Carbon Fiber Prepreg Global Market Report 2024

The carbon fiber prepreg market size has grown rapidly in recent years. It will grow from $9.53 billion in 2023 to $10.5 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The historical growth in the utilization of carbon fiber prepreg can be attributed to various factors. These include heightened demand from the aerospace industry, the prevailing trend toward lightweighting in automotive applications, expanding usage in sports and leisure sectors, the growth of wind energy applications, and the material's notable high strength-to-weight ratio. These elements collectively contributed to the increased adoption and demand for carbon fiber prepreg in various industries.

The carbon fiber prepreg market size is expected to see strong growth in the next few years. It will grow to $15.25 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. Anticipated growth in the upcoming period within the carbon fiber prepreg industry can be attributed to several factors, including increased adoption in electric vehicles, infrastructure advancements in emerging economies, the expansion of renewable energy projects, augmented aerospace budgets, and the global emphasis on sustainable materials. Major anticipated trends in this forecast period encompass the development of hybrid composite materials, the integration of automation and robotics in manufacturing processes, increased adoption within the renewable energy sector, advancements in manufacturing techniques, and the widespread application of carbon fiber prepreg in 3D printing technologies.

The anticipated steady expansion of the automotive industry is poised to be a driving force behind the growth of the carbon fiber prepreg market. The automotive industry, encompassing the manufacturing and sale of motor vehicles, extensively relies on carbon fiber prepregs for various applications in high-end automotive sectors, racing vehicles, bikes, sports and recreation, and industrial settings. This preference is attributed to the exceptional properties of carbon fiber prepregs, including lightweight characteristics, temperature resistance, chemical resistance, and impressive structural and mechanical performance for vehicles. As evidenced by a report from the European Automobile Manufacturers Association in April 2022, global motor vehicle production reached 79.1 million units in 2021, marking a 1.3% increase from the previous year. Additionally, the Global EV Outlook 2021 highlights a 50% surge in consumer spending on electric vehicle purchases, amounting to USD 120 billion in 2020 compared to 2019. The robust expansion of the automotive industry thus emerges as a key driver propelling the carbon fiber prepreg market forward.

The growth trajectory of the carbon fiber prepreg market is further fueled by the flourishing construction industry. The construction sector, encompassing the planning, design, and execution of structures and infrastructure projects, relies on carbon fiber prepregs due to their high strength-to-weight ratio, durability, and corrosion resistance. These attributes enhance structural performance in applications such as bridges and buildings. Projections from Rethinking The Future indicate an anticipated 8.5% compound annual growth rate (CAGR) for the Canadian construction industry by 2024, reaching a value of $354.9 billion (USD). Moreover, a report by Oxford Economics highlights a substantial global construction output of $10.7 trillion in 2020, with an expected 42% increase, or $4.5 trillion, by 2030, reaching USD 15.2 trillion. This robust growth in the construction sector serves as a catalyst for the expansion of the carbon fiber prepreg market.

A prominent trend within the carbon fiber prepregs market is the emphasis on product innovations by major industry players to maintain their market positioning. Illustratively, in September 2022, Solvay, a US-based manufacturer specializing in materials, chemicals, and solutions, introduced LTM 350. This next-generation carbon fiber epoxy prepreg tooling material is designed to offer substantial time and cost savings across diverse sectors, including industrial, aerospace, automotive, and race car markets. Noteworthy features include a fast and low-temperature cure cycle, allowing continuous cycling at temperatures up to 150 °C, along with the production of highly accurate composite parts. This commitment to innovation underscores the industry's dedication to advancing products and meeting evolving market demands.

Prominent players within the carbon fiber prepreg market are actively engaged in the development of advanced materials, exemplified by the creation of next-generation products such as the carbon fiber epoxy prepreg tooling material. This composite material, employed in manufacturing processes, combines carbon fiber reinforcement with epoxy resin. A case in point is Solvay, a Belgium-based chemical company, which introduced LTM 350 in September 2022. LTM 350 represents a paradigm shift in composite tooling, characterized by its rapid lay-up, swift initial cure (3 hrs at 60°C), and abbreviated post-cure cycles. This innovative material facilitates the efficient construction of composite tools, particularly in aerospace and automotive industries, owing to its low-temperature cure and compatibility with autoclave and out-of-autoclave applications. LTM 350's user-friendly features and optimized lay-up formats not only contribute to cost savings but also enhance overall productivity in composite manufacturing.

In October 2021, Toray Advanced Materials, a Korean-based chemical company, executed the acquisition of the prepreg business from SK Chemicals for $23 million USD (30 billion KRW). This acquisition positions Toray Advanced Materials to bolster its capabilities in carbon fiber composite composites by gaining access to a crucial core material. SK Chemicals, a Korean-based company with expertise in developing chemical products, including carbon fiber prepreg, adds strategic value to Toray Advanced Materials, fortifying its position in the dynamic landscape of advanced materials manufacturing.

Major companies operating in the carbon fiber prepreg market report are Amsurg, IntegraMed America, Terveystalo, Aspen Healthcare, Medical Facilities Corporation, Fresenius Kabi AG, LVL Medical, DaVita Inc., Sonic Healthcare Limited, Surgery Partners, Symbion Inc., Hospital Corporation Of America (HCA) Holding, Symbion Pty Ltd., HCA Healthcare, Surgical Care Affiliates, Hexcel Corporation, Toray Industries Inc., SGL Carbon SE, Teijin Limited, Mitsubishi Chemical Corporation, Gurit Holding AG, Park Aerospace Corp., Cytec Solvay Group, Axiom Materials Inc., ACP Composites Inc., Barrday Composite Solutions, Prepreg-AC Technology Co. Ltd., Airtech Advanced Materials Group, ELG Carbon Fiber Ltd., PRF Composite Materials.

Europe was the largest region in the carbon fiber prepreg market in 2023. The regions covered in the carbon fiber prepreg market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the carbon fiber prepreg market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of carbon fiber prepreg are thermoset and thermoplastic. Thermoset prepregs consist of synthetic polymer-reinforced fibers combined with high-grade resins. These prepregs undergo various manufacturing processes such as hot melt and solvent dip. They encompass an array of resins such as phenolic, epoxy, bismaleimide, polyimide, cyanate ester, polyether ether ketone (PEEK), and others. These materials are utilized across a spectrum of industries including aerospace and defense, automotive, wind energy, sports and recreation, and various other sectors.

The carbon fiber prepreg market research report is one of a series of new reports that provides carbon fiber prepreg market statistics, including carbon fiber prepreg industry global market size, regional shares, competitors with a carbon fiber prepreg market share, detailed carbon fiber prepreg market segments, market trends and opportunities, and any further data you may need to thrive in the carbon fiber prepreg industry. This carbon fiber 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 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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