June 23, 2024

Rapid Urbanization to Boost the Growth of Carbon Prepreg Market

The resin in carbon prepreg is only partially cured which allows the material to be handled, stored, transported and later cured under heat and pressure in an autoclave molding process. This enables complex composite parts with complicated geometries to be produced. Carbon prepreg has excellent mechanical strength, stiffness and fatigue properties. It is highly used in aerospace & defense, wind energy, sporting goods, automotive and other industrial applications for manufacturing robust and lightweight components.

The global Carbon Prepreg Market is estimated to be valued at US$ 8444.44 Mn in 2023 and is expected to exhibit a CAGR of 9.21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the carbon prepreg market is increasing demand from the wind energy sector. With growing emphasis on use of renewable energy sources, installations of wind turbines are rising rapidly worldwide which utilizes carbon prepreg composites in blades and nacelles. Carbon fiber prepregs allow for longer and lighter blades for higher energy generation. Another trend is the development of new resin systems with improved properties. Manufacturers are focusing on developing bio-based resins, recyclable resins and resin infusion technologies to produce sustainable composite components using carbon prepreg.

Porter’s Analysis

Threat of new entrants: The carbon prepreg market requires high initial capital investments for manufacturing facilities and R&D which limits threat from new entrants.

Bargaining power of buyers: The presence of numerous manufacturers limits the bargaining power of buyers in this market.

Bargaining power of suppliers: Majority of raw material suppliers like carbon fibers and resins have established global presence increasing their bargaining power.

Threat of new substitutes: Alternatives like SMC and BMC composites pose threat to growth but carbon prepregs superior mechanical properties sustain its demand.

Competitive rivalry: The market comprises several global players resulting in intense competition regarding pricing, quality, and new product innovations.

Key Takeaways

The Global Carbon Prepreg Market Demand is expected to witness high growth, exhibiting CAGR of 9.21% over the forecast period, due to increasing demand from aerospace and defense industries. Carbon prepregs find widespread application in manufacturing of aircraft components owing to their light weight and high strength.

Regional analysis: North America dominates the carbon prepreg market attributable to strong presence of aircraft OEMs in the region. USA and Canada are significant markets driven by expanding aerospace sector. Asia Pacific exhibits fastest growth led by increasing aircraft deliveries from China and India. Establishment of manufacturing facilities by global players further augments regional market.

Key players operating in the carbon prepreg market are ACP Composites Inc., Kordsa Teknik Tekstil AS, Barrday, Gurit, Hexcel Corporation, Lingol Corporation, Mitsubishi Chemical Carbon Fiber and Composites Inc., Park Aerospace Corp., Sgl Carbon, Solvay, Teijin Limited, The Yokohama Rubber Co. Ltd, Toray Industries Inc., and Zyvex Technologies. Key players focus on new product launches, mergers, and capacity expansions to strengthen their market position.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it