According to the new market research report ''Carbon Fiber Prepreg Market by Resin Type (Epoxy, Phenolic, Bismaleimide, Cyanate Ester, Thermoplastic), Manufacturing Process (Hot Melt, Solvent Dip), Application (Aerospace & Defense, Automotive, Sports & Leisure, Wind) - Global Forecast to 2021", published by MarketsandMarkets™, the carbon fiber prepreg market was valued at USD 3.86 Billion in 2015 and is projected to reach USD 7.20 Billion by 2021, at a CAGR of 11.0% between 2016 and 2021.
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The carbon fiber prepreg market is driven by increasing demand for fuel efficient vehicles and growing use of carbon fiber prepregs in aerospace & defense and wind applications. Moreover, increasing use of carbon fiber prepregs for manufacturing sports goods, such as tennis rackets, bicycles, fishing rods, and golf shafts is also driving the growth of the carbon fiber prepreg market, globally.
Among resin types, the epoxy segment is leading the carbon fiber prepreg market, in terms of value.
The epoxy segment is leading the carbon fiber prepreg market, owing to increased use of epoxy resins in various applications, such as aerospace & defense, automotive, sports & leisure, and wind, among others. Epoxy resin-based carbon fiber prepregs offer high strength to weight ratio and increased resistance to heat, moisture, and corrosion. They require less maintenance and offer high durability.
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Among applications, the aerospace & defense segment is leading the carbon fiber prepreg market, in terms of value and volume.
On the basis of application, the carbon fiber prepreg market has been segmented into aerospace & defense, automotive, sports & leisure, wind, and others. The aerospace & defense application segment is leading the carbon fiber prepreg market, in terms of value and volume. Carbon fiber prepregs are lightweight and offer resistance to moisture, chemicals, and corrosion. They have increased operational stability at high temperatures in comparison to materials made from other conventional materials, such as thermoset composites and metallic alloys. As such, carbon fiber prepregs are being increasingly used in the aerospace & defense industry, which, in turn, is fueling the growth of the aerospace & defense segment of the carbon fiber prepreg market.
The North America carbon fiber prepreg market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021.
The North American region is leading the carbon fiber prepreg market due to increased demand for carbon fiber prepregs for use in different end-use industries as they offer excellent strength and are lightweight and easy to fabricate. Carbon fiber prepregs offer resistance to chemicals and corrosion. In addition, the technological advancements taking place for the mass production of carbon fiber prepregs and increasing usage of carbon fiber prepregs in the aerospace & defense industry are the factors contributing towards the growth of the North America carbon fiber prepreg market. The North America carbon fiber prepreg market is projected to grow at the highest CAGR during the forecast period. Moreover, the region has the presence of some of the key players of the carbon fiber prepreg market, which include Park Electrochemical Corporation (Melville, U.S.), Hexcel Corporation (Connecticut, U.S.), and Axiom Materials (California, U.S.), among others.
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The key players operating in the carbon fiber prepreg 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. These players have adopted various organic and inorganic development strategies to strengthen their position in the market.
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