Global Prepreg Market Report and Forecast 2024-2032

Global Prepreg Market Outlook

The global prepreg market reached a value of nearly USD 13.72 billion in 2023 and expected to grow at a CAGR of 10.40% in the forecast period of 2024-2032 to reach a value of about USD 33.50 billion by 2032.   

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Healthy Growth of the Automotive Industry to Augment the Prepreg Industry Growth

Based on application, the automotive segment is expected to grow at a healthy pace over the forecast period. Carbon fibre prepregs are currently exclusively utilised in racing vehicles and select high-end sports cars in the automobile industry due to their exorbitant cost. However, because the average cost of carbon fibre prepreg is projected to fall in the coming years, it may be utilised in mass manufacturing of vehicles, resulting in an increased demand for the material. The United States’ Oak Ridge National Laboratory (ORNL) is working on developing low-cost carbon fibre (LCCF) technology, which is projected to aid the market growth within the automotive sector in the coming years.

Asia Pacific to Provide Enhanced Growth Opportunities to the Prepreg Industry

Region-wise, the Asia Pacific is expected to witness a robust growth over the forecast period and hold a significant share of the market by 2026 owing to the region’s rising demand for the product from the aerospace and defence and wind energy industries, along with building and infrastructure projects. The growing automotive and sporting goods production and increasing electronic manufacturing is projected to further catalyse the market growth. The significant presence of tyre producers in the region, along with increasing wind installation capabilities, are providing further growth opportunities for the market.

Prepreg: Market Segmentation

A composite material produced from "pre-impregnated" fibres and a partly cured polymer matrix, such as epoxy or phenolic resin, or even thermoplastic combined with liquid rubbers or resins, is known as prepreg.

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By fibre, the market is divided into:

• Carbon
• Glass
• Aramid

Based on resin, the industry can be segmented into:

• Thermoset
• Thermoplastic

The market is bifurcated by manufacturing process into:

• Hot-Melt
• Solvent Dip

On the basis of application, the industry can be classified into:

• Aerospace and Defence
• Automotive
• Wind Energy
• Sporting Goods
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Demand from Downstream Sectors to Bolster the Growth of the Prepreg Industry

The prepreg industry is expanding due to the increased demand for prepregs in a variety of applications globally. In addition, the cessation of the lockdowns that were put in place during the COVID-19 pandemic and the recovery in the end-use industries are boosting the demand for the product. The expansion of the wind energy industry is projected to provide further growth opportunities for the prepreg industry in the coming years. Prepregs are widely used in the production of complicated structural components for wind turbines.

In the forecast period, the rapidly growing applications of prepregs in the aerospace industry are expected to drive the demand growth in the market. Composites in the form of prepreg now account for more than half of the structural mass of big transport planes.

Key Industry Players in the Global Prepreg Market

The report gives a detailed analysis of the following key players in the global prepreg market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Hexcel Corporation
• Toray Industries, Inc.
• Axiom Materials, Inc.
• Teijin Limited
• Park Aerospace Corp.
• Mitsubishi Chemical Carbon Fiber and Composites, Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report