The prepreg market size is anticipated to grow at a noteworthy rate during the forecast period of 2023-2030. Prepreg is a composite material containing fabrics or fibers and a pre-catalyzed thermoplastic or thermoset. It is renowned for its high-performance usage, and physical & mechanical properties. These features are achieved owing to the existence of carbon fiber, epoxy resin, and others. Furthermore, the material reacts slowly at room temperature due to the existence of resins in it, which make it long lasting and durable. These features will fuel the product demand during the forecast period.
The availability of substitutes for conventional sources of energy generation has increased due to the rising environmental concerns. Wind energy is the less adopted technology, which has further enhanced the need for prepreg as conventional materials, such as aluminum and steel are seeing a decrease in their popularity as they offer little resistance against the environment. In contrast, prepreg provides excellent rigidness, strength, and a slimmer blade profile, thereby increasing productivity and energy.
Prepreg provides ample and excellent advantages for customers. However, it is quite expensive, which can impede the prepreg market growth. Prepreg can only be kept in storage only for around six months, which is a major drawback. Also, the cost of processing is quite heavy for various end uses and applications. Consequently, these factors are restraining the market growth.
Fortune Business Insights presents this information in a report titled "Prepreg Market, 2023-2030”.
Major Players Profiled in the Report:
Toray (Japan)
Henkel Ltd. (Germany)
KREMPEL GMbh (Germany)
Teijin Limited (Japan)
Park (U.S.)
Aerospace Corp (U.S.)
Hexcel Corporation (U.S.)
Gurit Holding AG (Switzerland)
RockWest Composites (U.S.)
Mitsubishi (Japan)
Solvay (Belgium)
Segments:
By FRP type, the market is bifurcated into thermoplastic and thermoset.
By type, the market is split into carbon, glass, and others.
By technique, the market is divided into hot melt process and solvent dip process.
By application, the market is split into aerospace, marine industry, electronic products, wind energy, automotive, and others.
With respect to geography, the market is being studied across North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa.
Report Coverage
This prepreg market report provides a detailed analysis of the market and delivers various insights, such as the growth drivers, regional analysis, market’s competitive landscape, challenges, and trends. It also focuses on important factors, such as top product types, techniques, applications, and leading market players. Additionally, it presents key information regarding new product launches, technological advancements, effects of COVID-19, and notable industry developments, such as mergers, collaborations, acquisitions, and partnerships.
Drivers & Restraints
Increased Environmental Concerns to Boost Product Demand
Increasing concerns about environmental problems have created opportunities for the adoption of alternatives to conventional energy production sources. Since wind energy is adopted at a lower rate, it will amplify the need for prepreg materials.
But the high cost and limited shelf life of prepreg are the key constraints on the market.
Regional Insights
North America to Dominate Market Due to Major Investments in Advanced Technologies
North America might account for a dominant prepreg market share as several significant market players and well-established investors are present across the region. Furthermore, the U.S. possesses the potential for investing in futuristic technologies. The aerospace sector is also thriving in the region, further enhancing the product adoption.
Europe may experience average growth as the automotive sector is expanding at a healthy pace.
The Middle East & Africa and Latin America are expected to demonstrate a relatively higher growth rate during the forecast period.
Information Source: https://www.fortunebusinessinsights.com/prepreg-market-107259
Competitive Landscape
Leading Companies to Launch Novel Products to Retain Top Market Position
The market has a notable presence of reputed companies and local manufacturers. Some of the key market players include Solvay, Toray, Mitsubishi, and others. These firms are launching new products in the market to increase their customer base and expand their geographical reach.
Key Industry Development
June 2021- Solvay introduced CYCOM-EP2750, a high-compression molding prepreg, for end-users in the aerospace sector.