According to the new market research report “Prepreg Market by Type of Reinforcement (Carbon Fiber Prepreg, Glass Fiber Prepreg), Resin Type (Thermoset Prepreg, and Thermoplastic Prepreg), Form, Manufacturing Process (Hot-melt, Solvent Dip), Application, Region – Global Forecast to 2025“, The global prepreg market size is expected to grow from USD 6.2 billion in 2020 to USD 10.2 billion by 2025, at a CAGR of 10.5% during the forecast period. Prepreg is extensively being used in the aerospace & defense, wind energy, automotive, sporting goods, electronics, and other end-use industries. The increasing wind energy projects support the demand for prepreg in the wind energy end-use industry.
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The carbon fiber prepregs find wide applications in various end-use industries. Some of the major applications includes aerospace & defense, wind energy, sporting goods, automotive, electronics (PCB), and others. The increasing demand from these applications is expected to drive the carbon fiber prepreg market during the forecasted period.
Thermoset prepreg is the largest type of prepreg used for variety of applications. Thermoset prepreg is a rigid material that has high mechanical strength and high-temperature stability. The most commonly used resin in thermoset prepreg is epoxy. It is widely used in wind, automobile, electronics, and sporting goods applications. Thermoset prepregs are made by solvent impregnation and hot-melt technology. The wide applications and acceptance of thermoset prepregs is expected to drive the demand during the forecasted period. The COVID-19 pandemic has resulted in reduced demand for prepreg from major applications such as aerospace & defense, and wind energy. These factors are expected to reduce the demand for thermoset prepreg in 2020. The prepreg consumption is expected to recover post the pandemic.
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The global prepreg market size was USD 6.2 billion in 2020 and is expected to reach USD 10.2 billion by 2025, projecting a CAGR of 10.5% between 2020 and 2025. prepregs are increasingly used in aerospace & defense, wind energy, automotive, sporting goods, electronics (PCB), and other end-use industries. The increasing demand of wind energy end-use industry drives the demand for prepreg. However, the outbreak of COVID-19 has created ripples across various application industries leading to reduced demand for prepreg. Due to the lockdown scenario in Europe and North America, the demand for prepreg from wind energy, construction, automotive, electronics (PCB), and other industries have declined sharply in the first half of 2020.
Stringent regulations and rules are imposed on the automotive industry to reduce CO2 emissions, which have adverse effects on the global climatic conditions. This encourages the industry to move toward fuel-efficient vehicles, which can contribute to reducing greenhouse gases (GHG). Glass fiber-reinforced polymer (GFRP) and carbon fiber-reinforced polymer (CFRP) are substitutes for aluminum and steel in the automotive sector. Carbon fiber and glass fiber prepregs are lighter than traditional steel by about 50–70% and 15–20%, respectively. The weight of a car can be reduced by 60% by using these prepreg parts. It is observed that a 10% reduction in vehicle weight increases fuel efficiency by 5%. The use of carbon fiber prepregs can result in 30% fuel efficiency compared to steel. According to a research study, if a car runs 174,140 miles during its life span, a car made of steel will consume ~8,707 gallons of fuel, whereas a car made from prepreg will consume ~6,698 gallons, saving roughly over 2,009 gallons of fuel. Apart from providing lightweight structures, prepregs provide benefits such as excellent mechanical properties, low temperature cures, and longer life.
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Prepregs have a higher strength-to-weight ratio, which is an important factor for automobile manufacturing. Vehicles with reduced weight and higher strength have better mileage, which helps to reduce the fuel cost. In the US, automakers have shifted their focus to make lightweight automotive components to increase fuel efficiency and meet regulations of the Corporate Average Fuel Economy (CAFE) 36.6 mpg by 2017 and 54.5 mpg by 2025. This encourages the industry to move towards CFRP, which is seen as a substitute for aluminum and steel in high-end cars.
Over the past years, prepreg manufacturers have strengthened their position in the global prepreg market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions. However, owing to lockdown announced by several countries in 2020, the demand for prepreg from aerospace & defense, wind energy, automotive, and other end-use industries has declined sharply, which resulted in declined demand for prepreg.
The major manufacturers profiled in this report include Solvay Group (Belgium), Hexcel Corporation (United States), Toray Industries, Inc. (Japan), Teijin Limited (Japan) and Mitsubishi Chemical Holdings Corporation (Japan), are some of the key players in the prepreg market. SGL Group (Germany), Axiom Materials (United States), Gurit Holding AG (Switzerland), Park Aerospace Corp. (United States) and Plastic Reinforcement Fabrics Ltd. (United Kingdom), and among others. The prepreg business of these companies is severely affected due to the outbreak of COVID – 19 pandemic. Reduced demand for prepregs from several applications and disruption in the supply chain have compelled the prepreg manufacturing companies to operate at partial capacities. However, several prepreg manufacturers have focused their concentration on new product development. These developments, coupled with end-use industries resuming their operations at full capacities, would create demand for prepreg during the forecast period.
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