Global Carbon Fiber Prepreg Market is segmented By Resin (Epoxy, Thermoplastic, Others) By End-User (Wind Energy, Automotive, Aerospace, Sports & Recreation, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Carbon Fiber Prepreg Market Size
The Global Carbon Fiber Prepreg Market reached USD 8.7 billion in 2022 and is expected to reach USD 22.3 billion by 2031, growing with a CAGR of 12.5% from 2024 to 2031. The major thrust on innovation in cutting-edge technology sectors such as aerospace and defense will augment demand for carbon fiber prepreg during the forecast period.
The Global Carbon Fiber Prepreg Market trends are expected to be highly positive during the forecast period. The increasing adoption of combat drones and loitering munitions by global militaries are expected to increase demand for carbon fiber prepreg since drones extensively use composites to reduce weight and avoid radar detection. For instance, Russia has extensively used the Lancet-3 loitering munition in the Russia-Ukraine war.
The expansion of national space programs by emerging countries such as China and India is another major factor in propelling global market growth. Both countries have lined up major manned and unmanned space missions this decade, which is expected to increase demand for carbon fiber prepregs. For instance, ISRO, the Indian space agency, is slated to launch the Chandrayaan-3 moon mission in July 2023.
Carbon Fiber Prepreg Market Summary
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Metrics |
Details |
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CAGR |
12.5% |
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Size Available for Years |
2022-2031 |
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Forecast Period |
2024-2031 |
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Data Availability |
Value (US$) |
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Segments Covered |
Resin, End-User, and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
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Fastest Growing Region |
Asia-Pacific |
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Largest Region |
North America |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Carbon Fiber Prepreg Market Dynamics
Increasing Demand for Fuel Efficient Aircraft
The global aerospace industry has witnessed increased competition among major players such as Boeing and Airbus, with each company striving to develop more fuel-efficient and aerodynamic aircraft. Modern airlines operate on razor-thin profits; hence, to maximize revenue, they need operating aircraft to have maximum fuel efficiency. Boeing’s newest aircraft, the 777x and Airbus’s new aircraft, A350, are designed to be maximally fuel-efficient wide-bodied long-range airliners.
The growing demand for lightweight and fuel-efficient aircraft leads to higher adoption of carbon fiber composites. Composites have almost completely replaced traditional materials such as aluminum. Carbon fiber prepregs are extensively used in aircraft structures, including fuselages and wings, due to their high strength and lightweight nature.
High Cost of Carbon Fiber Prepreg
Carbon fiber prepregs are relatively expensive compared to conventional materials such as metals and plastics. The current average price for carbon fiber is around US D 21.5 per kg, significantly more expensive than other materials such as metals. The high cost of carbon fibers and the complex manufacturing processes involved in producing prepreg materials contribute to the overall price.
The conversion efficiency of carbon fiber manufacturing processes is about 50%, thus requiring significantly large amount of raw materials to produce a limited amount of finished product. Limited production by the major producers is also another factor which contributes to its high price. The cost factor limits the adoption of carbon fiber prepregs, particularly in price-sensitive industries and inhibits the growth of the global carbon fiber prepreg market.
Carbon Fiber Prepreg Market Segment Analysis
The Global Carbon Fiber Prepreg Market is segmented based on resin, end-user and region.
Increasing Focus On Performance, Safety And Fuel Efficiency Makes Automotive Industry A Leading End-User
The automotive industry occupies a share of nearly 25% in the end-user segment of the global carbon fiber prepreg market. The automotive industry has been increasingly focused on reducing the weight of vehicles to improve fuel efficiency and meet stringent emission regulations.
Carbon fiber prepregs offer exceptional strength-to-weight ratios, making them an ideal choice for lightweighting applications. Vehicles can significantly reduce weight by replacing traditional metal components with carbon fiber-reinforced composites without compromising structural integrity.
Carbon fiber prepregs offer exceptional mechanical properties, including high stiffness, strength, and impact resistance. These characteristics make them highly desirable for enhancing vehicle performance and safety. Carbon fiber-reinforced components provide better handling, stability, and crashworthiness than conventional materials. Carbon fiber composites' superior energy absorption capabilities contribute to enhanced occupant safety in the event of a collision.
Source: DataM Intelligence Analysis (2023)
Global Carbon Fiber Prepreg Market Geographical Share
Strong Aerospace And Automotive Sectors Propel Market Growth In North America
North America accounts for a 34% share of the Global Carbon Fiber Prepreg Market. North America has a robust aerospace and defense industry, a significant consumer of carbon fiber prepregs. The region is home to major aircraft manufacturers, including Boeing, Lockheed Martin, and defense contractors. Carbon fiber prepregs are extensively used in aerospace applications, such as aircraft structures, interior components, and engine parts, due to their high strength-to-weight ratio and excellent performance characteristics.
