Carbon Fiber Prepreg market worth $11.5 billion by 2024 | Key Players include SGL Group, Gurit Holdings AG, Park Electrochemical Corporation, Toray Industries, Teijin Limited, Royal TenCate N.V., Hexcel Corporation, Solvay, Mitsubishi Rayon Co. Ltd., Axio

According to recent market research "Carbon Fiber Prepreg Market by resin type (Epoxy, Phenolic, Thermoplastic), Manufacturing Process (Hot Melt, Solvent Dip), End-use Industry (Aerospace & Defense, Wind Energy, Sports & Leisure, Automotive) - Global Trends and Forecasts to 2024", The carbon fiber prepreg market is expected to grow from USD 7.0 billion in 2019 to USD 11.5 billion by 2024, at a CAGR of 10.5% during the forecast period.

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The carbon fiber prepreg market is growing due to its increasing demand from aerospace & defense, automotive, and wind energy industries. Boeing and Airbus have ramped up the production of commercial aircraft to cater to the rising airline passenger traffic. The increasing use of carbon fibers in electric cars and rising aircraft production are the major drivers of the market.

Increase in demand for carbon fiber prepreg from electric cars, wind turbines, and increasing production of commercial aircraft is expected to boost the growth of the carbon fiber prepreg market

The use of carbon fiber prepreg is increasing due to its useful properties offered such as high strength, anti-corrosive properties, and lightweight. The carbon fiber prepreg market size is estimated to be USD 7.0 billion in 2019 and is projected to reach USD 11.5 billion by 2024, at a CAGR of 10.5% from 2019 to 2024. The increasing use of carbon fiber prepreg in aerospace & defense, automotive, and wind energy end-use industries is bolstering the market, globally.

This growth is attributed to the increasing demand for fuel-efficient vehicles, and lightweight and high strength materials for aerospace, wind energy, and automotive end-use industries. The European Union Automotive Fuel Economy (UNEP) standard has made stringent regulations for automotive OEMs to decrease carbon emission by using lightweight materials. Apart from BMW i3 and i8, the company also has carbon fiber implants in its next-generation 7-Series Sedan. This has increased the demand for carbon fiber prepreg in the automotive industry.

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New product launch and expansion are the key development strategies adopted by the leading market players to drive the global carbon fiber prepreg market.

The use of carbon fiber prepreg is becoming crucial in aerospace & defense and automotive industries due to the increase in demand for high strength, operational stability at high temperatures, and lightweight materials. The carbon fiber prepreg market is projected to reach USD 11.5 billion by 2024, registering a CAGR of 10.5%, from 2019 to 2024.

The key companies of carbon fiber prepreg are mainly involved in new product launch and expansion to strengthen their positions in the carbon fiber prepreg market. The leading companies adopted these strategies to improve their distribution channels and to strengthen their presence in the developed and emerging countries, between 2014 and 2018.

From 2014 to 2018, new product launch and expansion were the key strategies adopted by industry players to maintain growth in the global carbon fiber prepreg market. These strategies accounted for 24% and 22%, respectively, of the overall strategies adopted between 2014 and 2018. The market players concentrated mainly on consolidation through new product launch and expansion with the intention of increasing their market shares and enhancing their sustainability.

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The major manufacturers profiled in this report are SGL Group (Wiesbaden, Germany), Gurit Holdings AG (Wattwil, Switzerland), Park Electrochemical Corporation (Melville, U.S.), Toray Industries (Tokyo, Japan), Teijin Limited (Osaka, Japan), Royal TenCate N.V. (Almeo, The Netherlands), Hexcel Corporation (Connecticut, US), Solvay (Brussels, Belgium), Mitsubishi Rayon Co. Ltd. (Tokyo, Japan), Axiom Materials (California, US), and others. These companies have adopted various organic and inorganic growth strategies such as new product launches, agreements, and expansions to expand their global presence and increase their penetration into the carbon fiber prepreg market.

Toray Industries (Tokyo, Japan), Teijin Limited (Osaka Japan), Hexcel Corporation (Connecticut, U.S.), and Solvay (Brussels, Belgium) are the major companies adopted the maximum number of growth strategies between 2014 and 2018 in the carbon fiber prepreg market. Hexcel Corporation (Connecticut, US) accounted for the largest share of all the development activities undertaken in the global carbon fiber prepreg market between 2014 and 2018. The company follows dynamic growth strategies with agreements, contracts, new product launches, expansions, acquisitions, and joint ventures, to strengthen its geographical presence and customer base. For instance, Hexcel Corporation in October 2018 opened its new advanced composites plant at the Les Roches-Roussillon Chemicals Industry Platform in France. This plant will help in responding to the needs of aerospace customers for carbon composite materials.

Solvay (Brussels, Belgium) is one of the leading providers of carbon fiber prepreg for aerospace & defense, automotive, rail, and other end-use industries. The company is primarily focused on expansions, new product launches, agreements, acquisitions, and joint ventures with different companies to expand its distribution network. For instance, in March 2017 the company launched SolvaLite 730 prepreg for high volume automotive applications. It provides sub 60 seconds cure capability, exceptional toughness, and low tack. It is storage stable at room temperature. It helped the company to meet the demands of automotive OEMs.

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