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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Fibre |
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| Breakup by Resin |
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| Breakup by Manufacturing Process |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global prepreg market attained a value of nearly USD 13.72 billion.
The market is projected to grow at a CAGR of 10.40% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 33.50 billion by 2032.
The growing demand for prepreg in diverse applications and the robust growth of the wind energy sector are the major market drivers.
The key trends guiding the market growth include the growing applications of prepreg in the aerospace sector, surging electronic manufacturing, and rapid industrialisation.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Carbon, glass, and aramid are the major segments based on prepreg fibre.
The different resins used for prepreg are thermoset and thermoplastic.
The different segments based on the manufacturing process of prepreg are hot-melt and solvent dip.
The several applications of prepreg are aerospace and defence, automotive, wind energy, and sporting goods, among others.
The major players in the market are Hexcel Corporation, Toray Industries Inc., Axiom Materials Inc., Teijin Limited, Park Aerospace Corp., and Mitsubishi Chemical Carbon Fiber and Composites Inc., among others.
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