Prepreg Market - Recent Trends, Development, Growth & Forecast 2018-2028
San Francisco, CA -- (SBWIRE) -- 02/06/2019 -- Prepreg has been gaining immense popularity as one of the key building blocks of the ever-expanding composites landscape. Increasing practices of impregnating composite fibers with specialty resins remains a key sales influencer of prepreg. Prepreg plays a crucial role in ensuring uniform distribution of resins and fibers throughout a composite framework, validating growth of the global market through 2028.
Increasing applications of structural composites in applications of everyday life is providing a fillip to sales of prepreg. Beginning extensively used across aerospace applications, demand for prepreg is also increasing in industrial ecosystems, automotive industry, traditional defense, sporting goods, and many other areas. Trends demonstrating augmented adoption of composites is foreseen to complement the sales of prepreg.
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Prepreg Market- Notable Highlights
Key companies in the global prepreg market are Axiom Materials Inc., Gurit Holding, Huntsman Corporation, Composite Resources Inc., Cytec Industries Inc., Mitsubishi Chemical Carbon Fiber and Composites, Inc., Hexcel Corporation, Lingol Corporation, Holding Company Composite, Isola Group Ltd., Park Electrochemical Corp, Lewcott Corporation, NACCO Aerospace, and many more.
In 2017, Hexcel Corporation announced the launch of MAXIM, a new research and development project of £7.4 million. Multi Axial Infused Materials (MAXIM) is aimed at expansion of its manufacturing facilities in Leicester, a city and unitary authority area in the East Midlands of England. The four-year project, supported and backed by the UK Aerospace Technology Institute as well as match-funded by the Business Energy and Industrial Strategy Department, will be focused on development of progressive and reasonable materials for use in large automotive and aerospace composite structures.
In 2018, Axiom Materials Inc. announced an exclusive cooperative program with the Wichita State University's National Institute of Aviation Research (NIAR). This program is aimed at developing test techniques and data on the company's 'Oxide-Oxide ceramic matrix composite (CMC)' prepreg. This will enable Axiom to deliver credible products with top-notch functionalities, serving the end-user requirements for effective and advanced products.
In 2018, Park Electrochemical Corp. (NYSE-PKE) announced launch of 'RadarWave', a new and innovative family of prepreg materials for use in manufacture of advanced radome systems, notably for defense and aerospace applications. RadarWave materials are extremely cost effective as compared to the traditional variants, backed by enhanced functionalities.
Prepreg Market Dynamics
Surging Demand for Lightweight & Durable Materials in Aerospace Component Manufacturing Creates Opportunities
The demand for prepreg is taking off significantly, across developing as well as developed regions. This demand can be attributed to rapid transition toward lightweight and durable materials for manufacturing aerospace components. In addition, rising production of light-weight blades for wind turbines has led to increased adoption of prepreg.
The demand for prepreg is likely to benefit from growth of other industries, such as wind turbine and automotive, who are actively seeking high-performance prepreg solutions.
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Asia Pacific Continues to Spearhead Demand for Prepreg
Asia-Pacific retains its lucrativeness in the prepreg market, notably in chief areas such as China & India. Exponential growth of wind energy industry and burgeoning investments in aerospace & defense remain the key pacesetters of growth of prepreg market in the Asia Pacific region. China remains at the forefront in terms of demand for prepreg in Asia-Pacific, followed by India. The consumption statistics of prepreg in the aforementioned regions have grown substantially, owing to unprecedented growth of multiple industries, ranging from wind energy to aerospace & defense.
Prepreg to Find Extensive Applications in Aerospace and Defense
Use of prepreg for manufacturing various aerospace parts, such as passenger & cargo floor panels, lavatories, air ducts, ceiling panels, overhead compartments, and many more, on account of their lightweight attribute. This, in turn, provides credibility to increased use of prepreg in the Aerospace & Defense sector.
Prepreg is extensively employed in manufacturing of numerous components of wind turbines, owing to robust strength and high fatigue resistance. Burgeoning use of prepreg in case of wind turbines is expected to create sustained opportunities for manufacturers over the next few years.
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