$11.5 Bn Carbon Fiber Prepreg Market 2019-2024 by Resin Type , Manufacturing Process, & End-use Industry
DUBLIN, Feb. 25, 2019 /PRNewswire/ --
The "Carbon Fiber Prepreg Market by resin type (Epoxy, Phenolic, Thermoplastic), Manufacturing Process (Hot Melt, Solvent Dip), End-use Industry (Aerospace & Defense, Wind Energy, Sports & Leisure, Automotive) - Global Trends and Forecasts to 2024" report has been added to ResearchAndMarkets.com's offering.
The carbon fiber prepreg market is projected to reach USD 11.5 billion by 2024, at a CAGR of 10.5% between 2019 and 2024
The major drivers stimulating the carbon fiber prepreg market are an increase in demand for carbon fiber prepreg in electric cars and growing commercial aircrafts production. The major restraining factors of this market include limitation in the use of carbon fiber prepreg in high-temperature aerospace applications, and high processing and manufacturing cost.
Aerospace & defense is the fastest-growing end-use industry in the carbon fiber prepreg market, in terms of value.
The aerospace & defense industry constituted a major portion in the carbon fiber prepreg market, by value and volume. The properties exhibited by carbon fiber prepreg is one of the factors driving the carbon fiber prepreg market in the aerospace & defense industry, as they offer a complete solution including lightweight, ease of construction, resistance against corrosion & chemicals, and operational stability at high temperatures. This helps improve fuel efficiency and performance of aircraft. Nowadays, almost 50% of the materials used in aircraft are carbon fiber prepregs.
Europe is the fastest-growing market for carbon fiber prepreg.
Europe is expected to be the fastest-growing carbon fiber prepreg market during the next five years. The main factor that is expected to contribute to this growth is the increasing demand from the aerospace, automotive, and wind energy industries in the region. The market in the region is driven by the presence of large aircraft manufacturers, electric car manufacturers, and offshore wind farm installations in the region. In 2015, BMW started using carbon fiber implants in its 7-series sedan. There are a large number of offshore wind energy installations, especially in the UK and Germany.
Market Dynamics
Drivers
- Increasing Use of Carbon Fiber Prepreg in Electric Cars
- Increasing Use of Atf and Afp Technologies for Manufacturing Aircraft Primary Structures
- Demand for Larger Wind Turbines and Increasing Length of Wind Blades
- Increasing Commercial Aircrafts Production
Restraints
- High Processing and Manufacturing Cost
- Limitation in the Use of Carbon Fiber Prepreg in High-Temperature Aerospace Applications
Opportunities
- Reduction in Cost of Carbon Fibers
- Development of Advanced Software Tools for Carbon Fiber Prepreg Product Development
Challenges
- High Research and Development Cost
Competitive Landscape
Company Profiles
- Mitsubishi Rayon Co. Ltd.
- Solvay
- Teijin Limited
- Toray Industries Inc.
- Hexcel Corporation
- Gurit Holding Ag
- Royal Tencate N.V.
- SGL Group
- Park Electrochemical Corporation
- Axiom Materials
Other Key Players
- Hc Composite
- Kineco
- Taiwan First Li-Bond Co., Ltd.
- North Thin Ply Technology
- TCR Composites
- PRF Composite Materials
- Barrday Corporation
- GMS Composites
- Hankuk Carbon
- ABC Composites
For more information about this report visit https://www.researchandmarkets.com/research/85bxqb/11_5_bn_carbon?w=5
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