The global carbon fiber prepreg market size was $6.4 billion in 2018 and it is projected to grow at a profitable CAGR of 8.96% during the forecast period 2019 to 2025. This market growth is attributed to the amplified demand for carbon fiber prepreg from the rising commercial aircraft production and emerging electric vehicle market. The most common prepregs are manufactured using glass fiber, carbon fiber, and aramid fibers and these are based on the epoxy resins and vinyl ester. The heavy demand for strengthened carbon fiber prepreg is being witnessed from all over the globe due to its varied application in the automotive, aerospace & defense, construction, and consumer electronics industry.
Europe: Major Market Demands
The European region was concluded as the most profitable region with the carbon fiber prepreg market share of 33% in global revenues during 2018. The massive market share is resonated owing to the large presence of aircraft manufacturers, vast offshore renewable energy infrastructure, and electric car manufacturers. The APAC region closely follows the multiplying market demands in the European region. Foreseeing the consistently growing demands for electric mobility and renewable energy, the opportunities in the carbon fiber prepreg market in the APAC region are also projected to grow. Moreover, the opportunities in the carbon fiber prepreg market are supported by government policies that endorse the integration of electric vehicles and renewable energy.
Aerospace & Defense Application in the Carbon Fiber Prepreg Market
Carbon fiber prepreg is used in several end-user industries such as automotive, renewable, and construction industry. However, the utility of carbon fiber prepreg in the aerospace & defense sector is observed as the key application in the global carbon fiber prepreg market and the demands in the same are expected to flourish at a CAGR of 7.56% during the forecast period. This element possesses demand in the aerospace & defense industry owing to its features such as resistance to heat, resistance to corrosion, resistance to moisture, high strength-to-weight ratio, robust durability, and less maintenance. The volume of air passengers is growing at a significant pace today, the global air passenger volume is expected to reach $8.2 billion by 2037. This implicates the increased prospects for the production of commercial aircraft which will further induce demands in the global carbon fiber prepreg market.
Carbon Fiber Prepreg Market Competitive Landscape
The companies influencing the carbon fiber prepreg market are SGL Group, Gurit Holdings AG, Park Electrochemical Corporation, Toray Industries, Teijin Limited, Royal TenCate N.V. , Hexcel Corporation, Solvay, Mitsubishi Rayon Co. Ltd., Axiom Materials.
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