Market Research Report
Global Prepreg Market Forecast 2020-2028
|Published by||Inkwood Research||Product code||580744|
|Published||Content info||240 Pages
Delivery time: 2-3 business days
|Global Prepreg Market Forecast 2020-2028|
|Published: April 3, 2020||Content info: 240 Pages||
The global prepreg market is set to record growth at a CAGR of 9.48% in terms of revenue, and 8.11% in terms of volume. The estimated factors that are set to propel the growth of the market are the rising demand from the automotive industry, ease in use, increasing use in wind energy, and aerospace & defense sectors.
Prepreg materials are gaining traction and popularity in many end-user industries as a result of their high strength and lightweight benefits. The thriving composites market is beneficial for the prepreg market growth, along with the cost-cutting initiatives. The consumption of prepreg is deemed to increase with the growing environmental concerns and the strong need for alternate processing methods and products that comply with regulations. Prepregs are increasingly finding applications in the aerospace and automotive sectors. The increasing demand for efficient light and durable materials for the manufacture of aerospace components has been beneficial for market growth in the past. One of the key drivers of market growth is the increasing use of lightweight blades in wind turbines for improving fuel-efficiency.
However, the high costs with regard to the product, in comparison to its alternatives like aluminum, pose a hindrance to market growth. The rising R&D expenditure by several companies for improving the manufacturing techniques, is set to influence the market growth in the forthcoming years. The competitive environment of the market is projected to be intense during the forecast period.
The geographical segregation of the global prepreg market encompasses Asia Pacific, North America, Europe, and the rest of the world. North America dominated the market in terms of revenue and volume in 2019, and is set to be consistent with the trend until the end of the forecast period. The growing government expenditure in defense and aerospace sectors in the United States is a major driver of market growth. At the same time, the increasing usage of technological advancements, growing demand from consumers, and the increasing number of R&D centers are catering to the growth of the market.
The surging demands from the end-users are set to result in a highly competitive market environment during the forecast period. Some of the prominent companies of the market include, SGL Carbon SE, Gurit Holding AG, Royal Ten Cate NV, Toray Industries Inc, Hexcel Corporation, etc.
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