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 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Carbon prepreg refers to carbon fiber reinforced plastic preimpregnated with thermoset resins like epoxy or phenolic resins. It offers advantages like high strength-to-weight ratio, corrosion resistance, durability and dimensional stability. Carbon prepreg finds wide applications in aerospace & defense, wind energy, sporting goods, automotive and others due to its lightweight and high strength properties. Aerospace and defense segment accounts for the largest share in carbon prepreg market due to growing demand for composite materials to reduce aircraft weight and increase fuel efficiency.
Market key trends:
One of the key trends in the carbon prepreg market is growing adoption in commercial aircraft production. Major aircraft OEMs are increasingly opting for carbon composites to manufacture aircraft structures and components in order to reduce aircraft weight. For instance, Boeing’s 787 Dreamliner contains over 50% carbon fiber composites by weight. stringent emission norms are also driving adoption of lightweight carbon composites in automotive industry. Growing wind energy infrastructure is another factor augmenting demand for carbon prepregs in wind turbine blade manufacturing. Furthermore, technological advancements in carbon fiber and resin systems are helping producing high strength prepregs at competitive costs. Development of out-of-autoclave prepreg systems is also gaining traction in the market.
Porter’s Analysis
Threat of new entrants: The high R&D costs and technical expertise required to manufacture carbon prepreg act as barrier for new players to enter this market.
Bargaining power of buyers: There exists high demand for carbon prepregs from various end-use industries like aerospace, automotive, wind energy, resulting in increased bargaining power of buyers.
Bargaining power of suppliers: The presence of large number of raw material suppliers for carbon fibers and resins limits their bargaining power.
Threat of new substitutes: There exists threat from substitute materials like glass fibers and natural fibers composites, however carbon fiber composites have better strength-to-weight ratio making it difficult to substitute.
Competitive rivalry: The market is fragmented with presence of numerous global and regional players intensifying the competition.
Key Takeaways
The Global Carbon Prepreg Market Size is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period, due to increasing demand from aerospace and defense sector. The aerospace industry is the largest consumer of carbon prepregs owing to its excellent strength and stiffness properties ensuring safety and fuel efficiency of aircrafts.
Regional analysis: North America holds the major share in the carbon prepreg market due to strong presence of aerospace industry in the region. US and Canada are the major countries contributing to the regional market growth. However, Asia Pacific is projected to be the fastest growing market led by China, Japan and India. This is attributed to expanding automotive and wind energy industries and government investments in infrastructure development in developing countries.
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. The key players are focusing on new product launches and expansion of production facilities to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