North America boasts advanced technological capabilities and a strong focus on research and development. The region has well-established research institutions, universities, and corporate R&D centers that drive innovation in carbon fiber composites. The automotive industry in North America plays a pivotal role in driving the demand for carbon fiber prepregs. Automakers in the region are increasingly adopting carbon fiber composites to meet fuel efficiency standards, reduce emissions, and enhance vehicle performance.
North America is witnessing significant investment and growth in the wind energy sector, particularly in offshore wind farms, contributing to its dominant position in the Global Carbon Fiber Prepreg Market. Carbon fiber prepregs are extensively used in wind turbine blades due to their high strength and durability. The region's favorable geographical conditions, such as strong wind resources, make it an attractive market for wind energy projects.
Source: DataM Intelligence Analysis (2023)
Carbon Fiber Prepreg Market Companies
The major global players include Hexcel Corporation, Toray Industries, Inc., SGL Group, Teijin Carbon Europe GmbH, Gurit Holding, Plastic Reinforcement Fabrics Ltd, TEI Composites Corporation, Mitsubishi Chemical Carbon Fiber and Composites, Inc., Axiom Materials, Inc. and Park Electrochemical Corp.
COVID-19 Impact on Carbon Fiber Prepreg Market
COVID-19 Impact
The COVID-19 pandemic has had both positive and negative effects on the carbon fiber prepreg market. Initially, the pandemic led to a decrease in demand for carbon fiber prepregs due to disruptions in several end-use industries such as automotive, aerospace, and construction. Manufacturing facilities were temporarily shut down, supply chains were disrupted, and project timelines were delayed.
However, as the world slowly returned to normalcy, the demand for carbon fiber prepregs began to recover. Governments worldwide started focusing on infrastructure development, including renewable energy projects and electric vehicle manufacturing. Carbon fiber prepregs find extensive applications in these sectors, contributing to the market's growth. Additionally, the emphasis on lightweight materials to improve fuel efficiency and reduce emissions in transportation has further boosted the demand for carbon fiber prepregs.
AI Impact
Artificial Intelligence (AI) is increasingly being incorporated into manufacturing processes, including the production of carbon fiber prepregs. AI technologies enhance manufacturing efficiency, quality control, and product development in the carbon fiber prepreg industry.
AI-powered algorithms can optimize the design and manufacturing processes of carbon fiber composites, leading to improved material performance and reduced production costs. AI-enabled predictive analytics can also enhance quality assurance and facilitate real-time monitoring of production parameters, ensuring consistent quality of carbon fiber prepregs.
Ukraine-Russia War Impact
The Russia-Ukraine war has disrupted geopolitical stability and resulted in economic uncertainties. The uncertainties have affected investment decisions and the overall business environment, which can indirectly impact the demand for carbon fiber prepregs. Furthermore, the conflict has caused disruptions in the global supply chain, including raw material sourcing and transportation.
Carbon fiber prepregs rely on a steady supply of carbon fibers and resins, which may be affected by disruptions in the regions involved in the conflict. Any interruptions in the supply chain can lead to price fluctuations and potential shortages, impacting the availability and cost of carbon fiber prepregs. Europe has also witnessed major increase in energy prices, which is likely to increase costs of carbon fiber prepreg production in the region.
Key Developments
- In July 2022, Hexcel Corporation, a U.S.-based industrial materials company, announced that it had signed an agreement with Dassault Aviation, a French aerospace company, to supply carbon fiber prepreg for the new Dassault F10X business jet.
- In February 2023, Toray Industries, a Japanese materials company, announced that it had supplied its proprietary TORAYCA carbon fiber prepreg for the motor casing of the H3 rocket launched by the Japanese Aerospace Exploration Agency (JAXA).
- In March 2023, Toray Industries, the Japanese materials company, announced a significant new investment in developing a new generation of composite materials such as carbon fiber prepregs. It is a part of the company’s 2023-2025 strategy to boost revenue growth.
Why Purchase the Report?
- To visualize the Global Carbon Fiber Prepreg Market segmentation based on resin, end-user, region and key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of carbon fiber prepreg market level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The Global Carbon Fiber Prepreg Market Report Would Provide Approximately 50 Tables, 49 Figures And 195 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
