Thermoset Prepreg Market set to recoup post COVID-19

The market report on the Thermoset Prepreg Market published by Stratview Research indicates lucrative growth opportunities in the Thermoset Prepreg Market industry during the next five-year period and ensures more information regarding the market trends. The following summary will give an overview of the challenges, trends, market dynamics, and key players.

Thermoset Prepreg Market Forecast:

The Thermoset Prepreg Market is likely to endure a weighty downturn in 2020, thereafter recouping at a healthy rate to reach US$ 5.6 billion in 2026.

The growth of this market principally depends upon several factors which have direct or indirect influence on the demand. The report published by Stratview Research has the summary of such factors derived using multiple analysis. These methods help in evaluating the potential of the companies and identify gaps, finding challenges as well as opportunities to lay out a successful roadmap which leads to higher profitability.

Here are the key players in the market –

  • Hexcel Corporation
  • Solvay S.A. (Cytec Industries)
  • Toray Industries Inc.
  • Kordsa Teknik Tekstil
  • Gurit Holding AG
  • SGL Group
  • Mitsubishi Chemical Carbon Fiber and Composites Inc.
  • Teijin Limited
  • Park Electrochemical Corp.

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Thermoset Prepreg Market Segmentation:

The report segments are based upon applications, material, product type, demographics, geographics, benefits and volume etc. It also recognizes the most-attractive segments and sub-segments.

Thermoset Prepreg Market by Resin Type

Based on the resin type, Stratview Research has segmented the market as epoxy prepreg, phenolic prepreg, BMI prepreg, cyanate ester prepreg, and polyimide prepreg. Epoxy prepreg is projected to maintain its dominance in the market over the next five years. Despite experiencing a grave decline in 2020, epoxy prepreg is also likely to heal at the fastest rate during the forecast period. Components fabricated with epoxy prepreg show excellent strength, durability, and chemical resistance. Epoxy prepreg offers high performance at elevated temperatures, with hot/wet service temperatures up to 121°C.

Thermoset Prepreg Market by Curing Type

Based on the curing type, we have segmented the market as autoclave, out of autoclave, and others. Autoclave is likely to remain the most dominant curing type during the forecast period. Most of the composite parts for the A&D industry are cured through the autoclave process. Autoclave process helps to produce composite parts with fiber volume fractions as high as 60% and void content less than 1%. Aircraft’s primary structures, such as wings, fuselages, and empennage, are increasingly fabricated using composite materials with curing through the autoclave.

Thermoset Prepreg Market by End-use Industry Type

Based on the end-use industry type, we have classified the market as aerospace & defense, wind energy, consumer goods, marine, automotive, construction, and others. Despite a massive blow in the demand for prepreg in 2020, the aerospace & defense industry is estimated to maintain its lead in the market in the coming five years. The demand for thermoset prepreg in the aerospace & defense industry is likely to steadily pick up the pace from 2021 onwards. Thermoset prepreg has been the predominant material type in the aerospace & defense composites over the eons and is preferably used in all the crucial sections of aircraft.

Reduced production rates, deferring orders, and supply chain disruptions are expected to imprint a negative impact on the market in the short-term. However, the bleakness in the industry is likely to wither away, clearing up the path for the long-term growth of the market. Strong industry fundamentals such as huge order backlogs of 12,724 (Airbus: 7,539 and Boeing: 5,185) commercial aircraft as of July 2020 are likely to give a thrust to the industry, which, in turn, will drive the thermoset prepreg market.

Other key factors that may contribute to the growth of thermoset prepregs in the aerospace & defense industry will be the increasing penetration of composite materials in the next-gen. aircraft programs; rising demand for fuel-efficient aircraft, an excellent track record of composite materials; and increasing demand for lightweight and corrosion-resistant parts.

Regional Insights

In terms of region, North America is projected to remain the largest market for thermoset prepregs during the forecast period. The USA is the growth engine of the region’s market with the presence of a large number of OEMs, tier players, distributors, and raw material suppliers. Most of the major thermoset prepreg manufacturers have their presence in the region in order to cater to huge demand from a wide array of industries including aerospace & defense, wind energy, marine, oil & gas, and construction. Furthermore, there is a total un-filled order of more than 2,691 F-35 aircraft from 12 countries out of which the USA’s inventory objective is 2,456 F-35 aircraft. Lockheed Martin’s F-35 uses BMI prepreg in a wide array of crucial applications such as nacelles.

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