Growing demand for lightweight materials from the automotive industry to drive the prepreg market
Browse through 133 market data tables and 62 figures spread over 187 pages and an in-depth table of contents on the “prepreg market”
Prepregs Market by Reinforcement Type (Carbon Fiber Prepreg, Fiberglass Prepreg), Resin Type (Thermosetting Prepreg and Thermoplastic Prepreg), Shape, Manufacturing Process (Hot-melt, Solvent Dip), Application, Region
The global prepreg market size was $ 6.2 billion in 2020 and is expected to reach $ 10.2 billion by 2025, projecting a CAGR of 10.5% between 2020 and 2025. Prepregs are increasingly used in aerospace and defense, wind power, automotive, sporting goods, electronics (PCB) and other end-use industries. The increasing demand from the wind power end-use industry is driving the demand for prepreg. However, the COVID-19 outbreak has created ripples in various application industries, leading to a reduction in demand for prepreg. Due to the foreclosure scenario in Europe and North America, demand for prepregs from wind power, construction, automotive, electronics (PCB) and other industries has declined sharply in the United States. first semester 2020.
Strict regulations and rules are imposed on the automotive industry to reduce CO2 emissions, which adversely affect global climatic conditions. This encourages the industry to move towards fuel efficient vehicles, which can help reduce greenhouse gases (GHGs). Glass fiber reinforced polymer (FRP) and carbon fiber reinforced polymer (CFRP) are substitutes for aluminum and steel in the automotive industry. Carbon fiber and fiberglass prepregs are lighter than traditional steel by about 50-70% and 15-20%, respectively. The weight of a car can be reduced by 60% by using these prepreg parts. It is observed that a 10% reduction in vehicle weight increases fuel efficiency by 5%. The use of carbon fiber prepregs can result in an energy efficiency of 30% compared to steel. According to a research study, if a car travels 174,140 miles in its lifetime, a steel car will consume about 8,707 gallons of fuel, while a car made from prepreg will consume about 6,698 gallons, saving approximately over 2,009 gallons of fuel. In addition to providing lightweight structures, prepregs offer advantages such as excellent mechanical properties, low temperature cures and longer life.
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Prepregs have a higher strength to weight ratio, which is an important factor in automotive manufacturing. Vehicles with lower weight and higher resistance have better mileage, which helps lower fuel cost. In the United States, automakers have focused on manufacturing lightweight automotive components to increase fuel efficiency and meet Corporate Average Fuel Economy (CAFE) regulations 36.6 mpg by 2017 and 54 , 5 mpg by 2025. This encourages the industry to move towards CFRP, which is seen as a substitute for aluminum and steel in high-end cars.
In recent years, prepreg manufacturers have strengthened their position in the global prepreg market by adopting expansions, partnerships, agreements, new product / technology launches, joint ventures, contracts, and mergers and acquisitions. However, due to the lockdown announced by several countries in 2020, the demand for prepreg from aerospace and defense, wind power, automotive and other end-use industries has declined sharply, which which has resulted in a decrease in the demand for prepreg.
Major manufacturers presented in this report include Solvay Group (Belgium), Hexcel Corporation (United States), Toray Industries, Inc. (Japan), Teijin Limited (Japan) and Mitsubishi Chemical Holdings Corporation (Japan), are some of the main players in the prepreg market. SGL Group (Germany), Axiom Materials (United States), Gurit Holding AG (Switzerland), Park Aerospace Corp. (United States) and Plastic Reinforcement Fabrics Ltd. (United Kingdom), and among others. The prepreg activities of these companies are severely affected due to the outbreak of the COVID-19 pandemic. Reduced demand for prepregs from multiple applications and supply chain disruptions have forced prepreg manufacturing companies to operate at partial capacities. However, several prepreg manufacturers have focused on developing new products. These developments, coupled with the resumption of full capacity operations by end-use industries, would create demand for prepreg during the forecast period.
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