Constant R&D coupled with innovation and implementation of new techniques in technologies are resulting in growth of different industries such as pharmaceutical, automotive, aviation, and others. Prepreg is widely used in these industries for smooth functioning. Prepreg are composite fibers that are pre-impregnated with a resin system such as thermoset or thermoplastic resin matrix in a certain amount. Unique properties of material is curated under high temperature and pressure, making it easy to use as a good fatigue resistant, environmental hazard as well as corrosion resistant. Manufactured by hot melt process and solvent dip process, prepreg are extensively used in planes, cars, sports equipment, and other various fields, the material has wide applications in various end-user vendors. Hence, due to huge demand of the material, the prepreg market revenue estimated as $7.73 billion globally in 2018, and the market is expected to grow at a CAGR of 10.5%, during the forecast period 2019-2025.

According to the estimations of the International Trade Centre (ITC), trade value of epoxide resins, and polyacetals was evaluated as $65.57 billion by the end of 2018. The report further assessed that the global trade value recorded an increase of 16% in 2017-2018. It can be concluded that a substantial amount of this parent trade value contributed to prepreg market growth, as these are used extensively used in prepreg.

Booming Prepreg Market Revenue in Europe.

In 2018, the European prepeg market held the largest share with almost 39% of the global market. The U.K., Germany, Spain, and other European countries are constantly developing their technologies and implementing the usage of prepreg in different verticals such as automotive, healthcare, motorsports, sports equipment, and others. These end-users of different verticals are contributing to the expansion of the prepreg market paving further opportunities for the market leaders in the next years.

·A Record Year for Wind Energy Installations across Countries in Europe Driving Prepreg Market –

According to the analysis of European Environment Agency, Europe will witness a rise in temperature between 1°C to 2.5°C during 2021-2050, which will further rise in between 2.5°C to 4.0°C by 2071-2100. Globally, countries are facing the consequences of global warming, which is the current threat and majorly focused area by the Governments. Various initiatives and technological developments can be witnessed in countries to lessen the impact of global warming. Studies of Union of Concerned Scientists Science for a Healthy Planet and Safer World shows that renewable energy generation sources such as turbines, windmills, and solar panels emit less or no global warming emissions. In 2017, Europe installed 16.8 GW of extra wind power. In Europe, wind energy was the second largest power generating form with a total capacity of 169 GW in 2016. It was a record year for wind energy installations in the UK, Belgium, Germany, France, Croatia and Ireland. Prepregs are used in rotor blades of wind turbines. Thus, with increasing numbers of windmills, the prepreg market will observe an upsurge resulting in market expansion. Moreover, in 2018, Germany ranked second in terms of revenue earned of $4.45 billion from products such as polyacetals, polyethers and epoxide resins, and witnessed an annual growth of 11% in the trade value. Hence, the Europe prepreg market will witness a demand influx, during the forecast period.

· Expansion of Sports Sector is Attributing to the European Prepreg Market Share –

Prepeg fiber glass, carbon epoxy, injection molded glass, and nylon are some of the major components of snowshoes, ski boots, inline skates, skis, ski poles, and snowboard bindings. The tooling cost and flexibility of products are attracting related vendors. Sports is one of the fastest expanding sectors. According to the reports of European Commission, people aged between 15-29 years comprises of 38% of sport employment which is twice the percentage of total employment. Thus, growth of the sports industry will lead to the traction of vendors into the prepreg market, in the upcoming years.

The key application of prepreg is found in the aerospace and defense sector. Earlier, prepregs were taken as specialty materials and were used only for non-critical secondary structures such as alpha helices and beta sheets but with further R&D, prepegs constitute almost half of the airframe of different planes. Additionally, they are used in subsea tubes for gas and oil exploitation and high pressure vessels. As per reports of Aerospace Industries Association, aerospace and defense industry contribute as largest positive trade balance of any the U.S. industry. It rested at a revenue of around $90 billion in 2016, supporting 2.4 million jobs in the country, contributing to 13% of the nation's manufacturing workforce. Furthermore, the International Civil Aviation Organization (ICAO) presents that flight passengers count reached to 3.7 billion in 2016, which shows the growth in the aviation industry. On the other hand, in 2016, the U.S. OEMs made a penetrating success in the Indian market by selling over $14 billion worth defense systems such as chinook helicopters, Lockheed Martin’s C-130 aircraft, and Boeing’s Apache. Thus, with high demand in aircraft industry, the prepreg market will witness growth in terms of revenues. Prepreg in the aviation and defense industry is expected to grow at a CAGR of 8.2%, yielding good returns to the prepreg market vendors by the end of 2025.

Prepreg Market Growth Drivers –

· Motorsports Industry to Bring Drastic Growth in the Prepreg Market –

The global motorsports market recorded $4.3 billion in 2017 and projected to grow at a CAGR of 8.43%, during the forecast 2018-2023. Sportscar such as Formula 1 cars and others are built by individual carbon fiber prepeg plies that are laid on top of one another at different angles to avoid any hindrance in mechanical performance. Thus, with the growth of motorsports, the prepreg market will boost in the upcoming years.

· Flourishing Orthopedic Technology in Prosthetics and Orthotics to Drive Prepreg Market –

Prepreg carbon fibers make for one of the most important components of orthotic fabrication. Due to its high durability and lightweight features, it is widely accepted by prepreg carbon fiber vendors. Prepregs are used in prosthetic feet, as these compounds come in rolls or sheets that already have an optimum balance of partially cured epoxy resin. Thus, foot orthotic insoles market is substantially attributing to growth of the prepreg market. In 2017, revenue of the foot orthotic insoles industry was estimated $3 billion, and expected to grow at a CAGR of 5.7%, during the forecast period 2018-2023. This growth in foot orthotic insoles industry will contribute to expansion of the prepreg market and open new avenues for vendors in the upcoming years.

Prepreg Market: Competitive Landscape

The key driving forces contribute to market growth and the market players holding major market shares are SGL Group (Wiesbaden, Germany), Gurit Holdings AG (Wattwil, Switzerland), Park Electrochemical Corporation (Melville, U.S.), Toray Industries (Tokyo, Japan), Teijin Limited (Osaka, Japan), Royal TenCate N.V. (Almeo, The Netherlands), Hexcel Corporation (Connecticut, U.S.), Solvay (Brussels, Belgium), Mitsubishi Rayon Co. Ltd. (Tokyo, Japan), and Axiom Materials (California, U.S.).

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Related Reports:

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B)    Thermoplastic Elastomers Market

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