Pune India, June 08, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the prepreg market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the prepreg market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the type of fiber reinforcement, resin type, form, manufacturing process, application and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global prepreg market are Solvay Group, Hexcel Corporation, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, SGL Group, Axiom Materials, Gurit Holding AG, Park Aerospace Corp., Plastic Reinforcement Fabrics Ltd. and others. To achieve a substantial market share in the worldwide prepreg market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Solvay Group is one of the most significant manufacturers and distributors present in the global prepreg market.
Prepregs is the composite material which comprises of a high-strength reinforcement fiber pre-impregnated with a thermoset or a thermoplastic resin. The process of resin impregnation accurately controls the fiber to resin ratio. It is generally used for high-performance applications where weight and mechanical properties take precedence over the cost in industries such as aerospace, sports, military, automotive, and wind energy.
Automotive is one of the major end-user industries in global prepreg market. Significant research and development into lightweight materials is going in the global automotive industry for lowering the cost, increasing ability of the materials to be recycled, maximizing the fuel economy, and enabling materials integration into vehicles. Hence, in current times, carbon fiber-reinforced polymer (CFRP) and glass fiber-reinforced polymer (GFRP) are being used as a substitute for aluminum and steel in the automotive sector. The glass fiber and carbon fiber prepregs are lighter than steel by about 15–20%, and 50–70% respectively. Also, the weight of a vehicle can be reduced by about 60% by using such prepreg parts. Hence, demand for lightweight materials from automotive industry drives growth of the global prepreg market.
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Scope of Prepreg Market Report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Type of fiber reinforcement, resin type, form, manufacturing process, application, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
| Major Players | JTEKT corporation, Nexteer, ZF Friedrichshafen AG, Robert Bosch, NSK LTD., Hyundai Mobis, Hitachi Astemo, Ltd., Thyssenkrupp, KYB Corporation, Mando Corporation. |
Segmentation Analysis
Glass fiber prepreg segment is expected to be the fastest growing segment in 2021.
The type of fiber reinforcement segment includes carbon fiber prepreg, glass fiber prepreg, and others. Glass fiber prepreg is expected to witness highest growth rate during the forecast period. Glass fiber weighs more than as compared with the carbon fiber; however, it has a greater elongation-to-break and is more impact-resistant. Such glass fiber prepregs are seeing huge demand from automotive industry in applications such as interior headliners, underbody system, and bumper beams.
Thermoplastic prepreg segment is expected to be the fastest growing segment in 2021.
The resin type segment includes thermoset prepreg and thermoplastic prepreg. Thermoplastic prepreg is expected to witness highest growth rate during the forecast period. These type of materials are inherently tougher as well as less brittle as compared with the thermosets, which results in composites with greater impact resistance. In addition, such resins are seeing considerably higher demand as they can be molded in various shapes and structures. Its applications include packaging containers, piping, airplane armrests, water & soda bottles, safety glass lenses, and window frames among others.
Wind energy application segment is expected to be the fastest growing segment in 2021.
The application segment includes Passenger Cars (PC) and Commercial Vehicles (CV). Wind energy application segment is expected to witness highest CAGR during the forecast period. The need for high-strength materials to manufacture wind turbine parts along with the ongoing trend of advancements in renewable energy sources has driven growth of this segment. The features associated with prepreg materials including low maintenance requirement, high strength-to-weight ratio, long shelf life, and corrosion resistance has further boosted its demand from wind energy applications.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the prepreg include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
North America region has registered highest value for the year 2021. Growth of this region is mainly driven by rapid expansion of aerospace and defence industry coupled with the upsurge in production of airframe and aircraft parts. However, Asia-Pacific is projected to register higher growth rate during the forecast period of 2022-2028. Growth of this region is driven by increasing application of prepreg across the highest growing industries such as automotive and renewable energy. In addition, the factors such as significant presence of tire one manufacturers and growing wind installation capacities in the region is expected to create lucrative growth opportunities for the market.
Country Analysis
Germany
Germany prepreg market size was valued at USD 0.93 billion in 2021 and is expected to reach USD 2.39 billion by 2029, at a CAGR of 12.9% from 2022 to 2029. Germany is one of the leading nations in the mechanical engineering, manufacturing, automotive, and electrical industries. Growing demand for prepreg material in wind energy system installation across the Germany has primarily driven growth of the market. In addition, expansion of global industry players in the country is opportunistic for growth of the market. For instance, in January 2020, Mitsubishi Chemical Corporation, a Japanese company announced to acquire c-m-p GmbH, a German carbon fiber prepreg manufacturer to strengthen its presence in the carbon fiber composite material business.
China
China prepreg market size was valued at USD 1.06 billion in 2021 and is expected to reach USD 2.73 billion by 2029, at a CAGR of 13.0% from 2022 to 2029. China is leading automotive producer, consumer and exporter. For instance, the country continues to be the largest vehicle market by both manufacturing output and annual sales, with domestic production anticipated to reach 35 million vehicles by 2025. Hence, huge demand for prepreg materials from automotive sector in China drives growth of the market.
India
India prepreg market size was valued at USD 0.55 billion in 2021 and is expected to reach USD 1.46 billion by 2029, at a CAGR of 13.4% from 2022 to 2029. India is one of the strongest growing economies in Asia. In addition, the emerging popularity of prepreg in this country is expected to create lucrative growth opportunities for market.
The demand for prepreg from wind energy applications in the country is opportunistic for growth of the market. The Government of India is promoting wind power projects around the country through private sector investments by providing different financial and fiscal and incentives.
Covid-19 Impact
Covid-19 had a major impact on almost all of the industries such as construction, manufacturing, oil and gas, automobile, etc. The demand for prepreg has decreased during the period owing to the regulations on social distancing and increasing focus on safety and hygiene. In most of the regions, the manufacturing facilities of prepreg were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for prepreg significantly decreased.
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