The market has been estimated at USD XXXX million in 2016 and is projected to reach USD XXX million by 2022, at a CAGR of XX% during the forecast period from 2016 to 2022. The global aramid prepreg business is expected to grow significantly over the following years.
There exists a wide variety of potential and existing applications for aramid prepregs. Some of the aramid prepreg applications are still in developmental stage whereas others are already industrialized and commercialized. Aramid prepregs are used in aerospace, defense, automotive, electrical, electronics and other industries. They are used wherever there is a requirement for high temperature-resistance and wear-resistance. Automotive forms the major segment in terms of revenue, as aramid fiber usage is high in this segment.
Market Dynamics of the Global Aramid Prepreg Market:
The major market drivers are the properties of high temperature resistance and abrasion resistance of aramid prepreg. It is also driven by a high demand from the automotive sector. The cost of the aramid fiber is little high for the large-scale wide spread usage. Autoclave, that is used to cure the components made from prepreg, and its maintenance costs add a high amount of the cost to the manufacturing of final components. These two factors may act as a deterrent in the global aramid prepreg market.
Aramid prepregs are majorly used as a ballistic protector. Aramid fiber components are finding their usage ever increasing in defense, aviation and automotive applications where lightness and abrasion resistance is important. It is widely used as an asbestos substitute in the majority of automotive and aviation components like clutches, brake pads, tires etc.
The global aramid prepreg market has been segmented on the basis of resin type and industrial sector. Based on resin type the market is segmented into thermoplastic and thermosetting. Thermosetting forms the major market. Based on industry, the market is segmented into aerospace and defense, energy, automotive, leisure, electronics, and others. Defense occupies the major market share. Lightweight and stiff materials are very important in the defense industry for efficient operations. Cost not being a barrier, aramid prepregs are majorly used in making protection equipment in this industry.
The global aramid prepreg market has also been geographically segmented into APAC, North America, Europe, South America, and MEA. In terms of consumption in 2015, Europe led the market with a share of around 27%. It was followed by North America and APAC. Defense and automotive form the major markets, as they use aramid prepergs for the manufacture of various components and protective wear. Europe uses aramid fiber in the production of vests, racing suits, tires etc.
Company profiles of the major players in global aramid prepreg market have also been discussed in this study, they are:
Key Deliverables in the Study: