DUBLIN--(BUSINESS WIRE)--The "Carbon Prepreg Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The carbon prepreg market is expected to grow at a CAGR of about 6% during the forecast period of 2019 - 2024
Increasing demand from aerospace & defense sector is one of the major factor that is driving the market. However, storage temperature restriction is expected to hinder the growth of the market studied.
- Automotive sector dominated the market in 2018 and is expected to grow during the forecast period.
- Increasing application in electronics industry is likely to act as an opportunity in the future.
- In 2018, North America dominated the market across the globe with a share of over 30%, followed by Europe and Asia-Pacific.
Key Market Trends
Increasing Demand from the Automotive Industry
- Carbon prepregs have experienced widespread use in the automotive industry owing to their high strength-to-weight ratios, corrosion resistivity, and workability features. They are replacing metals in various automotive applications due to their light-weight but tough features, which contributes to lesser fuel consumption.
- Automotive manufacturers, such as BMW, Mercedes-Benz, McLaren, Chevrolet, and Lamborghini have committed themselves to increase the usage of carbon fiber, such as CFRP components in their vehicles as they contribute to the reduction in weight.
- Companies, such as Daimler and Toray Industries provide CFRP automotive parts to their consumers. In recent times, more automotive companies are forming close partnerships with carbon fiber manufacturers to conduct research and realize the dream to commercialize automotive CFRPs.
- Carbon fiber manufacturers, such as Oak Ridge National Laboratory's (ORNL) carbon Fiber composites consortium is well connected with various OEM manufacturers, Tier one players, and various other major material suppliers in the industry.
- In the automotive industry, use of such materials is found in front bumpers, splitters, fenders, wheel arches, brake ducts, bonnets, vents, roofs, and door liners to name a few. With the growing automotive industry and the increasing need for materials that will help to save fuel consumption, the market for carbon prepreg will continue to increase through 2024.
North America to Dominate the Market
- North America dominated the carbon prepreg market, contributing to a share of more than 30% in 2018. The aerospace & defense sector is the one of the promising sectors in the region.
- In defense applications, prepregs are used in ballistic and blast protection systems in armored vehicles and structural components for vehicles in the United States. In addition, major players in the United States are planning to increase their investments for the development of carbon prepregs, for use in newer applications in the energy sector, which is expected to increase the consumption of carbon prepregs in the coming years.
- The United States is the second-largest producer of automobiles in the world. The production of automobiles in the country had recorded a robust growth till 2016. After growing at 3.8% in 2015, the growth had decreased by 8.13% in 2017, due to the excess inventory and low demand for passenger cars. However, in 2018, the total production of automobiles in the country had registered a growth of 1.1% YoY over 2017, reaching a total of 1,13,14,705 vehicles.
- Hence, the increased emphasis on the aerospace & defense sector and automobile industries along with the growth of other end-users across the region, is expected to augment the growth of the global carbon prepreg market over the forecast market.
The global carbon prepreg market is consolidated among the leading players, with the top five players accounting for a major chunk of the market share.
Major recognized players include Axiom Materials, Teijin Limited, Hexcel Corporation, Toray Industries, and Mitsubishi Chemical Carbon Fiber and Composites.
Key Topics Covered:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Emphasis on Green Energy Sources (Wind Energy Sector)
4.1.2 Preferred Material for CFRP Components
4.1.3 Increasing Demand from the Aerospace and Defense Sector
4.2.1 Storage Temperature Restrictions
4.2.2 Autoclave and Maintenance Constraint
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
4.5 Patent Analysis
5 MARKET SEGMENTATION
5.1 Resin Type
5.2 End-user Industry
5.2.1 Aerospace and Defense
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 ACP Composites
6.4.2 Axiom Materials
6.4.3 Composite Holding Company
6.4.4 Composite Resources
6.4.5 Cytec Industries Inc.
6.4.6 Gurit Holding AG
6.4.7 Hexcel Corporation
6.4.8 Isola Group
6.4.9 Lewcott Corporation
6.4.10 Lingol Corporation
6.4.11 Mitsubishi Chemical Carbon Fiber and Composites
6.4.12 NACCO Aerospace
6.4.13 Park Electrochemical Corp.
6.4.14 Renegade Materials Corporation
6.4.15 Royal Tencate Cate NV
6.4.16 SGL Carbon SE
6.4.17 Teijin Limited
6.4.18 Toray Industries Inc.
6.4.19 Ventec USA
6.4.20 Yokohama Aerospace America Inc
6.4.21 Zoltek Companies
6.4.22 Zyvex Technologies
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Applications in Electronics
For more information about this report visit https://www.researchandmarkets.com/r/lqig3n