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Carbon Fiber Prepreg Market size is projected to record stellar growth from 2023 to 2032 due to the growing need for durability, fuel efficiency, and weight reduction in aerospace and automotive manufacturing.
The increasing utilization of prepreg materials can be attributed to their favorable mechanical properties and safety. Carbon fiber prepregs are widely used for their excellent resistance to chemicals and extreme temperatures, stiffness, and strength, which makes them an ideal fit for the military among various other industrial applications. Cargo liners, high-end automotive parts, aircraft interiors, aerospace components, shielding & reinforcements, as well as prosthetics and medical devices are some of the common use cases of carbon fiber prepregs.
Moreover, the recent breakthroughs in fiber composites and thermoplastic prepregs leading to the development of renewable energy economy, sustainable solutions, and lightweight automotive & aerospace components will also spur the industry growth. For instance, in May 2022, Toray Group announced plans to reveal its new range of TORAYCA® carbon fiber prepreg systems, and Cetex® thermoplastics composites for industrial and recreational applications. Similar technology initiatives and advancements in carbon fiber manufacturing are likely to favor the production of innovative prepregs, thereby driving the carbon fiber prepreg market growth.
Based on end-use, the wind energy sector is expected to hold a notable share of the carbon fiber prepreg industry by 2032 due to the rising number of wind energy projects worldwide. With the dynamic shift from conventional fuel to renewable energy sources, the demand for carbon fibers in wind power systems has increased significantly. Additionally, several governments are scaling up offshore wind energy projects to accelerate renewable power generation. For instance, France aims to reach an installed offshore wind power capacity of 2.4 FW in 2023, followed by 5 GW in 2028 and 40 GW in 2050.
North America carbon fiber prepreg market size is set to register commendable revenue gains by 2032 on account of the growing application scope across renewable energy, automotive, and aerospace manufacturing. Several federal initiatives, such as stringent energy-efficiency standards have been introduced to promote wind energy consumption. For instance, in March 2021, the Biden Administration unveiled a series of actions to encourage the development of offshore wind energy over the forthcoming period.
The competitive landscape of the carbon fiber prepreg market includes players, such as Toray Industries, SGL Group, Hexcel Corporation, Mitsubishi Rayon Co. Ltd., Gurit Holdings AG, Axiom Materials, Solvay SA, and Park Aerospace Corp (previously Park Electrochemical Corporation). These companies are entering strategic collaborations to boost innovation as well as development of advanced solutions. For instance, in May 2021, Hexcel Corporation was appointed by the Utah Governor’s Office of Economic Development (GOED) to design a flagship Center of Excellence dedicated to innovation in advanced composite solutions.
The COVID-19 pandemic affected the carbon fiber prepreg market significantly with strict lockdown regulations and social distancing norms. Due to the temporary suspension of operations by automotive and aircraft manufacturers worldwide, the demand for carbon fibers reduced notably. Additionally, the slump in new large-scale wind energy projects negatively influenced the need for prepregs. Furthermore, the outbreak of the Russia-Ukraine war aggravated supply chain disruptions, inflation, and workforce & raw material shortage across several countries.