Prepreg Global Market Report 2024

Prepreg refers to composite materials in which a reinforcing fiber is pre-impregnated in a specific ratio with a thermoplastic or thermoset resin matrix. These materials find applications in various industries, including aircraft and automotive interiors, A/C ducting, electronic-transmission applications, sporting goods, carbon-carbon composites, high-rise flooring, flame retardant laminates, UAVs, and seatbacks. The properties of prepreg include high strength, consistency, repeatability, minimal waste, and a short curing time.

The main types of prepreg include carbon fiber prepreg, glass fiber prepreg, and other types of fiber reinforcement. Glass fiber prepreg involves composite materials like carbon, graphite, or glass fibers that are 'pre-impregnated' with resins and then cured. The forms of glass fiber prepreg include tow prepreg and fabric prepreg. The manufacturing processes for glass fiber prepreg include the hot-melt process and solvent dip process. Various applications of glass fiber prepreg span aerospace and defense, wind energy, automotive, sporting goods, electronics (PCB), and other diverse industries.

The prepreg market research report is one of a series of new reports that provides prepreg market statistics, including prepreg industry global market size, regional shares, competitors with a prepreg market share, detailed prepreg market segments, market trends, and opportunities, and any further data you may need to thrive in the prepreg industry. This prepreg market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The prepreg market size has grown rapidly in recent years. It will grow from $8.79 billion in 2023 to $9.95 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth observed in the historical period can be attributed to several factors, including growth in the aerospace and aviation industries, a demand for lightweight and high-performance composites, expansion of applications in automotive and wind energy sectors, development of advanced prepreg materials, adherence to regulatory standards for material safety, advancements in composite manufacturing technology, and an increase in the demand for sports and leisure equipment.

The prepreg market size is expected to see rapid growth in the next few years. It will grow to $16 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%.
The anticipated growth in the forecast period can be attributed to several factors, including the adoption of sustainable and recyclable prepreg materials, the development of customized prepreg solutions for specific applications, growth in the production of electric and hybrid vehicles, expansion in space exploration and satellite technology, and increased utilization in medical and healthcare devices. Major trends expected in the forecast period encompass the emergence of smart and sensor-integrated prepreg composites, a focus on regulatory compliance in prepreg material safety, the use of bio-based and biodegradable prepreg materials, the incorporation of nanotechnology in enhancing prepreg composites, and the provision of personalized prepreg solutions tailored for specific industries.

The growth of the prepreg market is anticipated to be driven by the increasing production in the automotive sector. In the realm of automotive, which involves the design, operation, manufacture, or sale of automobiles, prepregs find applications in high-performance sectors such as aerospace, defense, automotive, sports, and wind energy. Notably, in 2021, global motor vehicle production reached 79.1 million units, reflecting a 1.3% increase from the previous year, as reported by ACEA, a Belgium-based association of the automobile industry. Consequently, the expansion of automotive production serves as a catalyst for the growth of the prepreg market.

The expected growth of the prepreg market is further attributed to the burgeoning aerospace industry. This high-technology sector encompasses the research, development, design, production, and maintenance of flight vehicles. Prepreg materials, characterized by a reinforcement fiber pre-impregnated with a resin matrix, offer exceptional strength-to-weight ratios and durability, making them particularly suitable for aerospace applications. For instance, Airbus SE, a France-based aircraft manufacturer, delivered 661 commercial aircraft to 84 customers in 2022, registering a notable 8% increase in gross new orders compared to the previous year. Thus, the expanding aerospace industry contributes significantly to the growth of the prepreg market.

A noteworthy trend gaining traction in the prepreg market is technological advancements. Major companies within the industry are actively engaged in developing innovative technological solutions to enhance their market position. An example is Solvay, a Belgium-based company operating in the prepreg sector, which introduced SolvaLite 716 FR, a revolutionary fast-curing epoxy prepreg technology designed for various structural elements and reinforcements in premium battery electric vehicles (BEVs). The technology incorporates Solvay's proprietary Double Diaphragm Forming (DDF) technology and targets flame-retardant battery enclosure applications for premium and super-premium BEVs. SolvaLite 716 FR has demonstrated superior flammability performance, surpassing aluminum and discontinuous fiber composites. The technology is designed for quick curing, with an eight-minute press cure time at 150°C (302°F).

Major players in the prepreg market are also directing their efforts toward developing innovative products, such as rapid-curing prepreg for aerospace applications, to maintain their competitive edge. Rapid-curing prepreg is designed to cure quickly and allows for trimming, pleating, and shaping with a knife or scissors. Hexcel, a US-based aerospace company, introduced HexPly M51 prepreg, a rapid-cure solution for aerospace applications. This REACH-compliant product offers a cure cycle of 40 minutes at 180 degrees Celsius and is fully compatible with automated tape laying (ATL), automated fiber placement (AFP), and pick-and-place procedures.

In October 2021,Toray Advanced Materials, a Korean-based chemical company, acquired a prepreg business from SK Chemicals for $2 million. This acquisition has empowered Toray Advanced Materials with a core material for carbon fiber composite composites, strengthening its position in the prepreg market. SK Chemicals, a Korean-based chemical company, was the seller in this transaction.

Major companies operating in the prepreg market include Axiom Materials Inc., Gurit Holding AG, Hexcel Corporation, Mitsubishi Chemical Carbon Fiber And Composites Inc., Park Aerospace Corporation, Solvay S.A., Teijin Limited, Toray Industries Inc., Plastic Reinforcement Fabrics Ltd., Rock West Composites Inc., SHD Composite Materials Ltd., GMS Composites, ACP Composites Inc., Celanese Corporation, SGL Group SE, Hanyang Corporation, Composites One, Saudi Basic Industries Corporation (SABIC), Airtech Advanced Materials Group, Isola Group, Olin Corporation, Zoltek Companies Inc., Park Electrochemical Corp., Henkel AG & Co. KGaA, Socomore, Kineco Group, Cristex, North Thin Ply Technology (NTPT)

North America was the largest region in the prepreg market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this prepreg market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the prepreg market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The prepreg market consists of sales of fiberglass, carbon fiber, and aramid. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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