Thermoset Prepreg Market | Industry Analysis 2019-2024

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s thermoset prepreg market realities and future market possibilities for the forecast period of 2019 to 2024. After conducting a series of comprehensive reports on aerospace prepreg, thermoplastic prepregs, high-temperature prepregs, out-of-autoclave (OoA) prepregs, and BMI prepreg, we have further expanded our portfolio with first of its kind study on the thermoset prepreg market in order to provide a panoramic view of the market. 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 as well as to formulate the growth strategies in order to expedite their growth process.

The Global Thermoset Prepreg Market: Highlights

Composite materials have gained significant traction in a wide array of industries, such as aerospace & defense, automotive, wind energy, marine, construction, and consumer goods, in order to fabricate parts at a lesser time and with higher mechanical properties in comparison to traditional materials such as metal, wood, and plastics. Prepregs are gradually becoming a common material used in the fabrication of parts where ease of use, consistent properties, and high-quality surface finish are critical, such as aircraft’s fuselage and wings, wind turbine’s blades, passenger car’s passenger cell, golf shaft, and hockey sticks. Between types of prepregs, thermoset prepreg is the most common and are generally made using resin systems, such as epoxy and phenolic; reinforced with glass, carbon, or aramid fibers.

The global thermoset prepreg market is projected to grow at a healthy rate over the next five years to reach US$ 6.8 billion in 2024. Currently, thermoset prepreg accounts for more than 75% of the total prepreg market and is expected to remain the most dominant in the years to come, propelled by organic growth of the aircraft industry, surge in the production rate of next-gen. aircraft programs (A350XWB and B787), increasing preference towards composite parts over traditional metallic ones, development of longer and larger wind turbine blades, reduction in part cycle time, and requirement of lightweight and durable components/parts.

The thermoset prepreg market is slowly heading towards a greater market consolidation as the industry recorded a good number of M&A activities over the past few years. For instance, in 2015, Solvay SA acquired Cytec Industries Inc. in order to enhance its advanced material portfolio. Similarly, in 2018, Toray, the world’s largest supplier of carbon fiber, acquired TenCate Advanced Composites Holding B.V. (TCAC) from Koninklijke Ten Cate B.V. Further, In Feb. 2019, Teijin has agreed to acquire Renegade Materials Corp. to enhance its product portfolio for the aerospace industry.

The thermoset prepreg market is segmented based on the resin type as epoxy prepreg, phenolic prepreg, BMI prepreg, cyanate ester prepreg, and polyimide prepreg. Epoxy prepreg is projected to maintain its dominance in the market over the next five years. Components/parts fabricated with epoxy prepreg shows excellent strength, durability and chemical resistance. Epoxy prepreg offers high performance at elevated temperatures, with hot/wet service temperatures up to 121°C.

BMI prepreg is likely to witness the highest growth during the forecast period, owing to the increase in the production of the fifth- generation military fighter aircraft F-35 Joint Strike Fighter (JSF). BMI prepreg can operate at temperatures up to 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.

Based on the end-use industry type, the thermoset prepreg market is segmented as aerospace & defense, wind energy, consumer goods, marine, automotive, construction, and others. Aerospace & defense is likely to remain the growth engine of the market during the forecast period. Thermoset prepreg has been the predominant material type in the aerospace & defense composites over the eons and is preferably used in all the crucial sections of aircraft.  Several factors proliferating the growth of thermoset prepregs in the aerospace & defense industry are increasing penetration of composite materials in the next-gen. aircraft programs; organic growth of the aircraft industry coupled with an increase in the production rates of the key aircraft programs including B737, B787, A320, and A350XWB; rising demand for fuel-efficient aircraft, an excellent track record of composite materials; and increasing demand for lightweight and corrosion-resistant parts.

Based on the fiber type, the thermoset prepreg market is segmented as carbon fiber prepreg, glass fiber prepreg, and others. Carbon fiber prepreg dominated the global thermoset prepreg market in terms of value, whereas glass fiber prepreg dominated the market in terms of volume. Carbon prepreg is expected to witness the highest growth in terms of both value and volume during the forecast period, owing to its numerous advantages, such as excellent strength-to-weight ratio, high tensile and compressive strength, low coefficient of thermal expansion, and high fatigue resistance.

Based on the curing type, autoclave is likely to remain the most dominant curing type during the forecast period. Most of the composite parts for the A&D industry are cured through the autoclave process. Autoclave process helps to produce composite parts with fiber volume fractions as high as 60% and void content less than 1%. Aircraft primary structures, such as wings, fuselages, and empennage, are increasingly fabricated using composite materials with curing through the autoclave.

The out-of-autoclave segment is likely to grow at the highest CAGR over the next five years. Out-of-autoclave curing type offers the biggest advantages of low-cost production of composite parts and eliminates the investment in purchasing capital-intensive autoclaves, freezing storage, and tools. Furthermore, the other major advantages of out-of-autoclave curing, which further reinforce its claimant in thermoset prepreg business, are low energy consumption, low-part cycle time, and a higher degree of part integration.

Based on the region, North America is projected to remain the largest market for thermoset prepregs during the forecast period. The USA is the growth engine of the region’s market with the presence of a large number of OEMs, tier players, distributors, and raw material suppliers. The country is not only the largest market in North America but also in the world. Most of the major thermoset prepreg manufacturers have their presence in the region in order to cater huge demand from a wide array of industries including aerospace & defense, wind energy, marine, oil & gas, and construction.

Asia-Pacific is likely to depict the highest growth during the same period, driven by China, India, and Japan. Growing penetration of composite materials including thermoset prepregs in various end-use industries is driving the extraordinary growth of the region’s market. Economic development in the major Asian economies along with growing the disposable income of consumers is further acting as a catalyst towards the growth of the region’s market.

The supply chain of this market comprises raw materials suppliers, thermoset prepreg manufacturers, tier players, distributors, and end-users/OEMs.The key thermoset prepreg manufacturing companies are Hexcel Corporation, Solvay S.A. (Cytec Industries), Toray Advanced Composites Inc., Axiom Materials, Inc., Gurit Holding AG, SGL Group, Mitsubishi Chemical Carbon Fiber and Composites Inc., Renegade Materials Corp., Park Electrochemical Corp., and Teijin Group. Execution of mergers & acquisitions, development of new applications, advancements in prepregs, and forming long term supply agreement with part fabricators are the key strategies adopted by the major players to gain a competitive edge in the market.

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 1,500 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 in the most comprehensive way. 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 global thermoset prepreg market is segmented into the following categories. 

Thermoset Prepreg Market, By Resin Type

• Epoxy Prepreg (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Phenolic Prepreg (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• BMI Prepreg (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Cyanate Ester Prepreg (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Polyimide Prepreg (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

 Thermoset Prepreg Market, By End-Use Industry

• Aerospace & Defense (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Wind Energy (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Consumer Goods (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Marine (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Automotive (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Construction (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Thermoset Prepreg Market, By Fiber Type

• Carbon Prepreg (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Glass Prepreg (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Other Prepregs (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Thermoset Prepreg Market, By Curing Type

• Autoclave (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Out-of-Autoclave (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Thermoset Prepreg Market, By Product Type

• Fabric Prepregs (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Unidirectional Prepregs (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Thermoset Prepreg Market, By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: France, Germany, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, 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 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the North American markets by resin type.

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].