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Thermoset Prepreg Market Report
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 ...
Covid-19 has impacted the market dynamics, competition, and global supply chain. 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.
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.
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Research Scope |
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Trend & Forecast Period |
2015-2026 |
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Regions Covered |
North America, Europe, Asia-Pacific, Rest of the World |
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Size in 2026 |
US$ 5.6 billion |
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Countries/Subregions Covered |
The USA, Canada, Mexico, France, Germany, the UK, Russia, China, Japan, India, Latin America, the Middle East and others |
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Figures & Tables |
>150 |
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Customization |
Up to 10% customization available free of cost |
The thermoset prepreg market is segmented into the following categories.
