Carbon Fiber Prepreg Market size is set to grow by USD 1.34 billion from 2024-2028, Growth of wind power capacities to boost the market growth, Technavio

NEW YORK, June 17, 2024 /PRNewswire/ -- The global carbon fiber prepreg market  size is estimated to grow by USD 1.34 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 7.38%  during the forecast period. Growth of wind power capacities is driving market growth, with a trend towards rising population, urbanization, and increasing power requirement. However, high cost related to carbon composites  poses a challenge. Key market players include Axiom Materials Inc., Arvind Composites, Celanese Corp., Dexcraft, DowAksa, Formosa M Co. Ltd., Gurit Holding AG, Hexcel Corp., K. Sakai and Co. Ltd., Kordsa Teknik Tekstil AS, Mitsubishi Chemical Corp., Nippon Steel Corp., OCSiAl, Plastic Reinforcement Fabrics Ltd., SGL Carbon SE, SK Chemicals Co. Ltd., Solvay SA, TCR Composites, Teijin Ltd., and Toray Composite Materials America Inc..

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Key Market Trends Fueling Growth

The global carbon fiber prepreg market is anticipated to grow significantly due to increasing infrastructure development, particularly in emerging economies. With approximately USD5.2 trillion required by 2025 to meet current market demands, investments in this sector are crucial. China, driven by urbanization, leads the way in infrastructure spending.

The trend of population migration to urban areas increases the demand for better infrastructure, health, and lifestyle. To mitigate risks, advanced technologies, capital investments, and growth-focused policies are essential. Renewable energy sources will cater to the energy needs of the projected population, driving the demand for power generation and the growth of the carbon fiber prepreg market. 

The Carbon Fiber Prepreg market is experiencing significant growth due to its increasing usage in various industries. Fiber prepregs are essential in composite manufacturing, providing strength and durability. Companies are focusing on improving the properties of carbon fiber prepregs through research and development.

The use of PEEK and Aramid fibers in prepregs is a trend, offering better thermal and mechanical properties. Matrices such as thermoplastic and resin are also used in prepregs. The market is driven by the automotive and aerospace sectors, with applications in lightweight components and high-performance structures.

The demand for sustainable and lightweight materials is also boosting the market. The use of vacuum assisted and compression molding processes in prepreg manufacturing is a key trend. Overall, the Carbon Fiber Prepreg market is expected to grow steadily in the coming years. 

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Market Challenges

• The carbon fiber prepreg market faces challenges due to high R&D costs and expensive testing processes for carbon fiber composites. These composites have higher costs than metals, including steel, limiting market growth. Raw material costs, particularly for PAN, contribute significantly to the high manufacturing costs. As a result, OEMs may opt for cheaper alternatives, reducing demand for carbon fiber prepreg and hindering market expansion during the forecast period.
• The Carbon Fiber Prepreg market faces several challenges. The high cost of raw materials and production processes is a significant hurdle. The use of expensive epoxy resins and the need for precise handling and curing temperatures add to the expense. Another challenge is the limited availability of certain types of carbon fibers, which can impact supply and demand dynamics.
• Additionally, the complex nature of the manufacturing process requires specialized expertise and equipment. Furthermore, the recycling and disposal of carbon fiber composites remain major environmental concerns. Despite these challenges, the market continues to grow due to the material's superior strength-to-weight ratio and its increasing use in various industries, including aerospace and automotive.

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Segment Overview

1. Type 
• 1.1 Thermoset
• 1.2 Thermoplastics
2. Application 
• 2.1 Aerospace and defense
• 2.2 Wind energy
• 2.3 Automotive parts
• 2.4 Sports equipment
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Thermoset-  The thermoset-based carbon fiber prepreg market holds a significant market share due to its desirable features, including low processing viscosities, superior thermal resistance, and strong adhesion to carbon fibers. Technological advancements have shortened curing times for thermoset-based products, expanding their use in industries like aerospace (jet engines), automotive (brakes), and renewable energy (wind turbines).

Epoxy and polyester are popular thermosets in wind turbine composites, with epoxy resins providing better fatigue properties and stronger, more durable blades than polyester resins. The increasing adoption of thermoset-based carbon fiber prepreg is projected to drive market growth in the forecast period.

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Research Analysis

The Carbon Fiber Prepreg market encompasses the production and supply of Carbon Fiber Reinforcements in a Polymer Resin System, also known as Prepreg. This advanced composite material offers significant Mechanical Advantages, including high Strength-to-Weight Ratio, Stiffness, and Longevity. Carbon Fiber Prepreg is extensively used in various industries, such as Aviation and Automobiles, for manufacturing components with enhanced Fatigue Resistance and Corrosion Resistance.

The Fibre Orientation in Carbon Fiber Prepreg plays a crucial role in optimizing its performance. Modern production techniques, including Automated Layup and Resin Infusion, have streamlined the manufacturing process, making Carbon Fiber Prepreg more accessible and cost-effective.

The use of Carbon Fiber Prepreg extends beyond traditional industries, with applications in Drones, Military and Surveillance, Electric Vehicles (EVs), and High-Performance Cars. Advanced materials like Bismaleimide (BMI) and Polyimide Resins are increasingly being used in Carbon Fiber Prepreg to improve Fuel Efficiency and reduce Fuel Consumption in various sectors, including Wind Power.

Market Research Overview

The Carbon Fiber Prepreg market refers to the supply of carbon fiber reinforced polymer matrices, which are preimpregnated with a resin system. These materials are used in various industries, including aerospace, automotive, and composites, for manufacturing lightweight and strong components. The demand for Carbon Fiber Prepreg is driven by factors such as increasing adoption in the automotive industry for weight reduction and fuel efficiency, growing usage in the aerospace sector for manufacturing lightweight and durable aircraft parts, and the rising trend of using composites in infrastructure and construction.

The market for Carbon Fiber Prepreg is expected to grow significantly due to these factors and the ongoing research and development in the field. The market consists of various types of Carbon Fiber Prepreg, including unidirectional, bidirectional, and multidirectional, based on the fiber orientation. The market also offers different resin systems, such as thermosetting and thermoplastic, based on the curing process. The market for Carbon Fiber Prepreg is a dynamic and evolving industry, with ongoing advancements in technology and increasing applications in various end-use industries.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Thermoset
• Thermoplastics
• Application
• Aerospace And Defense
• Wind Energy
• Automotive Parts
• Sports Equipment
• Geography
• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio