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    BMI Prepreg Market | Covid-19 Impact Analysis

    BMI Prepreg Market | Covid-19 Impact Analysis

    BMI Prepreg Market | Covid-19 Impact Analysis
    Report code - SRAM172 Published On : Sep,2020 No. of Pages: 206
    BMI Prepreg Market by End-Use Industry Type (Aerospace, Defense, and Others), by Applicati See more...
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    Impact of COVID-19 on BMI Prepreg Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on BMI Prepreg Market

    Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    This report, from Stratview Research, studies the BMI prepreg market for the forecast period of 2021 to 2026. After a continuous interest in our prepreg market, high-temperature prepreg market, and aerospace prepreg market report from the industry stakeholders, we have tried to further accentuate our research scope to the BMI prepreg market in order to provide the most crystal-clear picture of the market. 

    The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for BMI prepregs 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 scenario. 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.

    The BMI Prepreg Market: Highlights

    Composite materials have been witnessing the most disruptive journey, especially in the aerospace and defense industries where the penetration of advanced composites has reached optimum levels, over 50% of the next-generation aircraft programs such as A350XWB and 35% of the best-selling fighter aircraft, F-35. Composites offer exceptional weight savings and durability, ultimately boosting fuel efficiency. However, composite parts tend to degrade when exposed to extreme heat, limiting their usage in some crucial applications. 

    This proved to be the key factor that prompted the market players to develop high-temperature composite materials, such as BMI prepreg, which can operate at temperatures reaching 350°C or above and can be used in a wide array of high-temperature applications, such as tooling, engine nacelles, compressor fairing, thrust reverser, automotive racing components, radomes, and missile propulsion system.

    Due to the pandemic, the year 2020 is proving to be an obstacle in the path towards growth for several industries, not sparing the aerospace and defense industries either. While the aerospace industry suffered a massive blow with crashing RPKs, descending aircraft orders, ceasing air travel, etc. bringing in irrevocable changes in the market dynamics. On contrary to aerospace, the defense industry maneuvering through the crisis, logging a minimal loss.

    The BMI prepreg market is likely to endure the consequences of the suffering aerospace industry, marking a huge decline from 2019 to 2020 to reach a value of US$ 81.6 Million. The defense industry’s dominance in the market is expected to provide some solace to the market stakeholders sooner rather than later. As a result, the market is expected to register an overall rebounding CAGR of 5.3% during the forecast period.

    There is a wide array of factors that are likely to stimulate the growth of BMI prepreg in the long-term. One of the biggest factors is the steady demand for composite-rich military aircraft, especially Lockheed Martin’s F-35. F-35 aircraft constitute roughly 35% composites of its structural weight. Carbon/BMI prepreg and carbon/epoxy prepreg are the most common prepregs used to fabricate composite parts of F-35. Similarly, other military aircraft also contain a good amount of BMI prepreg in the structural section.

    The gradually increasing penetration of BMI prepreg in commercial aircraft is another key trend impacting the market positively. Major OEMs are closely working with the engine OEMs and tier players to develop fuel-efficient aircraft to meet airline demands, leading to the development of high-thrust engines, which generate more heat/temperature. This further affirms the inevitable need to incorporate advanced materials in such crucial areas with the key purpose to make aircraft lightweight as well as high-temperature resistance.

    Based on the end-use industry type, Stratview Research has segmented the market as aerospace, defense, and others. The defense industry is estimated to remain the most dominant segment of the market during the forecast period. The best-selling fifth-generation military aircraft program, F-35, is likely to face delays of around two to three months in 2020 with a possible production reduction of 18 to 24 aircraft than its early projections of 141 aircraft. The production rate of the F-35 is likely to quickly bounce back in the years to come, owing to huge inventory objectives from domestic and international customers, which, in turn, will give an impetus to the demand for BMI prepreg.

    Based on the application type, we have segmented the market as airframe, tooling, nacelle, and others. Tooling is likely to maintain its vanguard in the market during the forecast period. For this application, BMI prepreg serves high Tg (glass transition), which can be used across the major structural parts in the aerospace & defense industry. It offers good mechanical performance, toughness, robust tooling, and durability with an excellent surface finish.

    Based on the curing type, the autoclave is projected to maintain its supremacy in the market over the next five years. Aircraft’s primary structures, such as wings, fuselages, and empennage components, are mostly fabricated by using composite materials and cured through an autoclave. The high pressure of the autoclave ensures good mechanical properties and helps to reduce void contents. The gradual shift towards out-of-autoclave prepreg owing to no requirement of expensive equipment and no size-limitation is expected to pressurize the autoclave market stakeholders to develop improvised, cost-efficient products in order to curb shortcomings in the long-term.

    All regions are anticipated to experience enormous downturns in 2020 with Europe facing the gravest repercussions. North America is projected to capture the lion’s share during the forecast period, driven by the presence of the world’s leading aircraft OEMs, aeroengine manufacturers, tier players, prepreg manufacturers, and raw material suppliers. The USA’s unsurpassed defense spending is likely to give a thrust to the region’s market. Furthermore, Lockheed Martin has opened a new manufacturing facility to produce F-35 aircraft in Pinellas Park, Florida, the USA, which will generate greater demand for BMI prepreg in this region in the long run.

    Asia-Pacific, a relatively small market, is likely to recoup from the pandemic’s aftermath at the fastest pace, driven by a host of factors including the opening of assembly plants of Boeing and Airbus in China, upcoming indigenous commercial aircraft (COMAC C919), rising aircraft fleet size, and increasing military spending by countries such as China and India.

    The supply chain of this market comprises raw material suppliers, BMI prepreg manufacturers, part fabricators, engine manufacturers, aircraft OEMs, defense OEMs, Auto OEMs, airlines, aircraft leasing companies, and MRO companies. The key BMI prepreg companies are GMS Composites, Hexcel Corporation, Mitsubishi Chemical Carbon Fiber and Composites (MCCFC), Teijin Limited, Solvay S.A., and Toray Industries, Inc.

    The development of a prepreg system that can withstand extremely high temperature combined with ease of manufacturing processes, and reduced operational cost; and the formation of strategic alliances are some of the key strategies adopted by the players to gain a competitive edge in the market. The sudden outburst of perplexing challenges has coerced the market players to quickly revamp their short-term and long-term strategies in order to strive through tough times.

    Research Methodology

    This report offers high-quality insights and is the outcome of 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. More than 700 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
    • Market trend and forecast analysis
    • Market segment trend and forecast
    • Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
    • Attractive market segments and associated growth opportunities
    • Emerging trends
    • Strategic growth opportunities for the existing and new players
    • Key success factors

     

    The BMI prepreg market is segmented into the following categories. 

    BMI Prepreg Market, by End-Use Industry

    • Aerospace
    • Defense
    • Others

    BMI Prepreg Market, by Application Type

    • Tooling
    • Airframe
    • Nacelle
    • Others

    BMI Prepreg Market, by Form Type

    • Fabric Prepreg
    • Unidirectional Prepreg

    BMI Prepreg Market, by Curing Type

    • Autoclave
    • Out of Autoclave
    • Others

    BMI Prepreg Market, by Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Spain, 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)

     

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

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

    Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected]


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