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Thermoset Prepreg Market Report | Covid-19 Impact Analysis
Thermoset Prepreg Market is Segmented by Resin Type (Epoxy Prepreg, Phenolic Prepreg, BMI Prepreg, Cyanate Ester Prepreg, and Polyimide Prepreg), by End-Use Industry Type (Aerospace & Defense, Wind Energy, Consumer Goods, Marine, Automotive, Construction, and Others), by Fiber Type (Carbon Prepreg, Glass Prepreg, and Other Prepregs), by Form Type (UD Prepreg and Fabric Prepreg), by Curing Type (Autoclave, Out-of-Autoclave, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
Thermoset Prepreg Market is Segmented by Resin Type (Epoxy Prepreg, Phenolic Prepreg, BMI Prepreg, Cyanate Ester Prepreg, and Polyimide Prepreg), by End-Use Industry Type (Aerospace & Defense, Wind Energy, Consumer Goods, Marine, Automotive, Construction, and Others), by Fiber Type (Carbon Prepreg, Glass Prepreg, ...
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Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues has gone down in 2020 and may resume an uptrend gradually form 2021. Companies optimizing their operation and statergy 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.
See less...Covid-19 has impacted the market dynamics, competition, and global...
See more...Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues has gone down in 2020 and may resume an uptrend gradually form 2021. Companies optimizing their operation and statergy 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.
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.
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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.
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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-
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.
For calculating the market size, our analysts follow either 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 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 multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, 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.
Research Scope |
|
Trend & Forecast Period |
2015-2026 |
Regions Covered |
North America, Europe, Asia-Pacific, Rest of the World |
Size in 2026 |
US$ 5.6 billion |
Countries/Subregions Covered |
The USA, Canada, Mexico, France, Germany, the UK, Russia, China, Japan, India, Latin America, the Middle East and others |
Figures & Tables |
>150 |
Customization |
Up to 10% customization available free of cost |
The thermoset prepreg market is segmented into the following categories.
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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 following are the key features of the report:
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
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]
Thermoset Prepreg Market size is expected to grow at a healthy CAGR in the next five years to reach US$ 5.6 billion in 2026.
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 etc. are among the key players in the thermoset prepreg market.
North America is expected to remain the largest thermoset prepreg market during the forecast period of 2021-2026.
Aerospace & Defence is expected to remain dominant end-use industry in the thermoset prepreg market in the coming five years.
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