Press release
Prepreg Market: Strengthening Materials - Market Size and Growth Trends 2024
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 growth in the forecast period can be attributed to sustainable and recyclable prepreg materials, customized prepreg solutions for specific applications, growth in electric and hybrid vehicle production, expansion in space exploration and satellite technology, increased use in medical and healthcare devices.. Major trends in the forecast period include smart and sensor-integrated prepreg composites, regulatory compliance in prepreg material safety, bio-based and biodegradable prepreg materials, nanotechnology-enhanced prepreg composites, personalized prepreg solutions for specific industries..
Market Overview -
Prepreg refers to composite materials in which a reinforcing fibre is pre-impregnated in a certain ratio with a thermoplastic or thermoset resin matrix. These materials are used in making aircraft and automotive interiors and components, A/C ducting, electronic-transmission applications, sporting goods, carbon-carbon composites, high-rise flooring, flame retardant laminates, UAVs, and seatbacks. Its properties include high strength, consistency and repeatability, minimal waste, and a short curing time.
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Automotive Production Fuels Prepreg Market Growth
Growing automotive production is expected to propel the growth of the prepreg market going forward. Automotive refers to the design, operation, manufacture, or sale of automobiles. Prepregs are used for high-performance applications in industries like aerospace, defence, automotive, sports, and wind energy. For instance, in 2021, according to ACEA, a Belgium-based association of the automobile industry, 79.1 million motor vehicles were produced around the world, an increase of 1.3% compared to 2020. Therefore, growing automotive production is driving the growth of the prepreg market.
Competitive Landscape -
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)
Technological Advancements And Innovative Products In The Prepreg Market
Technological advancements are a key trend gaining significant popularity in the prepreg market. Major companies operating in the prepreg market are focused on developing new technological solutions to strengthen their position. For instance, in October 2023, Solvay, a Belgium-based company operating in prepreg, launched SolvaLite 716 FR is a revolutionary fast-curing epoxy prepreg technology designed for a variety of structural elements and reinforcements in premium battery electric vehicles (BEVs). SolvaLite 716 FR, features involves Solvay's proprietary Double Diaphragm Forming (DDF) technology, targeted at flame-retardant battery enclosure applications for premium and super-premium BEVs possesses a dry glass transition temperature (Tg) of 145°C (293°F) and has been shown in practical UL 2596 flammability testing to surpass aluminum and discontinuous fiber composites by offering protection at a wall thickness of 2mm. SolvaLite® 716 FR is designed for quick curing, with an eight-minute press cure time at 150°C (302°F); with greater temperature and lower cycle time capability.
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Key Segments -
The prepreg market covered in this report is segmented -
1) By Type of Fiber Reinforcement: Carbon Fiber Prepreg, Glass Fiber Prepreg, Other Types of Fiber Reinforcement
2) By Form: Tow Prepreg, Fabric Prepreg
3) By Manufacturing Process: Hot-Melt Process, Solvent Dip Process
4) By Application: Aerospace And Defense, Wind Energy, Automotive, Sporting Goods, Electronics (PCB), Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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