CHICAGO, Feb. 7, 2023 /PRNewswire/ -- The report "Carbon Fiber Prepreg Market by Resin Type (Epoxy, Phenolic, Thermoplastic, BMI, Polyimide), Manufacturing Process (Hot Melt, Solvent Dip), End-use Industry (Aerospace & Defense, Automotive, Sports & Recreation, Wind Energy) - Global Forecast to 2027", The global carbon fiber prepreg market size is expected to grow from USD 9.7 billion in 2022 to USD 18.9 billion by 2027, at a CAGR of 14.2% during the forecast period.
Carbon fiber prepreg is used in aerospace & defense, wind energy, sports & recreation, automotive, and other end-use industries. Some of the major drivers identified in the market are the increasing use of carbon fiber prepreg in electric cars. Another major driver is the growing demand for carbon fiber prepreg due to increased commercial aircraft production.
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286 - Tables
50 - Figures
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Hot melt manufacturing process comprises a major share of the carbon fiber prepreg market in terms of value.
Carbon fiber prepregs are developed and manufactured through two manufacturing processes, namely, hot melt and solvent dip. The hot melt process dominated the overall carbon fiber prepreg market. The machinery required to perform the hot melt process is less complex than the machinery used in the solvent dip process. Furthermore, this process is less hazardous, and no organic solvents are consumed or emitted during operations.
Epoxy resin product type accounts for the largest market share in the global carbon fiber prepreg market during the forecasted period in terms of value.
The market for carbon fiber prepreg is segmented on resin as epoxy, phenolic, BMI, thermoplastic, polyimide, and others. Epoxy resin dominates the overall carbon fiber prepreg market as it is widely applicable in aerospace & defense, automotive, sports & leisure, wind energy, and other industries. Due to their unique molecular structure, epoxy-based carbon fiber prepregs are lightweight and strong and, therefore, can be used in aircraft tails and fuselage.
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Aerospace & defense segment accounted for the largest market share in the global carbon fiber prepreg market based on the end-use industry in terms of value.
The aerospace & defense industry accounted for 68.9%, in terms of value, of the overall carbon fiber prepreg market in 2021. The market size in this segment is projected to reach USD 13,062.0 million by 2027 at a CAGR of 14.2%. This growth is expected to be driven by the increase in the delivery of Boeing-787 and Airbus-350 aircraft during the forecast period. According to Boeing Market Outlook, 2019-2038, the Asia Pacific region plans to acquire 17,390 new airplanes; Europe - 10,270; North America - 9,130; Latin America - 2,960; and the Middle East & Africa - 3,130. This is expected to result in a significant consumption of carbon fiber prepreg for the manufacturing of composite components.
Europe is expected to account for the largest market share in the carbon fiber prepreg market during the forecast period.
Europe is the largest carbon fiber prepreg market across the world. The aerospace & defense, wind energy, and automotive industries have huge demand for carbon fiber prepregs for various structural applications. In Europe, there is presence of distinguished automotive players such as BMW, Rolls-Royce, Mercedes-Benz, and Jaguar. These companies are expanding their R&D efforts in collaboration with carbon fiber prepreg manufacturers to decrease the weight of cars by using high-performance carbon fiber prepregs for structural applications.
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Market Players
The key players in the carbon fiber prepreg market include Mitsubishi Chemical Carbon Fiber and Composites, Inc. (Japan), Solvay (Belgium), Teijin Limited (Japan), Toray Industries Inc. (Japan), Hexcel Corporation (US), Gurit Holding AG (Switzerland), SGL Carbon (Germany), Park Aerospace Corp. (US), and Axiom Materials, Inc. (US), and others. These players are adopting the strategies of new product launches, expansions, and agreements to maintain their competitive position in the carbon fiber prepreg market.
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