[
171 Pages Report] The
carbon fiber prepreg market was valued at USD 3,861.0 million, in 2015, and is projected to reach USD 7,202.2 million by 2021 at a CAGR of 11.0% between 2016 and 2021. In this study, 2015 has been considered as the base year, while the forecast period is from 2016 to 2021.
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The
key players operating in the carbon fiber prepreg market are SGL Group (Wiesbaden, Germany), Gurit Holding AG (Wattwil, Switzerland), Park Electrochemical Corporation (Melville, U.S.), Toray Industries, Inc. (Tokyo, Japan), Teijin Limited (Osaka, Japan), Royal TenCate N.V. (Almeo, Netherlands), Hexcel Corporation (Connecticut, U.S.), Cytec Solvay Group (Brussels, Belgium), Mitsubishi Rayon Co., Ltd. (Tokyo, Japan), and Axiom Materials (California, U.S.), among others. These players have adopted various organic and inorganic development strategies to strengthen their position in the market.
Drivers
- Increasing demand for lightweight materials from the automotive industry
- Growing carbon fiber demand from the wind energy industry
- Increasing demand for carbon fiber prepreg from Boeing and Airbus
Restraint
- High processing and manufacturing cost
- Issues related to recyclability
Opportunities
- Reduction in the cost of carbon fibers
- Development of advanced software tools for carbon fiber prepreg product development
Among resin types, the epoxy segment is leading the carbon fiber prepreg market, in terms of value.
The epoxy segment is leading the carbon fiber prepreg market, owing to increased use of epoxy resins in various applications, such as aerospace & defense, automotive, sports & leisure, and wind, among others. Epoxy resin-based carbon fiber prepregs offer high strength to weight ratio and increased resistance to heat, moisture, and corrosion. They require less maintenance and offer high durability.
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Increasing demand of lightweight materials from the automotive industry
In regions like North America and Europe, stringent regulations have been imposed on the automotive industry to take steps against greenhouse gas (GHG) emissions, which have adverse effects on the global climatic conditions. In addition, lower fuel prices, job gains, easy availability of credit, and increasing consumer confidence on advanced materials like carbon fiber prepreg have encouraged the automotive industry to move towards fuel-efficient and lightweight vehicles to reduce GHG emission. Carbon fiber prepreg is seen as the best substitute for heavy metals like aluminum and steel in the automotive sector as it is lighter than traditional steel by about 50%–70%. It is observed that 10% reduction in vehicle weight increases fuel efficiency by 5%; the use of carbon fiber prepreg can result in 30% fuel efficiency as compared to steel. Apart from providing lightweight structures, carbon fiber prepreg also provides benefits such as excellent mechanical properties, low-temperature cures, and longer life.
Among applications, the aerospace & defense segment is leading the carbon fiber prepreg market, in terms of value and volume.
On the basis of application, the carbon fiber prepreg market has been segmented into aerospace & defense, automotive, sports & leisure, wind, and others. The aerospace & defense application segment is leading the carbon fiber prepreg market, in terms of value and volume. Carbon fiber prepregs are lightweight and offer resistance to moisture, chemicals, and corrosion. They have increased operational stability at high temperatures in comparison to materials made from other conventional materials, such as thermoset composites and metallic alloys. As such, carbon fiber prepregs are being increasingly used in the aerospace & defense industry, which, in turn, is fueling the growth of the aerospace & defense segment of the carbon fiber prepreg market.
The North America carbon fiber prepreg market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021.
The North American region is leading the carbon fiber prepreg market due to increased demand for carbon fiber prepregs for use in different end-use industries as they offer excellent strength and are lightweight and easy to fabricate. Carbon fiber prepregs offer resistance to chemicals and corrosion. In addition, the technological advancements taking place for the mass production of carbon fiber prepregs and increasing usage of carbon fiber prepregs in the aerospace & defense industry are the factors contributing towards the growth of the North America carbon fiber prepreg market. The North America carbon fiber prepreg market is projected to grow at the highest CAGR during the forecast period. Moreover, the region has the presence of some of the key players of the carbon fiber prepreg market, which include Park Electrochemical Corporation (Melville, U.S.), Hexcel Corporation (Connecticut, U.S.), and Axiom Materials (California, U.S.), among others.
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