The Global Prepreg Market at CAGR of 9.19% by 2028
Triton Market Research presents the Global Prepreg Market segmented by Resin Type (Thermoplastic, Thermoset), Manufacturing Process (Solvent Dip, Hot Melt), Reinforcement Type (Aramid Fiber, Glass Fiber, Carbon Fiber), Applications (Sporting Goods, Automotive, Wind Energy, Aerospace & Defence, PCB & Other Application), and By Geography (Middle East and Africa, Europe, Asia-Pacific, Latin America, North America).
It further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter’s Five Forces Model, Market Attractiveness Index, Vendor Scorecard, Industry Components, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).
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Triton Market Research’s report states that the global prepreg market would expand by with a CAGR of 9.19% during the evaluated period between 2021 and 2028.
Prepregs are witnessing an increase in the demand from the aerospace & defense sector, with the introduction of new & larger commercial aircraft. Owing to their properties like high strength, heat & chemical resistance, high stiffness, etc., prepregs are largely being used in this sector. The growing demand from the aerospace & defense sector is thus a major driving force of the prepreg market.
prepregs require to be stored under constant freezing temperature, away from moisture and UV radiation, so as to maintain their effectiveness and shelf life. This acts as a major hindrance to their adoption, and is restraining the market growth.
The Asia-Pacific is estimated to exhibit the fastest growth rate in the global market, over the forecasted period. Countries like India, China, South Korea, Australia, Taiwan, Singapore, Japan, and Indonesia have large manufacturing industries in diverse sectors such as construction, chemical, electronics, automotive, and other industries. The manufacturing sector in these nations has experienced a huge shift over the years.
This has increased the demand for prepregs in the region, significantly, and is driving the regional market’s growth. Moreover, favorable government initiatives to encourage the development of the manufacturing sector and increasing foreign direct investments are also contributing to the growth of the market in the APAC.
The key companies profiled in the prepreg market are Celanese, Unicarbon, SGL Group, Hexcel Corporation, Axiom Materials, Ventec Group, Toray Industries Inc, Mitsubishi Rayon Co Ltd, Park Electrochemical Corp, Royal Ten Cate NV, Renegade Materials Corporation, Teijin Limited, Gurit Holding AG, Cytec Solvay Group, and Zyvex Labs.
The market for prepregs is highly concentrated, with the key players accounting for the majority of the share. Most players, such as Teijin Limited, Toray Industries Inc, and SGL Carbon SE, are vertically integrated, which further intensifies the competition.
With the surging demand for prepregs, manufacturers are looking towards implementing competitive strategies, such as capacity expansions and mergers & acquisitions, in order to stay ahead of the competition. Moreover, the leading companies in the industry are also aiming to sustain their competitive advantage via product innovation by investing heavily in research and development activities.
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