Prepreg Market - Growth, Trends, and Forecast (2019 - 2024)
The global prepreg market is expected to record a CAGR of over 4% during the forecast period. Prepregs are composites, impregnated with reinforcement fibers that provide several advantages, such as corrosion resistance, higher strength to weight ratio, lower maintenance, and longer lifecycle in comparison to traditional counterparts of steel and aluminum.
The market is majorly driven by the rising demand from wind energy and aerospace & defense applications.
Autoclave and maintenance constraints are expected to hinder the markets growth.
Narrowing supply-demand gap and technical advancements in prepreg product development are likely to act as an opportunity to the global prepreg market over the forecast period.
Key Market Trends
Aerospace and Defense Industry to Drive the Market
Owing to the superior strength-to-weight ratio of prepregs there is high demand for prepregs from the aerospace sector. Prepregs (especially carbon prepregs) are increasingly being used to replace their metal counterparts, to manufacture interior and exterior structures, as the specific strength and modulus of the former are higher than most metallic alloys.
Increased expenditure on specialized military equipment in the defense sector, due to the current increase in defense budgets and the resurgence of global security threats in key nations (such as the United Kingdom, France, Japan, and several Middle Eastern countries), is expected to boost the demand for prepregs.
Robust increases of global revenue passenger kilometers (RPKs), year over year, are leading to an unprecedented level of aircraft production rates (which in 2018, were about twice the levels experienced a decade ago).
Overall, a steady growth rate in the aerospace industry and increased applications of prepregs in military applications provide a great opportunity and growth potential for prepreg manufacturers.
United States to dominate the North America Market
The United States is the world’s largest and most powerful economy in the world. The economy’s growth rate was 2.9% in 2018 and is expected to increase by 2.3% in the year 2019.
The aerospace and the defense sectors of the United States are the largest in the world. Defense budgets are increasing with rising global tensions, in order to equip the armed forces with modern platforms.
More spending in the defense and aerospace sector is likely to be seen in the coming years, which in turn, is expected to drive the demand for prepreg in the United States.
Major players in the United States are expected to increase their investments in the development of advanced prepregs for use in newer applications in industrial sectors, which is likely to lead to increased consumption of prepregs in the future.
The automotive market of the United States (which is one of the largest in the world) has currently slowed down, while it is expected to grow at a moderately high rate in the forecast period, and the light commercial vehicles market is expected to grow at a moderately low rate during the forecast period. It is expected to drive the market for prepreg, significantly.
The global prepreg market is consolidated in nature. The major companies include AXIOM MATERIALS, Mitsubishi Chemical Carbon Fiber and Composites, Inc., Solvay, Hexcel Corporation, and Huntsman International LLC, among others.
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