Prepreg Market Growth Analysis | 2021-2026

Market Insights

The prepreg market is expected to grow at a healthy CAGR in the next five years to reach a value of USD 5.7 billion in 2026.

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What is prepreg?

Prepreg is one of the most common forms of composite materials in which the reinforcement material is pre-impregnated with either a thermoplastic or thermoset resin system in a predefined ratio. It enables a consistent resin/matrix ratio in the finished product; thus, delivering uniform mechanical and physical properties throughout the final part. The resin system in prepregs is partially cured for ease of handling and to prevent complete polymerization, it is stored in a cool place. This is the B- B-stage product and needs to be heated in an autoclave or oven during the fabrication to achieve full polymerization. With the advent of the growing demand for composites, the usage of prepregs is growing and is finding a place in a multitude of applications.

Market Dynamics

The COVID-19 outbreak proved to be the storm that smashed the 16-year boon of the aerospace industry along with irreparable changes in the industry’s growth trajectory. The stooping RPKs, plummeting aircraft orders, myriad employee layoffs, plunging revenues, etc. have created an appalling scenario for the industry stakeholders. However, the resilient and well-experienced aerospace industry is likely to bounce back once the pandemic begins to wane. Similar downturns are also being noticed in other major markets of prepreg.

The prepreg market is anticipated to mimic the aerospace industry’s course, its biggest demand generator, marking a ginormous decline in 2020. Nevertheless, considering the aerospace industry’s recovery paths during previous downturns combined with several interviews conducted across the supply chain, 

In the aerospace industry, prepregs are increasingly being used owing to their advantages such as weight reduction, ease of use, low void content, exceptionally low thermal expansion of coefficient, and control of laminate thickness. In the aerospace industry, epoxies are used for highly loaded parts and supreme toughness, BMI systems for high-temperature performance, phenolics for fire, smoke, and toxicity performance in aircraft interiors, and cyanate esters for space structures and satellite applications.

Segments Analysis

By Resin Type

Based on the resin type, we have segmented the market as thermoset prepreg and thermoplastic prepreg. Thermoset prepreg is anticipated to capture the lion’s share in 2020, maintaining its incontestable dominance till 2026. Thermoplastic prepregs, on the other hand, are expected to experience faster recovery during the forecast period. Unlike thermosets, thermoplastics do not need to crosslink. They retain their plasticity, can be melted again and can be reshaped by reheating them above their processing temperatures. These characteristics offer intriguing possibilities for both faster and more innovative composite processing techniques compared to thermoset prepregs.

By Product Type

Based on the product type, we have classified the market as epoxy, phenolic, BMI, cyanate ester, polyimide, PPS, PEEK, PEI, and other prepregs. Epoxy prepreg is expected to remain the largest segment, whereas PPS and PEEK are likely to be the fastest-growing segments during the forecast period. Epoxy offers numerous favorable properties such as high chemical resistance, high durability, excellent corrosion resistance, good electrical insulation properties, the ability to cure over a wide range of temperatures, and excellent fatigue strength. PPS, PEI, and PEEK polymers offer excellent thermal stability for high-temperature applications which is a critical property in several military, aeroengine, and supersonic business jet programs where aero-frictional heating can generate continuous service temperatures beyond the capabilities of the high-temperature epoxy resin system.

By Curing Type

Based on the curing type, the market is segmented as autoclave, out-of-autoclave, and others. Autoclave is likely to remain the supreme curing type till 2026, whereas out-of-autoclave is expected to heal at the fastest rate during the pandemic. The autoclave process provides a gamut of advantages, excellent part strength with low void content, and greater part consolidation. The market is experiencing a gradual shift of interest towards out-of-autoclave prepreg owing to its substantial cost-savings.

Regional Insights

All regions are expected to mark colossal declines in 2020, with North America enduring the most severe blow. Despite the grave consequences of the pandemic, North America is anticipated to rebound quickly to maintain its vanguard in the market during the forecast period, driven by the presence of leading aircraft and automotive OEMs, aero-engine manufacturers, tier players, prepreg manufacturers, and raw material suppliers. The USA remains the growth engine of the region’s market.

Asia-Pacific is expected to show early signs of recovery, expecting to log the fastest recovery in the post-pandemic market scenario, driven by thrust-bearers: China, Japan, and India. Opening of assembly plants of Boeing and Airbus in China, upcoming indigenous commercial aircraft (COMAC C919), rising aircraft fleet size, increasing military spending by countries such as China and India, and dominance of the region in the consumer goods, automotive, construction, and wind energy are likely to rejuvenate the region’s prepreg demand in the long-term.

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Critical Questions Answered in the Report

• What are the key trends in the global market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The prepreg market is segmented into the following categories.

By End-Use Industry

• Aerospace & Defense
• Wind Energy
• Consumer Goods
• Marine
• Automotive
• Construction
• Others

By Resin Type

• Thermoset Prepreg
• Thermoplastic Prepreg

By Form Type

• UD Prepreg
• Fabric Prepreg

By Fiber Type

• Carbon Fiber Prepreg
• Glass Fiber Prepreg
• Other Prepregs

By Curing Type

• Autoclave
• Out of Autoclave
• Others

By Product Type

• Epoxy Prepreg
• BMI Prepreg
• Cyanate Ester Prepreg
• Phenolic Prepreg
• Polyimide Prepreg
• PPS Prepreg
• PEEK Prepreg
• PEI Prepreg
• Other Prepregs

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

The prepreg market is gradually consolidating as the major companies recorded a fair number of mergers & acquisitions to capture a bigger chunk of the market. For instance; Solvay S.A., acquired the Cytec Industries Inc. at a total purchase price of approximately US$ 5.5 Billion, landing at the second-most dominant position in the market (2019). Similarly, in 2018, Toray, the world’s largest carbon fiber manufacturer, acquired TenCate Advanced Composites Holding B.V. (TCAC), at an agreed purchase price of 930 million Euro. TCAC is the leading supplier of carbon fiber-reinforced thermoplastic tapes and high heat-resistant thermoset prepregs to the aerospace industry. Also, in 2019 Kordsa acquired Axiom Materials and in 2020, Teijin Limited acquired Renegade Materials Corporation.

The supply chain of this market comprises raw material suppliers, prepreg manufacturers, distributors, composite part fabricators, OEMs, and MRO companies.

The key prepreg manufacturers include-

• Celanese Corporation
• Gurit Holdings, AG
• Hexcel Corporation
• Mitsubishi Chemical Carbon Fiber and Composites, Inc. (MCCFC)
• Park Electrochemical Corp.
• SGL Group SE
• Solvay S.A.
• Teijin Group
• Toray Industries, Inc.

The formation of long-term contracts, application development, and the development of innovative products are some of the key strategies adopted by the major players in order to gain a competitive edge in the market. However, the sudden turn of events has persuaded the key players to readjust their focus, and better align their strategies, tunneling their vision on short-term survival and long-term stability.

Research Methodology

For calculating the market size, our analysts follow either a Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

We leverage the multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentations, white papers, and articles to gather the data.

More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.

Report Features

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s prepreg market realities and future market possibilities for the forecast period of 2021 to 2026.

The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for prepreg in various industries at the global, regional, as well as country level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenarios. The vital data/information provided in the report can play a crucial role for market participants as well as investors in formulating short-term as well as long-term growth strategies.

What Deliverables Will You Get in this Report?

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Company Profiling

• Detailed profiling of additional market players (up to three players)
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Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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