Prepreg Market 2020–2024 | Demand for Lightweight Materials in Automotive Sector to Boost Market Growth | Technavio
The prepreg market is expected to grow by USD 1.84 billion during 2020–2024, according to the latest market research report by Technavio. Request a free sample report
Automobile manufacturers are focusing on developing lighter vehicles to enhance fuel efficiency and meet carbon emission norms. For instance, the Corporate Average Fuel Economy (CAFÉ) legislation in the US has set the average fleet fuel efficiency target of 35 miles per gallon (mpg) to 36.6 mpg by 2017 and 54.5 mpg by 2025. Such regulations are compelling automakers to increase the use of lightweight materials such as carbon fiber composites to reduce the overall weight of their vehicles. This is encouraging many carbon fiber manufacturing companies to increase their R&D efforts to develop carbon fiber composites such as prepregs for a wide range of automotive applications. These factors are fueling the growth of the global prepreg market.
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As per Technavio, wind power capacity additions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020–2024.
Prepreg Market: Wind Power Capacity Additions
The growing shift toward the adoption of clean energy is attracting significant investments in renewable energy sources such as wind energy technologies. This is increasing the number of wind tower installations across the globe, especially in developed regions such as North America and Western Europe. Thermoset prepregs are widely used to manufacture wind turbines owing to their high strength-to-weight ratio and durability. Also, many market vendors are introducing carbon fiber prepregs specifically for wind energy applications. For instance, Hexcel offers the HexPly prepreg, an advanced epoxy-resin-based carbon fiber prepreg for wind energy applications. With the increasing number of wind tower installations, the growth of the global prepreg market will gain momentum during the forecast period.
“Manufacture of eco-friendly carbon fiber composites and advances in prepreg processing methods will further boost market growth during the forecast period,” says a senior analyst at Technavio.
Prepreg Market: Segmentation Analysis
This market research report segments the prepreg market by application (Aerospace and defense, Wind energy, Automotive, and Others), type (Carbon fiber, Glass fiber, and Aramid fiber), and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the prepreg market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the increasing demand for carbon fiber composites from the aerospace industry in the region.
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