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    Thermoset Prepreg Market | Covid-19 Impact Analysis

    Thermoset Prepreg Market | Covid-19 Impact Analysis

    Thermoset Prepreg Market | Covid-19 Impact Analysis
    Report code - SRAM191 Published On : Sep,2020 No. of Pages: 275
    Thermoset Prepreg Market by Resin Type (Epoxy Prepreg, Phenolic Prepreg, BMI Prepreg, Cyan See more...
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    Impact of COVID-19 on Thermoset Prepreg Market

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

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    Impact of COVID-19 on Thermoset 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 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 2021 to 2026. 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 Thermoset Prepreg Market: Overview

    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 blades, passenger car’s passenger cell, golf shaft, and hockey sticks. Among types of prepregs, thermoset prepreg is the most common and is generally made using resin systems, such as epoxy and phenolic; reinforced with glass, carbon, or aramid fibers.

    The outbreak of the pandemic has caused massive upheaval at the global level, bringing in categorical changes across industries. The short-term reverberations of the prevailing crisis are palpable with key players’ earnings taking a nose-dive coupled with production halts, employee layoffs, cash-burnouts, disruptions in the supply chain, deferring orders, etc. 

    The thermoset prepreg market is likely to endure a weighty downturn in 2020, thereafter recouping at a healthy rate to reach US$ 5.6 billion in 2026. Currently, thermoset prepreg accounts for more than two-thirds’ share of the total prepreg market and is expected to maintain its irrefutable lead in the years to come, propelled by an expected rebound 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 2020, Teijin acquired Renegade Materials Corp. to enhance its product portfolio for the aerospace industry.

    Based on the resin type, Stratview Research has segmented the market 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. Despite experiencing a grave decline in 2020, epoxy prepreg is also likely to heal at the fastest rate during the forecast period. Components fabricated with epoxy prepreg show excellent strength, durability, and chemical resistance. Epoxy prepreg offers high performance at elevated temperatures, with hot/wet service temperatures up to 121°C.

    Based on the curing type, we have segmented the market as autoclave, out of autoclave, and others. 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's primary structures, such as wings, fuselages, and empennage, are increasingly fabricated using composite materials with curing through the autoclave.

    Based on the end-use industry type, we have classified the market as aerospace & defense, wind energy, consumer goods, marine, automotive, construction, and others. Despite a massive blow in the demand for prepreg in 2020, the aerospace & defense industry is estimated to maintain its lead in the market in the coming five years. The demand for thermoset prepreg in the aerospace & defense industry is likely to steadily pick up the pace from 2021 onwards. 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.

    Reduced production rates, deferring orders, and supply chain disruptions are expected to imprint a negative impact on the market in the short-term. However, the bleakness in the industry is likely to wither away, clearing up the path for the long-term growth of the market. Strong industry fundamentals such as huge order backlogs of 12,724 (Airbus: 7,539 and Boeing: 5,185) commercial aircraft as of July 2020 are likely to give a thrust to the industry, which, in turn, will drive the thermoset prepreg market.

    Other key factors that may contribute to the growth of thermoset prepregs in the aerospace & defense industry will be the increasing penetration of composite materials in the next-gen. aircraft programs; rising demand for fuel-efficient aircraft, an excellent track record of composite materials; and increasing demand for lightweight and corrosion-resistant parts.

    In terms of 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. Most of the major thermoset prepreg manufacturers have their presence in the region in order to cater to huge demand from a wide array of industries including aerospace & defense, wind energy, marine, oil & gas, and construction. Furthermore, 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. Lockheed Martin’s F-35 uses BMI prepreg in a wide array of crucial applications such as nacelles.

    Asia-Pacific is likely to depict the fastest recuperation during the forecast period, driven by China, India, and Japan. An expected increase in the penetration of composite materials including thermoset prepregs in various end-use industries is driving the growth of the region’s market. A gradual shift of the aerospace manufacturing bases from North America and Europe to Asia-Pacific is another factor acting as a catalyst for 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 Industries Inc., Kordsa Teknik Tekstil, Gurit Holding AG, SGL Group, Mitsubishi Chemical Carbon Fiber and Composites Inc., Teijin Limited, and Park Electrochemical Corp. Execution of mergers & acquisitions, development of new applications, advancements in prepregs, and the formation of a 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 1,000 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.

    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 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 Prepregs (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Polyimide Prepregs (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 Fiber Prepreg (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Glass Fiber 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 Form Type

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

    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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