Dublin, Feb. 19, 2019 (GLOBE NEWSWIRE) -- The "Carbon Fiber Prepreg Market by resin type (Epoxy, Phenolic, Thermoplastic), Manufacturing Process (Hot Melt, Solvent Dip), End-use Industry (Aerospace & Defense, Wind Energy, Sports & Leisure, Automotive) - Global Trends and Forecasts to 2024" report has been added to ResearchAndMarkets.com's offering.

The carbon fiber prepreg market size is estimated to be USD 7.0 billion in 2019 and is projected to reach USD 11.5 billion by 2024, at a CAGR of 10.5%.

Carbon fiber prepreg is a combination of two different materials with different properties to provide improved performance. Carbon fiber prepregs are formed by the combination of matrix (resin) and reinforcements (fiber). Owing to its various advantages such as high strength, anti-corrosive properties, and lightweight, carbon fiber prepreg is one of the fastest-growing composite materials used in various applications in aerospace & defense, automotive, wind energy, sports & recreation, and other industries. It is a reinforcing fabric which is pre-impregnated with a resin system.

The fibers are in the form of a weave, and the matrix is used to bond them together during manufacturing. It is cured under high temperature and pressure. Carbon fiber prepreg is most commonly used in the aerospace & defense industry due to its lightweight and high strength properties. Nowadays, in many major commercial aircraft, around 50% of the aircraft structures are made up of carbon fiber prepreg based composites.

The carbon fiber prepreg market is growing due to its increasing demand from aerospace & defense, automotive, and wind energy industries. Boeing and Airbus have ramped up the production of commercial aircraft to cater to the rising airline passenger traffic. As per Boeing, airline passenger traffic is expected to grow at 4.7% per year.

Recently, Boeing and Airbus announced that they are targeting 60 planes per month, which is large compared to the production rate of 787 (14/month) and A350 (10/month). Boom Technology, a startup, is manufacturing fully composite based supersonic aircraft Boom XB-1. Apart from these developments in the aerospace industry, stringent environmental regulations imposed by Corporate Average Fuel Efficiency (CAF) and the European Union Automotive Fuel Economic Policy (UNEP) in North America and Europe, respectively, have driven the carbon fiber prepreg market in automotive and aerospace & defense applications.

Offshore wind turbines have long blade length to increase energy output. With the rapid growth in offshore wind farms installations in Germany, the UK, and China, the demand for long wind turbine blade is increasing. This has led to an increase in demand for carbon fiber prepreg for spar caps. Carbon fiber spar caps has become an efficient way to reduce overall weight-to-length ratio and increase blade stiffness to prevent tower strikes in the event of sudden wind gusts.

Market Dynamics

Drivers

• Increasing Use of Carbon Fiber Prepreg in Electric Cars
• Increasing Use of Atf and Afp Technologies for Manufacturing Aircraft Primary Structures
• Demand for Larger Wind Turbines and Increasing Length of Wind Blades
• Increasing Commercial Aircrafts Production

Restraints

• High Processing and Manufacturing Cost
• Limitation in the Use of Carbon Fiber Prepreg in High-Temperature Aerospace Applications

Opportunities

• Reduction in Cost of Carbon Fibers
• Development of Advanced Software Tools for Carbon Fiber Prepreg Product Development

Challenges

• High Research and Development Cost

Competitive Landscape

Company Profiles

• Mitsubishi Rayon Co. Ltd.
• Solvay
• Teijin Limited
• Toray Industries Inc.
• Hexcel Corporation
• Gurit Holding Ag
• Royal Tencate N.V.
• SGL Group
• Park Electrochemical Corporation
• Axiom Materials

Other Key Players

• Hc Composite
• Kineco
• Taiwan First Li-Bond Co., Ltd.
• North Thin Ply Technology
• TCR Composites
• PRF Composite Materials
• Barrday Corporation
• GMS Composites
• Hankuk Carbon
• ABC Composites

For more information about this report visit https://www.researchandmarkets.com/research/r2fxh5/carbon_fiber?w=12

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Related Topics: Composites