Global Prepreg Market to Account for USD 12.48 Billion by 2024

The global prepreg market is expected to reach USD 12.48 billion by 2024, according to a new report by Grand View Research, Inc. The rapidly growing demand for high-performance materials in the automotive, aerospace, and sporting goods sectors is expected to drive the market demand over the next eight years.

Presence of stringent regulations laid by agencies such as the U.S. EPA and EU for the promotion of sustainable energy sources as opposed to conventional sources, particularly in North America and Europe, has led to a rising number of wind mill installations in these regions. This is also expected to have significant impacts on the product demand over the forecast period.

Enhanced mechanical properties including short curing time, longer life span, high strength and superior machinability are expected to have a positive impact on product demand in the automotive as well as the aerospace industries.

Properties such as low void content, ease of use, high strength, and specific modulus, enhanced corrosion as well as environmental resistance and low thermal expansion coefficient offered by the material, has led to a high demand for the product in the manufacturing of aerospace components. The growth of the aerospace industry in the U.S. is expected to fuel product demand over the forecast period.

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Further key findings from the report suggest:

·       The global prepreg market was valued at 265.1 kilo tons in 2015 and is projected to grow to grow at a CAGR of 8.1% from 2016 to 2024.

·       Glass fibers are expected to witness the fastest growth at a CAGR of 9.3% during the next eight years; this growth can be attributed to the increasing product use for the manufacture of sporting goods such as bicycle frames, golf shafts, and others.

·       Thermoset resins are most widely used for the manufacture of prepregs; however, thermoplastic resins are expected to witness higher growth over the forecast period on account of the functional advantages offered by these resins.

·       Solvent dip process accounted for over 25% of the overall industry in 2015 in terms of revenue. Rising use in the manufacturing of reinforced fabric as it meets performance requirements such as low-temperature curing and good fatigue performance is expected to fuel its use over the next eight years.

·       Aerospace & defense is the dominant application segment in terms of both volume and revenue. The segment is projected to witness the fastest growth of 11.3% from 2016 to 2024, owing to increasing product use in the manufacturing of interior components and aero-engines.

·       North America dominated the global industry in terms of volume and revenue, this can be attributed to the presence of key players in the U.S., and the increasing export demand from across the globe is expected to benefit the prepreg market demand in the region over the forecast period.

·       Asia Pacific was the fastest-growing regional market in terms of revenue, with a CAGR of 12.2% from 2016 to 2024. Rapidly growing automobile production in countries, including India and China, is expected to stimulate product demand in the region.

·       Key strategies adopted by industry players to expand market share and strengthen global presence include capacity expansions, new product launches, and mergers & acquisitions.

Grand View Research has segmented the global prepreg market on the basis of fiber type, resin type, manufacturing process, application and region:

Fiber type outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)

·         Carbon

·         Glass

·         Aramid

Resin type outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)

·         Thermoset

·         Thermoplastic

Manufacturing process outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)

·         Hot-melt

·         Solvent dip

Application outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)

·         Aerospace & defense

·         Wind energy

·         Sporting goods

·         Automotive

·         Others

Regional outlook (Volume, Kilo Tons, Revenue, USD Million, 2013 - 2024)

·         North America

·         Europe

·         Asia Pacific

·         Central and South America

·         Middle East & Africa

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com