London, UK -- (SBWire) -- 03/18/2022 --According to Triton's report, the global prepreg market, which reaped $5.91 billion in 2020, is predicted to witness growth at 9.19% of CAGR by 2028.
A recent study by Triton Market Research titled 'Global Prepreg Market' includes the Global Analysis and Forecasts by Reinforcement Type (Carbon Fiber, Glass Fiber, Aramid Fiber), Manufacturing Process (Solvent Dip, Hot Melt), Applications (Wind Energy, Automotive, Aerospace & Defence, Sporting Goods, PCB & Other Application), Resin Type (Thermoset, Thermoplastic), and by Geography (Latin America, North America, Middle East and Africa, Europe, Asia-Pacific).
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Triton's report estimates the global prepreg market to surge based on revenue at a CAGR of 9.19% during the period of 2021-2028. It is further projected to display revenue worth $12.25 billion by 2028.
Prepregs, along with resin systems, are easy to handle at room temperatures, owing to their highly viscous nature. Prepreg composites are used in different parts of wind turbines, like spar caps, trailing edges, wind rotors, shear webs, and other parts of wind blades. These factors are fostering the growth of the prepreg market. However, there are several technological limitations encountered in the process of manufacturing prepregs. This is hampering the growth of the market.
The market for prepreg is mainly categorized into reinforcement type, manufacturing process, applications, and resin type. Based on reinforcement type, it is divided into carbon fiber, glass fiber, and aramid fiber. Based on manufacturing process, it is categorized into solvent dip and hot melt. The applications segment is classified into wind energy, automotive, aerospace & defence, sporting goods, PCB & other application. The last segment, resin type, is divided into thermoset and thermoplastic.
North America currently holds the largest share of the prepreg market, globally, and is expected to maintain its lead over the forthcoming period. The region largely supports the growth of the market through its favorable manufacturing and trade policies. The prepreg market here is growing due to the increasing demand from the aerospace & defence, automotive & transportation, and oil & gas industries. Also, there is a growing adoption of prepregs in aircraft and electric cars. These factors are fueling the development of the prepreg market in North America.
Teijin Limited, Ventec Group, Gurit Holding AG, Royal Ten Cate NV, Celanese, Axiom Materials, Zyvex Labs, Park Electrochemical Corp, Mitsubishi Rayon Co Ltd, Hexcel Corporation, SGL Group, Cytec Solvay Group, Toray Industries Inc, Renegade Materials Corporation, and Unicarbon are the established companies thriving in the studied market.
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Question & Answer: Prepreg Market
Question 1: What factors are fostering the growth of the prepreg market?
Answer: Prepregs, along with resin systems, are easy to handle at room temperatures, owing to their highly viscous nature. Prepreg composites are used in different parts of wind turbines, like spar caps, trailing edges, wind rotors, shear webs, and other parts of wind blades. These factors are fostering the growth of the prepreg market.
Question 2: What is hampering the growth of the prepreg market?
Answer: There are several technological limitations encountered in the process of manufacturing prepregs. This is hampering the growth of the market.
Question 3: Which region holds the largest share of the global prepreg market?
Answer: North America currently holds the largest share of the prepreg market, globally, and is expected to maintain its lead over the forthcoming period. The region largely supports the growth of the market through its favorable manufacturing and trade policies. The prepreg market here is growing due to the increasing demand from the aerospace & defence, automotive & transportation, and oil & gas industries. Also, there is a growing adoption of prepregs in aircraft and electric cars. These factors are fueling the development of the prepreg market in North America.
Question 4: Which are the established companies thriving in the studied market?
Answer: Teijin Limited, Ventec Group, Gurit Holding AG, Royal Ten Cate NV, Celanese, Axiom Materials, Zyvex Labs, Park Electrochemical Corp, Mitsubishi Rayon Co Ltd, Hexcel Corporation, SGL Group, Cytec Solvay Group, Toray Industries Inc, Renegade Materials Corporation, and Unicarbon are the established companies thriving in the studied market.
Related Report:
Global Conductive Polymers Market
The global conductive polymers market is probable to display growth in its revenue during 2021-2028 at a CAGR of 12.50%. Further, it is calculated to attain revenue worth $6454.12 million by 2028.
Conductive polymers can be engineered to be porous biocompatible, and biodegradable. It is widely being used in the microelectronics industry, electrochromic displays, diodes, photovoltaics, and batteries.
The demand for electric vehicles and hybrid electric vehicles has been increasing in the past few years. This is attributable to the implementation of supportive government regulations. Conductive polymers are widely used in EV components like batteries, sensors, and capacitors. This is expected to offer lucrative avenues for the development of the conductive polymer market.
However, the high cost of this material is expected to negatively impact the market over the forecast duration. On the bright side, various players are focusing on the development of new technologies to manufacture conductive polymers. This is likely to reduce the cost of the polymers and increase the production volumes in the coming future.
