Carbon prepreg refers to carbon fiber preimpregnated with thermosetting resins. Carbon prepreg finds widespread application in manufacturing composites used in aerospace, automotive, wind energy, sports equipment and other industries. In aerospace industry, carbon prepreg composite materials are used to manufacture aircraft components such as fuselage panels, empennage, wings and floor panels owing to their high mechanical strength and lightweight properties. The global demand for commercial aircrafts is growing at a significant rate due to rise in passenger traffic between domestic and international routes.To meet this growing demand aircraft OEMs are focusing on reducing the overall weight of aircraft through increased use of lightweight materials including carbon prepregs. This represents a key opportunity for growth of carbon prepreg market.
The global carbon prepreg market is estimated to be valued at US$ 9728 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising demand for new aircraft models as well as high rate of aircraft replacement to reduce fuel consumption and improve operational efficiency is fueling the consumption of prepregs in aircraft production. For example, in June 2022, Boeing reported an order backlog of over 4,000 commercial aircrafts indicating strong future opportunities. Another driver is stringent government regulations to curb carbon emissions from transportation sector. Regulatory push towards adoption of fuel efficient lightweight aircraft is expected to further boost adoption of carbon prepregs during the forecast period.
Segment Analysis
The global carbon prepreg market is dominated by the aerospace & defense sub-segment. Carbon prepreg composites are widely used in the manufacturing of aircraft components owing to their high strength-to-weight ratio and corrosion resistance properties. Carbon prepreg composites allow aircraft manufacturers to design lighter and more fuel-efficient aircraft. Carbon prepregs find extensive applications in the manufacturing of wings, fuselage, tail, rotor blades, and other interior and exterior aircraft components.
PEST Analysis
Political: Countries are investing heavily in the defense sector to strengthen their national security. This is augmenting the demand for military aircraft and spacecraft manufacturing, boosting the carbon prepreg market.
Economic: The growth of the aerospace industry due to increasing air passenger traffic is fueling the demand for carbon prepregs from aircraft manufacturers. The rising disposable income is also propelling consumer spending on recreational and luxury boats manufactured using carbon prepregs.
Social: People are increasingly opting for air travel over other modes of transportation due to rising living standards. This is driving investments in new aircraft programs, which in turn is benefitting carbon prepreg manufacturers.
Technological: Manufacturers are developing novel production technologies to manufacture carbon prepregs at a competitive cost. Advanced robotic applications are helping carbon prepreg producers improve production efficiency.
Key Takeaways
The Global Carbon Prepreg Market Size is expected to witness high growth over the forecast period of 2024 to 2031 supported by rising investments in the aerospace and defense industries. The aerospace & defense sub-segment accounted for the major share of over 50% in the global carbon prepreg market in 2024 owing to wide usage of carbon prepregs in aircraft manufacturing.
Regional analysis: North America dominated the global carbon prepreg market in 2024 led by the presence of major aircraft OEMs in the US and Canada coupled with huge defense budgets for procuring military aircraft and spacecraft. Asia Pacific is anticipated to be the fastest growing regional market between 2024 to 2031 due to increased aircraft production in China and India along with rising defense spending of countries like China and Japan.
Key players operating in the carbon prepreg market are 3M, Arkema Group (Bostik SA), H.B. Fuller Company, Henkel AG & Co. KGaA, Master Bond Inc., Nexus Adhesives, Permabond LLC, Pidilite Industries Ltd, Sika AG, and Threebond International Inc. Key players are investing in R&D to develop advanced carbon prepreg grades offering enhanced mechanical properties and production cost advantages.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
