(MENAFN- iCrowdNewsWire) iCrowdNewswire - Apr 2, 2019
According to the new market research report " Carbon Fiber Prepreg Market by resin type (Epoxy, Phenolic, Thermoplastic), Manufacturing Process (Hot Melt, Solvent Dip), End-use Industry (Aerospace & Defense, Wind Energy, Sports & Leisure, Automotive) - Global Trends and Forecasts to 2024″, The carbon fiber prepreg market is expected to grow from USD 7.0 billion in 2019 to USD 11.5 billion by 2024, at a CAGR of 10.5% during the forecast period.
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The carbon fiber prepreg market is growing due to its increasing demand from aerospace & defense, automotive, and wind energy industries. Boeing and Airbus have ramped up the production of commercial aircraft to cater to the rising airline passenger traffic. The increasing use of carbon fibers in electric cars and rising aircraft production are the major drivers of the market.
Increasing demand for lightweight and high strength materials from the aerospace & defense and automotive industries is expected to boost the growth of the carbon fiber prepreg market during the forecast period.
The North America carbon fiber prepreg market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021. The key countries in this region, namely, the U.S. and Canada are witnessing increased demand for carbon fiber prepregs for various applications. The growth of the North America carbon fiber prepreg market can be attributed to increasing demand for both, fuel efficient vehicles as well as lightweight and high strength materials for aerospace applications. Moreover, with the advancements taking place in the mass production technologies, the demand for carbon fiber prepregs is expected to increase in coming years, owing to their increased use in commercial vehicles. Furthermore, the leading players in the carbon fiber prepreg market are considering the North American region for expansion of their businesses through various strategies, such as new product launches and agreements.
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New product launches and agreements are the key development strategies adopted by the leading players to drive the growth of the carbon fiber prepreg market.
The use of carbon fiber prepreg is becoming crucial in the aerospace and automotive industries due to increase in demand for lightweight materials that possess high strength and increased operational stability at high temperatures. The carbon fiber prepreg market is projected to reach USD 7.20 billion by 2021, growing at a CAGR of 11.0% from 2016 to 2021.
The key companies of operating in the carbon fiber prepreg market are mainly involved in new product launches and agreements to strengthen their position in the market. They have adopted these strategies to improve their distribution channels and strengthen their presence in developed as well as emerging economies.
From 2012 to 2016, new product launches and agreements were the key strategies adopted by industry players to maintain growth in the carbon fiber prepreg market. These strategies accounted for shares of 33% and 23%, respectively of the total strategies adopted by market players between 2012 and 2016. The market players concentrated mainly on new product launches and agreements to increase their market shares and enhance their sustainability.
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The key companies profiled in this report are SGL Group (Wiesbaden, Germany), Gurit Holding AG (Wattwil, Switzerland), Park Electrochemical Corporation (Melville, U.S.),Toray Industries, Inc. (Tokyo, Japan), Teijin Limited (Osaka, Japan), Royal TenCate N.V. (Almeo, Netherlands), Hexcel Corporation (Connecticut, U.S.), Cytec Solvay Group (Brussels, Belgium), Mitsubishi Rayon Co., Ltd. (Tokyo, Japan), and Axiom Materials (California, U.S.), among others. These companies have adopted various organic and inorganic growth strategies, such as new product launches, agreements, and expansions to expand their global presence and increase their penetration into the carbon fiber prepreg market.
Toray Industries, Inc. (Tokyo, Japan), Teijin Limited (Osaka, Japan), Hexcel Corporation (Connecticut, U.S.), and Cytec Solvay Group (Brussels, Belgium) are the major companies, which reported maximum developments in the carbon fiber prepreg market between 2012 and 2016. Cytec Solvay Group (Brussels, Belgium) is one of the world's largest manufacturers of carbon fiber prepreg materials. It accounted for the largest share of all development activities that took place in the carbon fiber prepreg market between 2012 and 2016. The company follows dynamic growth strategies, such as agreements, new product launches, acquisitions, and joint ventures to strengthen its geographic presence and customer base. For instance, in July 2016, Cytec Solvay Group entered into a joint venture with Mubadala Development Company (Abu Dhabi, UAE), which is an investment and development company, to supply empennage and floor beams for 777X program of Boeing.
Hexcel Corporation (U.S.) is one of the leading providers of carbon fiber prepreg for the aerospace & defense and various other end-use industries. The company primarily focuses on expansions, new product launches, and agreements to expand its distribution networks. For instance, in May 2015, the company invested in weaving and prepreg facilities of the new carbon fiber plant established in Roussillon, France. It helped the company to cater to the growing demand for carbon fiber prepregs from prominent aircraft manufacturers, such as Airbus (France) and Dassault Aviation (France) in the European region.
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