PUNE, India, August 17, 2016 /PRNewswire/ --
According to the new research report, "Prepreg Market by Fiber Type (Carbon, Glass, and Aramid), Resin Type (Thermoset and Thermoplastic), Manufacturing Process (Hot-Melt and Solvent DIP), Application (Aerospace & Defense, Wind, Sporting good, Automotive, Electronics) - Global Forecast to 2021", published by MarketsandMarkets, The market size is projected to reach USD 8.64 Billion by 2021, growing at a CAGR of 10.12%, between 2016 and 2021.
Browse 74 market data Tables and 58 Figures spread through 157 Pages and in-depth TOC on "Prepreg Market"
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The demand for lightweight and high-performance prepreg is propelled by the growth in aerospace & defense, wind energy, and sporting goods industries. This demand is further driven by regulatory norms emphasizing on the use of lightweight and fuel efficient materials.
Carbon fiber prepreg comprises a major share in the prepreg market in terms of value
Carbon fiber prepreg has the highest market share in the prepreg market due to its large demand from the aerospace & defense, wind energy, and sporting goods applications. Carbon fiber prepreg is used in the primary and secondary structures of aircraft interiors, wind turbine blades, bicycle frames, golf shafts, tennis rackets, and others. They provide better thermal resistance, anti-corrosive properties, high tensile strength, reduced weight, and ease of molding into various shapes. These properties have boosted the carbon fiber prepreg market.
Wind industry is the largest application market for prepreg in terms of volume
The global number of wind capacity installations has increased significantly in 2015. Owing to this, the demand for prepreg for making wind turbine blades is increasing. This is because; prepregs are lightweight and consume less energy. Furthermore, the use of carbon fiber prepreg in wind turbines enables longer, more efficient blade designs, and optimizes stiffness-to-weight ratio in longer blades. These benefits of prepreg are boosting its growth in the wind energy applications.
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Asia-pacific accounts for a major share of the prepreg market
Asia-Pacific accounts for the largest market of prepreg, globally, due to its high demand from the wind energy, sporting goods, electronics and aerospace & defense applications accompanied by regulatory norms requiring the use of ecofriendly materials. Along with the existing capacities, several prepreg manufacturers are signing agreements with aircraft manufacturers to cater the increasing demand from aerospace & defense applications. For instance, Toray Industries, Inc. (Japan) signed an agreement with Airbus Group S.E (France) to supply TORAYCA carbon fiber prepreg for the primary structure of the A380 aircraft. The demand for prepreg in Asia-Pacific is projected to continuously increase in the near future on account of significant performance, less pollution, and advent of new manufacturing techniques, which would increase the production volumes and decrease the cost of prepreg.
Some of the key global players prevailing in the prepreg market are Royal Ten Cate N.V. (Netherland), Toray Industries, Ltd. (Japan), Teijin Ltd. (Japan), Hexcel Corporation (U.S.), SGL group (Germany), and others. These players have adopted various organic and inorganic developmental strategies in the past five years.
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