We are working from home under lockdown. Our team is continuously tracking the impact of COVID-19 across different industries and we will incorporate those insights in our reports. For any specific query, mail us at [email protected]
High Temperature Prepreg Market | Covid-19 Impact Analysis
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 strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s high-temperature prepreg market realities and future market possibilities for the forecast period of 2021 to 2026. Post our astute studies of the global prepreg market and aerospace prepreg market, we have tried to deep dive into the depths of prepreg dynamics through our report on the niche topic, High-Temperature Prepreg. The report segments and analyzes the market by covering a detailed impact assessment of the pandemic in the short as well as long term. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market and to formulate the growth strategies to expedite their growth process.
The High-Temperature Prepreg Market: Highlights
High-temperature prepregs are used for composite structures that are specifically designed for hostile temperature applications. Majorly used high-temperature prepregs are based on BMI, cyanate ester, and polyimide resin systems, which find extensive applications in the aerospace & defense, and transportation industries. The aerospace and defense industry accounts for a ginormous share of the market and any change in the industry is likely to cause similar ramifications on the high-temperature prepreg market.
Post B737max crisis in 2019, the aerospace industry, the prime demand-generator of HT prepregs, has been hard hit by the pandemic in 2020 with slumping orders from airlines, plummeting RPKs, and productions halt, among other things. The grave reverberations are also likely to be reflected in the demand for high-temperature prepregs in 2020 with a possible decline of over 20% in 2020.
In terms of value, high-temperature prepreg currently accounts for over 5% of the total prepreg market, valued at US$ 0.2 Billion in 2020. Nevertheless, the long-term scenario still seems optimistic with both the aerospace & defense and transportation industries healing gradually, rejuvenating the high-temperature prepreg demand. The market is expected to expand at a healthy CAGR of 4.4% during 2021-2026, reaching a value of US$ 0.3 Billion by 2026.
In aerospace & defense, high-temperature prepregs are mainly used in primary and secondary structures where they can operate at temperatures reaching 350°C or above. Increasing penetration of composites in the aerospace & defense and automotive industries is chiefly driving the demand for high-temperature prepregs. Additionally, rising demand for fast-curing prepregs for mass-produced vehicles and longer wind blades, and superior performance of high-temperature prepregs further substantiate the ceaseless demand for high-temperature prepregs in the coming five years.
Also, the aircraft industry’s gradual shift towards the usage of a hotter aircraft engine in order to increase the propulsion rate and engine performance is creating a dire need for high-temperature prepregs in various aero-engine applications. Hot air engine duct is one such example, where high-temperature prepregs are gaining a considerable share. Analogously, the automotive industry is witnessing a similar trend. Engines are getting hotter and the under-the-hood space is getting squeezed in order to make the vehicle more compact. High-temperature prepregs are expected to play a vital role in the automotive industry as well to meet the increasing requirements from various automotive OEMs and tier players.
Based on the resin type, we have segmented the market as BMI prepreg, cyanate ester prepreg, polyimide prepreg, thermoplastic prepregs, and other prepregs. BMI prepreg and polyimide prepreg are likely to capture a ginormous share of the market through 2026. They are also likely to act as the growth engines of the market in the foreseen future. BMI resins are extensively used in tooling prepreg applications. Furthermore, they are also gaining traction in military aircraft and commercial aircraft applications, such as engine, airframe, nacelle, thrust reverser, and duct applications. Composite parts fabricated using polyimide prepreg exhibit extremely high dimensional stability at elevated temperatures and can withstand continuous use up to 315°C (600°F) and intermittent use up to 480°C (900°F).
Based on the end-use industry type, the market has been segmented as aerospace & defense, transportation, and others. The aerospace & defense industry is accounting for an astronomical share in the market and is also likely to heal up from the pandemic’s impact at the highest rate. Despite the transient dent in the production rates of F-35, high-temperature composite-rich fighter aircraft, the aircraft is likely to be the thrust-bearer of the segment’s high-temperature prepreg demand in the long-term. Lockheed Martin’s F-35 is the best-selling 5th generation fighter aircraft, which incorporates high-temperature composite prepregs substantially. About 35% of the F-35 aircraft’s structural weight is composites, about 50% of which incorporates high-temperature prepregs. Lockheed Martin is estimating to manufacture about 120 aircraft in 2020 against its early projection of 141 aircraft.
Based on the curing type, Stratview Research has segmented the market as autoclave curing, out-of-autoclave curing, and others. Autoclave curing is projected to maintain its dominance 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 process. The high pressure of autoclave ensures good mechanical properties and helps reduce void content. However, the aerospace industry is experiencing a gradual shift from autoclave curing to out-of-autoclave curing as it eliminates the need for expensive equipment and has no size-restraint.
All regions are likely to endure massive downturns in 2020 due to the pandemic with Asia-Pacific expecting bouncing back with the fastest pace. Despite the excellent growth of Asia-Pacific, North America is projected to remain the largest market during the forecast period, driven by the presence of leading aircraft OEMs, aeroengine manufacturers, tier players, prepreg manufacturers, and raw material suppliers. The USA is the growth engine of the region’s market. Lockheed Martin has opened a new manufacturing facility to produce its high-temperature composite rich F-35 aircraft in Pinellas Park, Florida, the USA, to satisfy customer demands. There is a total un-filled order of more than 2,691 F-35 aircraft from 12 countries out of which the USA’s inventory objective is 2,456 F-35 aircraft.
The supply chain of this market comprises fiber manufacturers, resin manufacturers, prepreg machine suppliers, high-temperature prepreg manufacturers, tier players, OEMs, and airlines. The key high-temperature prepreg manufacturers include Solvay S.A., Toray Industries, Inc., Hexcel Corporation, Gurit Holding AG, Park Electrochemical Corporation, and Teijin Limited. Development of low-cost high-temperature prepregs with ease of manufacturing process, improvement in performance, and forming strategic alliances have been the key strategies adopted by the players to gain a competitive edge in the market. However, the current disruption at the global level is persuading players to adapt to the rapidly changing market dynamics by upgrading their survival strategies.
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 1,000 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.
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:
The high-temperature prepreg market is segmented into the following categories.
High-Temperature Prepreg Market, by Resin Type
High-Temperature Prepreg Market, by End-Use Industry
High-Temperature Prepreg Market, by Form Type
High-Temperature Prepreg Market, by Curing Type
High-Temperature Prepreg Market, by Region
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
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]
Why are We Class Apart?
Advanced Materials Offer Next Growth Wave
We Specialize in Composites & other Materials Market Research
>60% of the First Buyers Come Back to Us
>95% Client Satisfaction Ratio, the Industry's Highest
Clients Across the Value Chain
Track the Latest Trends in Advanced Materials
Know High Growth Opportunities