Categories: Market Research

Prepreg Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Prepreg refers to composite materials in which a reinforcing fibre is pre-impregnated in a certain ratio with a thermoplastic or thermoset resin matrix. These materials are used in making aircraft and automotive interiors and components, A/C ducting, electronic-transmission applications, sporting goods, carbon-carbon composites, high-rise flooring, flame retardant laminates, UAVs, and seatbacks. Its properties include high strength, consistency and repeatability, minimal waste, and a short curing time.

Sizing and Forecast
The prepreg market size has grown rapidly in recent years. It will grow from $8.79 billion in 2023 to $9.95 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to growth in aerospace and aviation industries, demand for lightweight and high-performance composites, expansion of automotive and wind energy applications, development of advanced prepreg materials, regulatory standards for material safety, advancements in composite manufacturing technology, increase in sports and leisure equipment..

The prepreg market size is expected to see rapid growth in the next few years. It will grow to $16 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to sustainable and recyclable prepreg materials, customized prepreg solutions for specific applications, growth in electric and hybrid vehicle production, expansion in space exploration and satellite technology, increased use in medical and healthcare devices.. Major trends in the forecast period include smart and sensor-integrated prepreg composites, regulatory compliance in prepreg material safety, bio-based and biodegradable prepreg materials, nanotechnology-enhanced prepreg composites, personalized prepreg solutions for specific industries..

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Segmentation & Regional Insights
The prepreg market covered in this report is segmented –

1) By Type of Fiber Reinforcement: Carbon Fiber Prepreg, Glass Fiber Prepreg, Other Types of Fiber Reinforcement
2) By Form: Tow Prepreg, Fabric Prepreg
3) By Manufacturing Process: Hot-Melt Process, Solvent Dip Process
4) By Application: Aerospace And Defense, Wind Energy, Automotive, Sporting Goods, Electronics (PCB), Other Applications

North America was the largest region in the prepreg market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the prepreg market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
Growing automotive production is expected to propel the growth of the prepreg market going forward. Automotive refers to the design, operation, manufacture, or sale of automobiles. Prepregs are used for high-performance applications in industries like aerospace, defence, automotive, sports, and wind energy. For instance, in 2021, according to ACEA, a Belgium-based association of the automobile industry, 79.1 million motor vehicles were produced around the world, an increase of 1.3% compared to 2020. Therefore, growing automotive production is driving the growth of the prepreg market.

Key Industry Players
Major companies operating in the prepreg market include Axiom Materials Inc., Gurit Holding AG, Hexcel Corporation, Mitsubishi Chemical Carbon Fiber And Composites Inc., Park Aerospace Corporation, Solvay S.A., Teijin Limited, Toray Industries Inc., Plastic Reinforcement Fabrics Ltd., Rock West Composites Inc., SHD Composite Materials Ltd., GMS Composites, ACP Composites Inc., Celanese Corporation, SGL Group SE, Hanyang Corporation, Composites One, Saudi Basic Industries Corporation (SABIC), Airtech Advanced Materials Group, Isola Group, Olin Corporation, Zoltek Companies Inc., Park Electrochemical Corp., Henkel AG & Co. KGaA, Socomore, Kineco Group, Cristex, North Thin Ply Technology (NTPT)

The prepreg market report table of contents includes:

1. Executive Summary

2. Prepreg Market Characteristics

3. Prepreg Market Trends And Strategies

4. Prepreg Market – Macro Economic Scenario

5. Global Prepreg Market Size and Growth

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31. Global Prepreg Market Competitive Benchmarking

32. Global Prepreg Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Prepreg Market

34. Prepreg Market Future Outlook and Potential Analysis

35. Appendix