Prepreg is a composite material that consists of a partially cured polymer matrix and pre-impregnated fibers, such as phenolic resin, epoxy, resins, or thermoplastics mixed with liquid rubbers. Commercial, military/defense, aerospace, space/satellite, sports, maritime, wind energy, engineering, and other industries are all expected to benefit from the global prepreg market in the future. In aviation, automobile, and other industries, use of prepreg has increased. As a result, prepreg-based compounds account for more than half of the weight in building of big transport airplanes. However, owing to high cost of goods and production materials, additional utilization is limited.
COVID-19 Impact analysis
The outbreak of the COVID-19 pandemic has impacted the global prepreg market to a great extent. Prepreg is majorly used in the aerospace sector. However, the aerospace sector had shut down operations due to the lockdown. This has led to decline in the prepreg market. The electrical industry is also highly impacted by the COVID-19 outbreak. Prepreg is used as insulating material in circuit board and in lockdown all manufacturing units were closed, which limited the demand for prepreg in the market. The pandemic has devastated the world, especially the regions of North America and Europe. To prevent further spread of the virus, companies have closed their operations and production facilities. This has led to a reduction in use of prepregs in automobile, space, defense, wind power, sports equipment, automotive, and other industries.
Top Impacting Factors
- Increase demand for preperg in aerospace and defense sector, rise in the number of air passengers, and escalating demand for lightweight materials for aircraft manufacturing are the major factors that drive growth of the aerospace prepreg market.
- Issues related to recyclability, high processing and manufacturing cost are the restraint that hindered the growth of the aerospace preperg market during the forecast period.
- Reduction in cost of carbon fibers and development of advanced software tools for prepreg product development are the major factors that offer opportunities for growth of the aerospace preperg market.
Increasing Demands from the Aerospace & Defense Industry to Drive the Global Prepreg Market
For lightweight components and materials, the aerospace and defense industries rely heavily on the global prepreg market. This market is expected to grow as a result of advancements in 3D printing technology for the fabrication of lightweight aircraft parts, government initiatives, and key players investing heavily in aircraft Research & development. As a result, opportunities for the global prepreg market to supply a lightweight, mechanically strong, low electrical conductivity material like prepreg emerges. Prepreg is widely used in the manufacture of aircraft, helicopters, defense aircraft, and aero-engines, which is fueling the global prepreg market's growth. For instance, an overall steady growth rate in the aerospace industry and increased applications of prepregs in military applications provide a great opportunity and growth potential for prepreg manufacturers. In September 2018, Constellium N.V. announced its agreement with The Boeing Company. This agreement will support Constellium to strengthen its partnership with Boeing in military and defense sector.
Reduction in cost of carbon fibersFacebookTwitterLinkedInMore
Carbon fiber offers a great many performance and light weighting benefits for composites. Lower cost manufacture and increased use of recycled aircraft material now promise to widen the range of applications that could benefit from its properties. Carbon fiber has numerous performance and light weighting advantages in aerospace composites. Lower manufacturing costs and increased recycling of aerospace material promise to expand the range of applications that can benefit from its features. Oak Ridge National Laboratory's (ORNL) carbon fiber meets the performance specifications set out by some aerospace manufacturers for high-strength composite materials utilized in high-volume applications. The method has the potential to speed up the adoption of sophisticated composites in aircraft industries. The accelerated adoption of carbon fiber composites in high-volume industrial applications including aviation, defense, and space. For instance, Teijin Ltd. has agreed to acquire Renegade Materials Corp., a North American supplier of highly heat-resistant thermoset prepreg for the aerospace industry. Renegade will become a wholly-owned subsidiary of Teijin. The shares of Renegade will be purchased by Teijin Holdings USA Inc., the Teijin Group's holding company in the United States. The acquisition is anticipated to be completed this spring after customary closing conditions have been satisfied including receipt of regulatory approvals. Teijin will benefit from Renegade’s well-established proprietary technologies and solution capabilities in heat-resistant thermoset prepregs to expand its business in aerospace field including next-generation aircraft engine parts.
Key Benefits of the Report
- This study presents the analytical depiction of the aerospace prepreg market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the aerospace prepreg market.
- The current market is quantitatively analyzed to highlight the market growth scenario of the aerospace prepreg market.
- The report provides a detailed aerospace prepreg market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the aerospace prepreg market research report:
- Who are the leading players in the global aerospace prepreg market?
- What are the critical challenges faced by manufacturers in the aerospace prepreg market?
- What are the market trends, driving factor and opportunities involved in this market?
- What are the key segments covered in this aerospace prepreg market?
- What are the future projections of aerospace prepreg market that would help in taking further strategic steps?
Aerospace Prepreg Market Report Highlights
By Fiber Type
By Resin Type
Key Market Players
C. A. Litzler Co., Inc., Hexcel Corporation, Gurit, Park Aerospace Corp., ENEOS Corporation, Solvay, Mitsubishi Chemical Corporation, Toray Industries, Inc., Teijin Limited, Notus Composites