market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Carbon Prepreg Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
End-User Industries (Automotive, Leisure, Aerospace & Defense, Energy, Electronics, and Other), Resin Types (Thermoset and Thermoplastic)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
TORAY INDUSTRIES INC.; TEIJIN LIMITED; Hexcel Corporation; Solvay
Carbon Prepreg Market Segment Insights
The aerospace & defense segment is projected to account for a major market share
Based on end-user industries, the carbon prepreg market is segmented into automotive, leisure, aerospace & defense, energy, electronics, and others. The aerospace & defense segment is expected to represent a key share of the market during the forecast period due to considerable weight reductions and cost advantages when compared to traditional aerospace materials like aluminum.
Carbon prepregs are often used as raw materials in aerospace composites, with autoclave molding being a prominent manufacturing method. Furthermore, because of their great strength, stability, and endurance, these composite materials are increasingly being employed in military vehicles.
The thermoplastic segment is expected to grow at a robust pace
In terms of resin types, the carbon prepreg market is bifurcated into thermoset and thermoplastic. The thermoplastic segment is expected to represent a key share of the market in the coming years owing to strong and can adapt to wide applications and ample resistant to chemicals and acids
Europe is expected to dominate the market
On the basis of regions, the carbon prepreg market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is anticipated to dominate the market during the forecast period. The regional market growth can be attributed the country hosts many production bases for aircraft interior components and MRO (maintenance, repair, and overhaul).
The global carbon prepreg market has been segmented on the basis of
- Aerospace & Defense
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the carbon prepreg market include TORAY INDUSTRIES INC.; TEIJIN LIMITED; Hexcel Corporation; Solvay.
In March 2019, Renegade Materials Corp acquired was by Teijin Carbon Europe GmbH to expand its carbon prepreg business in aerospace industry.
In September 2017, Hexcel Corporation has introduced two new carbon prepregs for industrial applications: Hexply M77HF epoxy prepreg and HexTow IM5 carbon fibre.