The use of carbon fiber prepreg is becoming crucial in aerospace & defense and automotive industries due to the increase in demand for high strength, operational stability at high temperatures, and lightweight materials. The carbon fiber prepreg market is projected to reach USD 11.5 billion by 2024, registering a CAGR of 10.5%, from 2019 to 2024.
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• Recent Developments –
- In May 2017, Hexcel Corporation entered into an agreement with Irkut Corporation (Russia) for the supply of HexPly carbon fiber/epoxy prepreg for the MC-21-300 new generation commercial aircraft.
- In March 2017, Solvay launched SolvaLite 730 prepreg for high volume automotive applications. It provides sub 60 seconds cure capability, exceptional toughness, and low tack. It is storage stable at room temperature.
- In March 2017, Toray Industries, Inc. expanded its carbon fiber capacity at its Jalisco plant in Mexico. This expansion will support the company’s strategy of meeting the growing demand for prepreg for automotive and wind energy applications.
From 2014 to 2018, new product launch and expansion were the key strategies adopted by industry players to maintain growth in the global carbon fiber prepreg market. These strategies accounted for 24% and 22%, respectively, of the overall strategies adopted between 2014 and 2018. The market players concentrated mainly on consolidation through new product launch and expansion with the intention of increasing their market shares and enhancing their sustainability.
• Leading Key Players –
The major manufacturers profiled in this report are SGL Group (Wiesbaden, Germany), Gurit Holdings AG (Wattwil, Switzerland), Park Electrochemical Corporation (Melville, U.S.), Toray Industries (Tokyo, Japan), Teijin Limited (Osaka, Japan), Royal TenCate N.V. (Almeo, The Netherlands), Hexcel Corporation (Connecticut, US), Solvay (Brussels, Belgium), Mitsubishi Rayon Co. Ltd. (Tokyo, Japan), Axiom Materials (California, US), and others. These companies have adopted various organic and inorganic growth strategies such as new product launches, agreements, and expansions to expand their global presence and increase their penetration into the carbon fiber prepreg market.
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