The Carbon Prepreg market is estimated to be valued at US$ 8444.44 Mn in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Carbon prepreg is a material made by impregnating carbon fibers with a thermosetting polymer resin. Carbon fiber prepreg consists of carbon fibers that are usually unidirectional or knitted into various configurations. The resin serves the purpose of bonding the fibers and maintaining their orientation during manufacturing processes of composites. Carbon prepreg is primarily used in the manufacturing of interior and exterior parts of aircraft and space vehicles owing to its high strength-to-weight ratio and resistance to fatigue.
Market Dynamics:
The global carbon prepreg market is projected to witness significant growth over the forecast period owing to two main drivers. Firstly, the increasing demand from the aerospace industry for lightweight and robust materials. More than 50% of an aircraft by weight is accounted for composites and within that carbon prepreg manufacturing holds majority share. This is expected to augment the market growth. Secondly, the expanding wind energy sector is another major application area. Carbon prepreg is ideal for manufacturing wind turbine blades as it provides durability even under harsh weather conditions and extreme forces. The lightweight nature also helps improve energy efficiency. These properties are fueling the demand in the wind energy industry.
SWOT Analysis
Strength: Carbon prepreg has high strength, stiffness and impact resistance. It also has dimensional stability. Carbon prepreg provides excellent fatigue and corrosion resistance. Further, it is lightweight in nature which allows its use in load-bearing applications.
Weakness: Carbon prepreg has high production costs. It requires expensive autoclave cure process. Further, it has a short shelf life and pot life which limits its storage and application duration.
Opportunity: Increasing usage of carbon fiber composites in aerospace and defense sector due to growing demand for fuel efficient and lightweight aircrafts offer new growth prospects. Growing adoption of carbon fiber composites in wind energy and automotive sectors also provides growth opportunities.
Threats: Volatility in raw material prices of carbon fibers pose serious threat. Stringent environmental regulations also challenge market growth.
Key Takeaways
The Global Carbon Prepreg Market Size is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period, due to increasing demand from aerospace & defense and wind energy industries. Use of carbon prepregs helps reduce overall weight and increases performance of aircrafts and wind turbine blades.
Regional analysis:
North America dominated the global market in 2023 accounting for over 35% of the total share. Presence of major aircraft OEMs such as Boeing has boosted demand. Asia Pacific is expected to witness fastest growth exhibiting a CAGR of around 10% during the forecast period owing to rapid infrastructure development and growth of wind energy sector especially in China.
Key players
Key players operating in the carbon prepreg market include ACP Composites Inc., Kordsa Teknik Tekstil AS, Barrday, Gurit, Hexcel Corporation, Lingol Corporation, Mitsubishi Chemical Carbon Fiber and Composites Inc., Park Aerospace Corp., Sgl Carbon, Solvay, Teijin Limited, The Yokohama Rubber Co. Ltd, Toray Industries Inc., And Zyvex Technologies. These players are focusing on new product launches and expansion strategies to strengthen their market position.
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https://www.rapidwebwire.com/carbon-prepreg-market-size-share-growth-outlook-2023/
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