Carbon Fiber Prepreg Market Size, Share and Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3661
Carbon fiber prepreg market is slated to experience robust growth and transformation over 2021-2027. The need for greater fuel efficiency, durability, and lower weight in automotive and aerospace applications is a key factor augmenting the market growth. The ongoing developments in the wind energy sector are creating favorable opportunities for the product application.
Carbon fiber prepreg is a type of carbon reinforcement that is pre-impregnated with a resin system. It is characterized by superior strength, lightweight, and excellent chemical resistance. The high-performance material is widely preferred in applications where high strength and minimum weight is essential. Incredible performance and a striking appearance make carbon fiber prepreg materials highly sought-after in the global market.
The growth of the carbon fiber prepreg industry between 2021 and 2027 will be sustained by the increasing demand across automotive, aerospace, and wind energy sectors. This demand will be further amplified by the growing use in sports and recreation applications such as bicycles, tennis rackets, golf shafts, fishing rods, and other equipment.
It is estimated that the wind energy sector will account for a substantial share of carbon fiber prepreg market in the forthcoming years. The material is widely preferred for manufacturing wind blades and other components of wind power systems. Its exceptional physical characteristics make it suitable for both land-based and offshore wind projects. The increasing government investments the clean energy sectors along with ambitious, long-term wind energy targets will positively influence the market expansions.
From a geographical perspective, North America carbon fiber prepreg industry size will witness commendable expansion over 2021-2027. The regional growth can be contributed to the presence of leading automakers and aerospace manufacturers. The majority of OEMs are focusing on improving fuel-efficiency and reducing weight to comply with the latest energy-efficiency standards. The increasing federal focus on the deployment of wind energy will further fuel the regional growth. In March 2021, the Biden Administration in the U.S. announced a set of bold actions to catalyze offshore wind energy development over the next decade.
Solvay SA, SGL Group, Toray Industries, Hexcel Corporation, Gurit Holdings AG, Mitsubishi Rayon Co. Ltd., Axiom Materials, and Park Aerospace Corp (previously Park Electrochemical Corporation) are some of the major companies that manufacture carbon fiber prepregs.
Recent developments in the carbon fiber prepreg market
Mitsubishi Chemical Corporation had designed a new cyanate ester carbon fiber prepreg in April 2021 that offers excellent strength and high heat resistance of up to 250?C. The material is already in use in several racing car engine applications and could find new applications within the automotive sector and other areas.
In May 2021, Hexcel Corporation was selected by the Utah Governor’s Office of Economic Development (GOED) to build a flagship Center of Excellence for advanced composite solutions in the state of Utah. The new research & technology (R&T) center will focus on developing advanced composites including carbon fiber prepregs, woven reinforcements, honeycomb, resins, and additive manufactured components for aerospace & defense and other markets.
Toray Advanced Composites had signed a long-term deal with Joby Aviation back in December 2020 for the supply of composite materials for its aircraft. The aerospace company will utilize Toray’s advanced carbon fiber composite solutions to enable fast, affordable, and sustainable aerial ridesharing for global communities.
Impact of COVID-19 pandemic on carbon fiber prepreg demand
The carbon fiber prepreg industry has experienced a decline in demand during the COVID-19 pandemic due to temporary suspension of automotive and aircraft production in key markets. Numerous large-scale wind energy projects were also put on hold to contain the spread of the pandemic. Supply chain disruption, workforce shortage, and strict government measures have all created major roadblocks for manufacturers. However, with the improving COVID-19 situation and the recovery of automotive, aerospace, and wind energy sectors, the carbon fiber prepreg market will certainly bounce back in the near future.
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