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Jun 15, 2023
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The global prepreg (pre-impregnated composite fibers) market size is likely to be valued at US$ 8.2 billion in 2023. The increasing application of prepreg (pre-impregnated composite fibers) in the automotive sector due to reducing the weight of the component is driving the market growth. The market is estimated to garner US$ 23.4 billion in 2033, recording a CAGR of 11% from 2023 to 2033.
The rapid development of the end-use application sectors such as aerospace & defense, automotive, wind energy, sporting goods, and electronics, is expected to boost prepreg (pre-impregnated composite fibers) sales in the forecast period. Prepregs are also commonly used in the production of sports equipment, such as tennis rackets, golf clubs, and hockey sticks.
Due to their high strength-to-weight ratio and excellent mechanical properties, prepregs are majorly used in the aerospace industry. Increasing demand for more fuel-efficient and lightweight aircraft, is expected to increase, the demand for prepregs.
The increased technological advancement and supportive government policies drive the growth of the prepreg (pre-impregnated composite fibers) market during the forecast period.
The wind energy sector is another significant market for prepregs owing to the increasing demand for renewable energy sources. The demand for lightweight, high-strength materials to construct wind turbine blades drives the growth of the prepreg market.
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Growing investments in the aerospace & defense sector in Europe and North America are likely to boost the demand for prepreg (pre-impregnated composite fibers). Favorable government policies in North America promoting the use of lightweight and high-strength materials in various industries to reduce carbon emissions and increase fuel efficiency are likely to boost the demand for prepreg in the region.
Key Takeaways from the Market Study
· From 2018 to 2022, the market demand expanded at a CAGR of 13.5%
· Based on fiber type, the carbon fiber preg segment accounts for a CAGR of 10.8%
· By resin type, the thermoset segment is expected to expand at a CAGR of 10.7% during the forecast period
· North America to emerge as a promising market, capturing a CAGR of 10.9%
· Asia Pacific to be an opportunistic market, expected to capture a CAGR of 11% during the forecast period.
“Growing technological innovation in the aerospace & automotive industry is expected to drive the market in the forecast period. The increasing demand for carbon fiber prepreg globally is projected to play a vital role in strengthening the market”.
Competitive landscape
Prominent players operating in the prepreg (pre-impregnated composite fibers) market are 3M Company; Arkema Group; Advanced International Multitech Co., Ltd.; Arisawa Mfg. Co., Ltd.; 5M Sro among others.
Some notable developments from the market are as follows:
· In December 2022- Arkema announces the doubling of its polyester resins capacity in its Navi Mumbai facility in India, reinforcing the Group’s leadership position in the global powder coatings market and its commitment to developing very low-VOC technologies
· In 2020, Arisawa Mfg. Co. Ltd. announced the development of a new line of high-performance carbon fiber prepregs that offer improved mechanical strength and durability. These prepregs are designed for use in a range of applications, including aerospace, automotive, and sporting goods
Know More about What the Prepreg (Pre-Impregnated Composite Fibers) Market Report Covers
Future Market Insights offers an unbiased analysis of the global prepreg (pre-impregnated composite fibers) market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the prepreg (pre-impregnated composite fibers) market, the market is segmented based on the fiber type, resin type, and application across five major regions.
Key Segments Covered in the Prepreg (Pre-Impregnated Composite Fibers) Industry Analysis
Prepreg (Pre-Impregnated Composite Fibers) Market by Fibre Type:
Carbon Fiber Prepreg
Glass Fiber Prepreg
Aramid Fiber Prepreg
Prepreg (Pre-Impregnated Composite Fibers) Market by Resin Type:
Thermoset
Thermoplastic
Prepreg (Pre-Impregnated Composite Fibers) Market by Application:
Aerospace & Defence
Automotive
Wind Energy
Sporting Goods
Electronics
