Carbon prepreg is a lightweight composite material made by impregnating carbon fibers with a matrix of thermoset resins, commonly either epoxy or phenolic resins. It finds wide applications in the aerospace & defense, wind energy, sports & recreation and automotive industries. The superior mechanical and thermal properties of carbon prepreg makes it a suitable replacement for metals in these industries. Some key uses of carbon prepreg include fuselage panels, floor beams and door skins in commercial aircrafts, blades and nacelles in wind turbines, structural components in racing cars and bikes.
The global Carbon Prepreg Market is estimated to be valued at US$ 8444.44 Mn in 2023 and is expected to exhibit a CAGR of 9.21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The carbon prepreg market is primarily driven by growing demand from the aerospace industry. This helps improve fuel efficiency while reducing overall maintenance costs. Furthermore, supportive government policies and regulations regarding carbon footprint reduction is augmenting the installation of wind turbines worldwide. As wind turbine blades are predominantly made from carbon prepreg composites, this is boosting market growth. However, high raw material and production costs of carbon prepreg remains a major challenge, especially for cost-sensitive industries like automotive. Ongoing R&D towards developing cost-effective manufacturing technologies can help address this issue and unlock new growth opportunities.
Segment Analysis
The carbon prepreg market can be segmented into thermoset and thermoplastic. Among these, the thermoset segment accounts for the largest share and is expected to dominate the market during the forecast period. Thermoset prepregs offer high mechanical properties, strength, heat resistance and chemical tolerance which makes them preferable over other segments for various end-use industries including aerospace & defense, wind energy, and others.
PEST Analysis
Political: Governments across regions are investing heavily in the aerospace and defense industries which is positively impacting the growth of the carbon prepreg market.
Economic: Rising disposable income levels have increased consumer spending on luxury and high-end goods in countries like China and India, thereby boosting the demand for carbon fiber composites.
Social: Increasing consumption of carbon fiber in commercial aircrafts and electric vehicles due to minimal environmental footprint is driving the social demand.
Technological: Automation and use of robotics in prepreg manufacturing is helping reduce production costs. Also, ongoing R&D for development of low-cost thermoplastic prepregs is expected to provide new opportunities.
Key Takeaways
The Global Carbon Prepreg Market Demandis expected to witness high growth, exhibiting a CAGR of 9.21% over the forecast period, due to increasing demand from aerospace & defense sector.
By region, North America dominates the global carbon prepreg market and is expected to continue its dominance during the forecast period. This is attributed to the presence of major OEMs and tier players for aircraft manufacturing in the region.
Key players operating in the Carbon Prepreg market are ACP Composites Inc., Kordsa Teknik Tekstil AS, Barrday, Gurit, Hexcel Corporation, Lingol Corporation, Mitsubishi Chemical Carbon Fiber and Composites Inc., Park Aerospace Corp., Sgl Carbon, Solvay, Teijin Limited, The Yokohama Rubber Co. Ltd, Toray Industries Inc., and Zyvex Technologies. Gurit and Hexcel Corporation are the key players providing prepreg materials to Boeing and Airbus for manufacturing composite parts.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
