The market was estimated to be worth USD 43.95 billion in 2015. This market is projected to reach USD XX.XX billion by 2022, at an estimated CAGR of more than 10% during the forecast period.
Prepreg is a class of reinforced fabric that has been pre-impregnated with a resin system and has increased cured properties and reduced brittleness, in comparison to normal hand laminated fabrics. Prepregs are available as ready-to-mold and don’t require any resin addition, thereby, allowing for reduced cycle and turnaround time. Epoxy is the usual resin system used in prepregs, this includes the required curing agent.
The primary advantage of prepregs is their excellent strength and material properties, a result of the limited percentage of resin (usually 35%) used in their formation. In addition, owing to no or negligible human interference during their usage, in comparison to human lamination techniques, they provide the added advantage of partial uniformity and repeatability. Prepregs, because of their ready-to-mold characteristic and faster curing times, create lesser waste and significantly reduce the overall operating time. Due to their aforementioned advantages, these materials are increasingly being used in various commercial and industrial sectors. In the prepreg market report, we have taken the following major end-user sectors into consideration: aerospace & defense, automotive, electrical & electronics, wind turbines, leisure and others. The aerospace & defense segment accounted for XX.XX% share of the global prepreg market in 2015.
This market is driven by a number of factors, such as, the demand from aerospace and defense sector, emphasis on green energy sources (wind energy sector), and the growth of the global automotive industry. However, this market faces certain drawbacks, such as the premium pricing of prepregs, limited shelf life and autoclave & maintenance constraints. These factors may act as a roadblock to the growth of the market.
The global prepreg market, based on fiber type, can be broadly segmented into carbon, glass and aramid fibers. The carbon fiber segment has been witnessing increased demand from the aerospace sector, accounting for the highest share in the global prepreg market in 2015. It is also expected to be the fastest growing product segment during the forecast period. In addition, the market has been divided by resin type into thermosetting and thermoplastic.
The market has been geographically segmented into Asia-Pacific, North America, Europe, South America and the Middle East & Africa. North America dominates the global prepreg market, owing to the huge demand from aerospace sector in the country. It is expected to dominate the market for the next five years and is expected to be the fastest growing market during the forecast period. The United States accounts for the highest market share by country. Asia-Pacific holds the second highest share in the market and is expected to grow considerably during the forecast period.
Some of the major companies dominating this market for its products, services and continuous product developments are Axiom Materials, Teijin Limited, Cytec Industries, Hexcel Corporation, Toray Industries, Gurit Holding, Royal Ten Cate, SGL Carbon, Mitsubishi Rayon and Park Electrochemical.