Global Prepreg Market 2015-2020 - Trends Forecast and Opportunity Analysis
According to a new market report published by Lucintel, the future of the global prepreg marketlooks strong with opportunities in the aerospace, sporting goods, and industrial markets. Theglobal prepreg market is forecast to grow at a CAGR of 8.4% from 2015 to 2020. The majordrivers of growth for this market are greater penetration of prepreg materials in applications, suchas aerospace, defense, wind energy, and automotive, and escalated demand for lightweight,environment-friendly, and efficient products. Advantages of corrosion resistance, higher strengthto-weight ratio, lower maintenance, and a longer lifecycle than other traditional materials, likealuminum and steel, are additional factors contributing to the market growth. Growth of furtherdemand in key end-use industries, such as aerospace and wind energy, is expected to remain akey driving factor for the global prepreg market.
The commercial aerospace segment is expected to record the highest growth during the forecastperiod. Lucintel adds that the aerospace market is predicted to remain robust due to strong backorders for Boeing 787 and Airbus 380 aircraft. New products, including COMAC 919, areexpected to increase the production rate from eight per year to 200 per year by 2020.
Although North America is the largest region in terms of value shipment, APAC is expected towitness the highest growth during the forecast period (2015-2020). Lucintel believes that Asia,particularly China, will continue to see tremendous growth in wind energy over the next five years.
As the industry moves to supply offshore wind turbines that are larger, manufacturers willcontinue to incorporate more carbon fiber reinforced prepreg into their designs. This means thatthe underlying prepreg demand for wind turbine applications should grow at a faster rate thanwind generation capacity itself.
For market expansion, the report suggests innovation and new product development. The reportfurther suggests the development of partnerships with customers to create win-win situations anddevelopment of low-cost solutions for end users. Cytec, Hexcel, Gurit, Newport, and Toray areamong the major suppliers of prepreg. There are some companies that are opting for M&A as astrategic initiative for driving growth.prepreg market by region and market segment and has come up with a comprehensive researchreport, “Global Prepreg Market 2015-2020: Trends, Forecast, and OpportunityAnalysis.” The Lucintel report serves as a springboard for the growth strategy, as it provides acomprehensive data and analysis on trends, key drivers, and directions. The study includesforecast of the global prepreg market through 2020, segmented by region and market segment asfollows:
Prepreg market by region-