Prepreg Market Share

Global Prepreg Market Overview

Prepreg Market Size was valued at USD 10.85 billion in 2023. The Prepreg industry is projected to grow from USD 12.01 Billion in 2024 to USD 24.47 billion by 2032, exhibitinga compound annual growth rate (CAGR) of 9.30% during the forecast period (2024 - 2032). Increased demand from aerospace industries is the key market driver enhancing market growth.                         

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Prepreg Market Trends

• 
  

  Increasing demand for wind energy is driving the market growth

  
  

The wind energy industry is one of the largest application industries in the prepreg market in terms of volume. Prepregs find wide applications in manufacturing complex structural compounds of wind turbines. The increased demand from these applications is expected to drive the prepreg market CAGR during the forecasted period.

Additionally, Prepreg is used for manufacturing in the automotive industry to substitute metals in interior and exterior applications. The growing need to reduce weight in automobiles for increased performance and safety has accelerated the adoption of Prepreg. There has been increasing demand for modernized vehicles and the growing development of autonomous vehicles ly. The increase in demand for passenger vehicles and the growing electrification of vehicles has increased prepreg applications in the automotive sector. Manufacturing activities have also been halted due to various government regulations across the globe. Restrictions on imports of goods to curb the spread of the virus have further contributed to hampering the Prepregmarket revenue.

Hexcel Corporation set up a new engineered core operations factory in Morocco in May 2023 to meet the increased demand for lightweight and advanced composite materials used in the aerospace industry.

In December 2022, Arkema announced that it had doubled its production capacity of polyester resins at the Navi Mumbai facility in India, thereby illustrating its position as a key player within the worldwide powder coatings market and dedication towards low VOC technology development.

Solvay Group, in October 2023, introduced its latest next-generation high-performance polymer solutions. These groundbreaking products have much more than mere reductions in weight. With them being able to comfortably travel through cabins inside a plane, they are not only mechanically strong and long-lasting but also have excellent chemical endurance.

Prepreg Market Segment Insights

Prepreg Type Insights

Based on type, the  Prepreg market segmentation includes carbon fiber prepreg, glass fiber prepreg, aramid fiber prepreg, and others. The carbon fiber prepreg segment dominated the market because vehicle parts manufacturers are being pushed to adopt carbon fiber composite materials as alternatives to metal to reduce fuel consumption and CO2 emissions. Over the projection period, this is anticipated to increase demand for carbon fibers. Some of carbon fiber's exceptional qualities are high stiffness, lightweight, high tensile strength, high chemical resistance, high-temperature tolerance, and minimal thermal expansion. According to projections, carbon fiber will gain popularity across various industries, including aerospace & Defense, automotive, sports equipment, construction, etc.

Figure1: Prepreg Market, by Type, 2022 & 2032 (USD billion)                           

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Prepreg Application Insights

Based on application, the prepreg market segmentation includes aerospace & defense, wind energy, automotive, sporting goods, electronics, and others. The aerospace & defense segment dominated the market because prepregs are usedto manufacture aircraft interiors, aerospace components, aircraft flooring, cargo liners, and honeycomb and foam panels. The increase in aircraft production can be attributed to improved commercial aviation networks, growth of the tourism industry, rapid economic development, and increased air passenger traffic.

Prepreg Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American prepreg market area will dominate this market. The rapidly expanding aerospace industry and rising awareness among the population regarding the benefits of using wind energy are also expected to grow the wind sector market.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2:  PREPREG MARKET SHARE BY REGION 2022 (%)                     

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe Prepreg market accounts for the second-largest market share due to the low cost of bariatric surgery and the rise in the number of diabetes people. Further, the German Prepreg market held the largest market share, and the UK Prepreg market was the fastest-growing market in the European Region.

The Asia-Pacific Prepreg Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to expanding awareness of a healthy lifestyle and nutrition and rising per capita disposable income. Moreover, China’s Prepreg market held the largest market share, and the Indian Prepreg market was the fastest-growing market in the Asia-Pacific region.

Prepreg Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the prepreg market grow even more. Market participants are also undertaking various strategic activities to expand their  footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The prepreg industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the  Prepreg industry to benefit clients and increase the market sector. In recent years, the Prepreg industry has offered some of the most significant advantages to medicine. Major players in the Prepreg market, including Solvay, Hexcel Corporation, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Corporation, SGL Carbon, AXIOM MATERIALS, Gurit, PARK AEROSPACE CORP, Plastic, Reinforcement Fabrics Ltd, DuPont, GMS COMPOSITES, SHD Composite Materials Ltd., and others, are attempting to increase market demand by investing in research and development operations.

Hexcel Corporation is an American public industrial materials company based in Stamford, Connecticut. The company develops and manufactures structural materials. Hexcel was formed from the combination of California Reinforced Plastics, Ciba Composites, and Hercules Composites Products Division.Hexcel Corporation announced the expansion of its Prepreg manufacturing capacity at its Salt Lake City facility to meet the growing demand for advanced composite materials in the aerospace and defense industries.

Teijin Limited is a Japanese chemical, pharmaceutical, and information technology company. Its main fields of operation are high-performance fibers such as aramid, carbon fibers & composites, healthcare, films, resin & plastic processing, polyester fibers, products converting, and IT products.Teijin Limited launched a new Prepreg material, Twaron PVB Prepreg, offering tremendous impact and fire resistance for aerospace and other industrial applications.

Key Companies in the prepreg market include

• Solvay


• Hexcel Corporation


• Toray Industries, Inc.


• Teijin Limited


• Mitsubishi Chemical Corporation


• SGL Carbon


• AXIOM MATERIALS


• Gurit


• PARK AEROSPACE CORP.


• Plastic Reinforcement Fabrics Ltd


• DuPont


• GMS COMPOSITES

Prepreg Industry Developments

August 2021: The Manufacturer of epoxy prepreg material Notus Composites, announced the inclusion of a high-performance epoxy range introduction of NE7 low-temperature curing prepreg system. This launch has a variety of applications in the industrial, marine, wind energy, and architectural fields.

April 2022: Hitachi Power Solution introduced cutting-edge services like "Blade Total Service." Due to stress from fusing drones and artificial intelligence technology, this blade's full service reduces the risk of wind power outages.

April 2022: Gurit Services AG Holding took advantage of this opportunity to strengthen its position in April 2022 and expand their product portfolio into wind energy with the acquisition of Fiberline Composites A/S (majority stake).

In December 2022- Arkema announced plans to double the polyester resins capacity of its Navi Mumbai plant in India, thus strengthening the Group’s leadership position on global markets for powder coatings and commitment to very low VOC technology development.

Gurit Services AG Holding enlarged its product line in the wind energy market by purchasing 60% shares of Fiberline Composites A/S and improved its offering and market position in April 2022.

Hitachi Power Solution unveiled state-of-the-art services such as "Blade Total Service" in April 2022. This blade's total service lowers the chances of wind power outages due to stress from drone fusion with AI technology.

Notus Composites, the Manufacturer of epoxy prepreg material, announced in August 2021 the introduction of the NE7 low-temperature curing prepreg system as part of the company’s high-performance epoxy range. The product launch can be used for various purposes like industrial use, shipping, energy generation from wind and building sector (architecture).

Prepreg Market Segmentation

Prepreg Type Outlook

• Carbon Fiber Prepreg


• Glass Fiber Prepreg


• Aramid Fiber Prepreg


• Others

Prepreg Application Outlook

• Aerospace & Defense


• Wind Energy


• Automotive


• Sporting Goods


• Electronics


• Others

Prepreg Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America