LONDON--(BUSINESS WIRE)--#GlobalPrepregMarket--The global prepreg market size is poised to grow by USD 1.84 billion during 2020-2024, progressing at a CAGR of over 6% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

Wind energy is emerging as a low-cost renewable source of energy for the generation of electricity, with developed regions like North America and Western Europe accounting for the highest investments in total wind tower installations across the globe. It has a high-potential application area for carbon fiber composites, with turbine blades being the fastest growing product in this segment. Thermoset prepregs are widely used for the manufacture of wind turbines as these exhibit superior performance characteristics such as high strength-to-weight ratio and durability. Moreover, the introduction of new low-cost carbon fiber prepregs for wind energy applications is expected to lead to the manufacture of wind turbine blades that are stronger, lighter, and longer, thereby create more energy compared with shorter blades. Thus, wind power capacity additions is one of the key prepreg market driver, which will significantly influence the growth of the market.

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Report Highlights:

• The major prepreg market growth came from the carbon fiber segment. The aerospace and defense, wind energy, sports, and automotive sectors are the key application areas for carbon fiber prepregs. A wide range of prepregs is being developed in the market with advancements in production technology. Moreover, an increasing number of vendors in the global prepreg market are focusing on high-performance products like carbon fiber, which have revolutionized the market owing to properties such as high stiffness and lightweight.
• North America had the largest prepreg market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing demand from aerospace will significantly influence prepreg market growth in this region.
• The global prepreg market is concentrated. Celanese Corp., Gurit Holding AG, Hexcel Corp., Kordsa Teknik Tekstil AS, Mitsubishi Chemical Holdings Corp., Park Electrochemical Corp., SGL Carbon SE, Solvay SA, Teijin Ltd., and Toray Industries Inc. are some of the major market participants. To help clients improve their market position, this prepreg market forecast report provides a detailed analysis of the market leaders.
• As the business impact of COVID-19 spreads, the global prepreg market 2020-2024 is expected to have Neutral growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

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Demand for Lightweight Materials in Automotive Sector will be a Key Market Trend

The demand for lightweight materials in the automotive sector is one of the major trends driving prepreg market growth. The rising demand for improved and fuel-efficient automobiles has induced manufacturers to adopt lightweight materials. The shift in preference from E-glass to carbon fiber composite materials is on the rise for lightweight and fuel-efficient automobiles. Moreover, the advancement in R&D in carbon fiber manufacturing companies allows the implementation of carbon composite materials to different structures in an automobile. The reduction of weight using carbon fiber composites has in turn assisted the OEMs in reducing carbon dioxide emissions. Furthermore, the carbon fiber prepregs are also used in automobile body parts, and the automobile sector is likely to undergo steady progress toward material change in key automotive segments like powertrain, chassis, exterior, and interior, which will also propel this prepreg market growth.

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Prepreg Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist prepreg market growth during the next five years
• Estimation of the prepreg market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the prepreg market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of prepreg market vendors

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Executive Summary

• Market Overview

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Application

• Market segments
• Comparison by Application placement
• Aerospace and defense - Market size and forecast 2019-2024
• Wind energy - Market size and forecast 2019-2024
• Automotive - Market size and forecast 2019-2024
• Others - Market size and forecast 2019-2024
• Market opportunity by Application

Market Segmentation by Type

• Market segments
• Comparison by Type placement
• Carbon fiber - Market size and forecast 2019-2024
• Glass fiber - Market size and forecast 2019-2024
• Aramid fiber - Market size and forecast 2019-2024
• Market opportunity by Type

Customer landscape

• Overview

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• APAC - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography

Drivers, Challenges, and Trends

• Market drivers
• Volume driver - Demand led growth
• Volume driver - Supply led growth
• Volume driver - External factors
• Volume driver - Demand shift in adjacent markets
• Price driver - Inflation
• Price driver - Shift from lower to higher priced units
• Market challenges
• Market trends

Vendor Landscape

• Overview
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Celanese Corp.
• Gurit Holding AG
• Hexcel Corp.
• Kordsa Teknik Tekstil AS
• Mitsubishi Chemical Holdings Corp.
• Park Electrochemical Corp.
• SGL Carbon SE
• Solvay SA
• Teijin Ltd.
• Toray Industries Inc.

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

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