Carbon Fiber Prepreg Market - Increasing Wind Power Capacities to Boost Growth | Technavio

The global carbon fiber prepreg market is expected to grow at a CAGR of close to 11% during the period 2017-2021, according to a new market research study by Technavio.

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The report categorizes the global carbon fiber prepreg market by application (aerospace and defense, wind energy, sports equipment, and automotive parts) and by type (thermoset and thermoplastics). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.

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Market driver: growth of wind power capacities

Wind energy is a low-cost renewable source of energy for the generation of electricity. The developed regions such as North America and Western Europe have accounted for the highest investments in the total wind power installations across the globe. Carbon fiber composites have high-potential applications in the wind energy sector, with turbine blades being the fastest-growing segment. There is an extensive use of thermoset prepregs in the manufacture of wind turbines due to its properties such as high strength-to-weight ratio and durability.

According to Kshama Upadhyay, a lead analyst at Technavio for textile, fiber, and composites research, “A growing number of vendors in the market are focusing on the R&D of technologically advanced products for such applications. Low-cost carbon fiber prepregs for wind energy applications are expected to allow the manufacturers of wind turbine blades to manufacture wind turbine blades with benefits such as strength and lightweight. This will enable the manufacturers to make the blade longer, which will assist in creating more energy as compared with shorter blades.”

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Market trend: increasing demand for lightweight and high-performance materials

The demand for lightweight and high-performance materials from various end-user industries has increased as these are used in various industrial applications for their properties such as energy saving and wear resistance. These materials are extensively used in the aerospace and defense and automotive industries. Among various types of high-performance materials, carbon composites are the most preferred composites. This is because of their properties such as high strength to weight ratio, high-temperature resistance, thermal shock resistance, non-conductive nature, and increased fuel efficiency. The demand for carbon composites is expected to grow with the growth in R&D activities. This is expected to foster the use of carbon composites in several new application areas.

Market challenge: high cost related to carbon composites

The manufacturing and processing of carbon fiber composites involves high R&D cost. In addition, the testing of carbon fiber composites for applications such as aerospace and defense is time-consuming, expensive, and have long cycle process. The cost of carbon fiber composites is eight times higher than steel, which restricts market growth. An increase in the cost of raw materials such as resins and carbon fibers can lead to high procurement costs for vendors.

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Key vendors in the market

• Cytec Solvay Group
• Gurit
• Hexcel
• TEIJIN
• TORAY INDUSTRIES

The global carbon fiber prepreg market is one of the fastest growing markets. It consists of both international and local vendors present across the globe. The market is dominated by global vendors who compete based on factors such as the cost of production, innovation in products, access to raw material, price, R&D cost, operational cost, and product quality. The competitive environment is expected to intensify over the next five years.

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