Global Carbon Fiber Prepreg Market Analysis 2024 – Estimated Market Size And Key Drivers

The Carbon Fiber Prepreg by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Carbon Fiber Prepreg, The carbon fiber prepreg market size has grown rapidly in recent years. It will grow from $9.53 billion in 2023 to $10.5 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%.  The  growth in the historic period can be attributed to increased demand from aerospace industry, automotive lightweighting trend, sports and leisure applications, wind energy growth, high strength-to-weight ratio.

The carbon fiber prepreg market size is expected to see strong growth in the next few years. It will grow to $15.25 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%.  The growth in the forecast period can be attributed to increased use in electric vehicles, infrastructure development in emerging economies, expansion in renewable energy projects, rising aerospace budgets, global focus on sustainable materials. Major trends in the forecast period include development of hybrid composite materials, automation and robotics in manufacturing, renewable energy sector adoption, innovations in manufacturing processes, widespread use in 3d printing.

A steady expansion of the automotive industry is expected to boost the growth of the carbon fiber prepreg market going forward. The automotive industry refers to the industry that includes the manufacture and sale of motor vehicles. Carbon fiber prepregs are widely used in high-end automotive sectors worldwide, in addition to racing automobiles and bikes, sports and recreation, and the industrial sector, due to their lightweight, temperature resistance, chemical resistance, and excellent structural performance and mechanical properties for vehicles. For instance, in April 2022, In a report published by European Automobile Manufacturers Association, in 2021, 79.1 million motor vehicles were produced worldwide, a 1.3% increase over 2020. Additionally, according to the Global EV Outlook 2021, consumers spent USD 120 billion on electric vehicle purchases in 2020, a 50% increase over 2019. Therefore, the steady expansion of the automotive industry is driving the growth of the carbon fiber prepreg market.

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The carbon fiber prepreg market covered in this report is segmented –

1) By Type: Thermoset, Thermoplastic
2) By Manufacturing Process: Hot Melt, Solvent Dip
3) By Resin: Phenolic, Epoxy, Bismaleimide, Polyimide, Cynate Ester, Polyether Ether Ketone(PEEK), Other Resin
4) By End User: Aerospace And Defense, Automotive, Wind Energy, Sports And Recreation, Other End Users

Product innovations are a key trend gaining popularity in the carbon fiber prepregs market. Major companies operating in the market are introducing innovative products to sustain their position in the carbon fiber prepregs market. For instance, in September 2022, Solvay, a US-based manufacturer of materials, chemicals, and solutions, launched LTM 350, a next-generation carbon fiber epoxy prepreg tooling material designed to deliver significant time and cost savings for the industrial, aerospace, automotive, and race car markets. This offers a fast, and low-temperature cure cycle that can be continuously cycled at temperatures up to 150 °C, with highly accurate composite parts.

The carbon fiber prepreg market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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