Prepreg Market: COVID 19 Impact and Recovery - Global Analysis, Size, Share, Trends, Business Strategies, Challenges, Growth Forecast 2022 to 2030

Market Forecast

The global Prepreg Market is expected to exhibit a CAGR of over 9% to reach a value of around USD 10 billion by the end of the forecast period.

The term prepreg refers to composite materials such as carbon, graphite, or glass fibers which are “pre-impregnated” with various resins and then cured. The term “prepreg” is an abbreviation for “pre-impregnated,” which indicates the material has been pre-reinforced. Prepreg comes in three basic forms, namely, tow-preg, unidirectional tape, and fabric. Reinforcement materials in prepregs provide composites with an enhanced set of mechanical, physical, and chemical characteristics. They are widely used in aerospace, military, automotive, sports, and wind energy industries.

Regulatory Framework

Various ASTM standards have been frame-worked for the production and testing of composites, including matrix composites, prepregs, sandwich core materials, and honeycomb core materials.

For aerospace applications, the Federal Aviation Administration regulates and recommends criteria for the development of material specifications for prepregs.

Impact of Coronavirus Outbreak

According to the United Nations, the global economy is projected to contract by around 3% or more instead of registering 2.5% growth projected by the World Economic Situation and Prospects report 2020. Various monetary and fiscal policies are imposed by governments across the globe to mitigate the impact of COVID-19, causing relief to the consumers.

The imposition of lockdown and travel restrictions worldwide has resulted in aslowdown in the automotive and aerospace industries. Moreover, the restrictions on crowds and imposition of safety regulations resulted in the shutting down of public places, thereby affecting the sporting goods industry. Furthermore, the manufacturers across various end-use industries have shifted/modified their production lines to COVID-19 relief productssuch as gloves, masks, and sanitizers.

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Segmentation

By Fiber Reinforcement Type

This segment is segmented into carbon fiber reinforcement prepreg, glass fiber reinforcement prepreg, aramid fiber reinforcement prepreg, and others.
The carbon fiber segment is expected to register a higher growth rate on account of various benefits such as high strength, reduced weight, stress resistance, and corrosion resistance.
Glass fiber reinforced prepregs are widely used in the aerospace & defense industries due to theirlightweight behavior. These are commonly used for manufacturing aircraft interiors, radome, secondary aircraft structures, and sandwich panels.
The market for aramid fiber reinforcement types is likely to witness stable growth during the assessment period. This is because the aramid composites are about 20% lighter than carbon fiber composites. The use of aramid fibers or fabrics in composites increases resistance to impact and abrasion, in addition to the reduced weight of composite elements.
The other types of fiber reinforcement used include boron fibers and ceramic fibers.

By Resin Type

On the basis of resin type, the global prepreg market is bifurcated into thermoset resin and thermoplastic resin.
The market for thermoset resin type is expected to register a higher CAGR as they have a higher shelf-life as compared to the thermoplastic-based prepregs. The segment is further divided into epoxy, polyester, and others.
The thermoplastic resins segment is further segmented into PP, PET, PE, PPS, and PEEK. These are available in unidirectional tape or in fabrics that are woven or stitched.

By Application

This segment is classified into aerospace & defense, wind energy, automotive, sporting goods, electronics, and others.
Improvement in the commercial aviation network, growth of the tourism industry, rapid economic development, and an increase in air passenger trafficare expected to drive the global prepreg market for the aerospace & defense industry.
Increased focus on renewable energy on account of fossil fuel depletion and environmental concerns promote the use of prepregs in making wind turbines.
It is used in theautomotive industry for automotive parts and components, tooling, ballistic panels, etc.
Increasing health concerns dueto sedentary lifestyles results in sales of sporting goods, which drive the global prepreg market.
In the electronics industry, the prepreg is used as the base material for printed circuit boards, which are mounted for communication between semiconductors, connectors, resistors, diodes, capacitors, and radio devices.
The others segment includes marine, transportation, and building & construction.

By Region

North America: Market growth is driven by the presence of a large industrial basein the region. Expanding end-use industries, especially aerospace & defense and automotive,is driving the market growth.
Europe: Europe is a well-established market. Increasing demand for prepregacross major end-use industries is expected to propel market growth. The automotive industry in the region is the key factor driving the demand for prepregin the region.
Asia-Pacific: It is the fastest-growing regional market.Improving economic conditions in the region results in fast-paced industrialization, which is a prime factor driving the global market growth.
Latin America:Rapid industrialization in Brazil and Mexico is projected to drive market growth during the assessment period.

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