The use of carbon fiber prepreg is becoming crucial in the aerospace and automotive industries due to increase in demand for lightweight materials that possess high strength and increased operational stability at high temperatures. The carbon fiber prepreg market is projected to reach USD 7.20 billion by 2021, growing at a CAGR of 11.0% from 2016 to 2021.

The key companies of operating in the carbon fiber prepreg market are mainly involved in new product launches and agreements to strengthen their position in the market. They have adopted these strategies to improve their distribution channels and strengthen their presence in developed as well as emerging economies.

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Toray Industries, Inc. (Tokyo, Japan), Teijin Limited (Osaka, Japan), Hexcel Corporation (Connecticut, U.S.), and Cytec Solvay Group (Brussels, Belgium) are the major companies, which reported maximum developments in the carbon fiber prepreg market between 2012 and 2016. Cytec Solvay Group (Brussels, Belgium) is one of the world’s largest manufacturers of carbon fiber prepreg materials. It accounted for the largest share of all development activities that took place in the carbon fiber prepreg market between 2012 and 2016. The company follows dynamic growth strategies, such as agreements, new product launches, acquisitions, and joint ventures to strengthen its geographic presence and customer base. For instance, in July 2016, Cytec Solvay Group entered into a joint venture with Mubadala Development Company (Abu Dhabi, UAE), which is an investment and development company, to supply empennage and floor beams for 777X program of Boeing.

Among applications, the aerospace & defense segment is leading the carbon fiber prepreg market, in terms of volume and value. The growth of this segment can be attributed to increased use of carbon fiber prepregs in the aerospace & defense application segment as they provide more structural strength as compared to metallic alloys and are light in weight. Carbon fiber prepregs are used for constructing various interior and exterior components of aircraft. Carbon fiber prepregs possess high strength. They increase fuel efficiency, decrease emission of greenhouse gases, and are able to work at high temperatures and in wet environments. The aerospace & defense application segment of the carbon fiber prepreg market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021. Carbon fiber prepregs help to minimize corrosion, thereby enhancing the life of products manufactured using carbon fiber prepregs. Furthermore, as carbon fiber prepregs help to increase shelf-life of products with low maintenance requirements, their demand is growing in the automotive and sports & leisure end-use industries.

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The key players in the carbon fiber prepreg market have adopted strategies of agreements, new product launches, acquisitions, and expansions to strengthen their position in the market. The major companies operating in this market are SGL Group (Wiesbaden, Germany), Gurit Holding AG (Wattwil, Switzerland), Park Electrochemical Corporation (Melville, U.S.), Toray Industries, Inc. (Tokyo, Japan), Teijin Limited (Osaka, Japan), Royal TenCate N.V. (Almeo, Netherlands), Hexcel Corporation (Connecticut, U.S.), Cytec Solvay Group (Brussels, Belgium), Mitsubishi Rayon Co., Ltd. (Tokyo, Japan), and Axiom Materials (California, U.S.), among others.

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