Prepreg Market overview:
In a recent research report by Reports Insight Consulting Pvt. Ltd, the Prepreg Market is expected to surpass USD 16.81 Billion by the year 2028, from USD 7.71 Billion in 2021.
A reinforcing fabric that has been pre-impregnated with a resin system is referred to as Prepreg. The curing agent is already present in this resin system (typically epoxy). As a result, the prepreg is ready to go into the mould without the need for any additional resin. Increasing product demand from the automotive, aerospace, defense, wind energy, and sporting goods industries owing to its high strength-to-weight ratio is projected to benefit the prepreg market growth.
The market is projected to grow at a significant pace reaching a CAGR of approximately 11.7 %, over the forecast period of 2022–2028, despite a considerable fall in product sales during the initial phase of pandemic spread and lockdown restrictions imposed globally.
The study is consolidated into major segments and further into sub-segments, such as by Fiber (Carbon, Glass, Others), by Resin (Thermoset, Thermoplastic), by Application (Aerospace Defense, Wind Energy, Sporting Goods, Automotive, others), to forecast the market size by value; also includes the analysis of past market dynamics from 2016 – 2021, considering 2021 as the base year.
The application segment is categorized into aerospace defense, wind energy, sporting goods, and automotive. The aerospace and defense industry in application segment and is expected to grow at a rapid pace in the forecasted period. The growing demand for highly durable and lightweight aircraft parts, prepreg fibers are increasing in this aerospace industry.
By region, North America is expected to dominate the global market. Due to rising demand from the aerospace and defense sectors, wind energy, automotive production, and sporting goods production. Therefore, the region has the largest volume share in the prepreg market. The region is home to a number of tire manufacturers, and wind installation capacities are expanding, creating a huge opportunity for prepreg markets in these sectors.
Lastly, the report includes a regional analysis and country analysis with the latest trends, along with the major key players including Solvay Group, Hexcel Corporation, Toray Industries Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, SGL Group, Axiom Materials, Gurit Holding AG, Park Aerospace Corp., Plastic Reinforcement Fabrics Ltd.