The prepreg market in North America is expected to grow by USD 955.83 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled Prepreg Market in North America 2020-2024 (Graphic: Business Wire)
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Automobile manufacturers are focusing on reducing the weight of their vehicles to improve fuel-efficiency as well as to meet the carbon emission regulations. 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 have increased the use of lightweight materials such as carbon fiber prepregs in various components of the vehicle. Also, carbon fiber manufacturing companies are increasing investments in R&D to develop composite materials for diverse applications in the automotive industry. Therefore, the rising demand for lightweight materials from the automotive industry is expected to drive the growth of the prepreg market in North America during the forecast period.
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As per Technavio, the 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 in North America: Wind Power Capacity Additions
Wind energy is emerging as one of the leading low-cost renewable sources of energy generation in North America. Also, the market is witnessing significant investments in total wind tower installations across the region. Thermoset prepregs are widely being used in the manufacture of wind turbines owing to their superior performance characteristics such as high strength-to-weight ratio and durability. To capitalize on this growing trend, many market vendors are increasing R&D activities to introduce technologically advanced products exclusively for wind power applications. For instance, Hexcel is offering HexPly prepreg, an advanced epoxy-resin-based carbon fiber prepreg for wind energy applications. Therefore, with the increasing wind power capacity additions, the growth of the prepreg market will gain momentum during the forecast period.
"Growing efforts toward making composites eco-friendly and advances in prepreg manufacturing methods will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Prepreg Market in North America: Segmentation Analysis
This market research report segments the prepreg market in North America by application (aerospace & defense, wind energy, automotive, and others), type (carbon fiber, glass fiber, and aramid fiber) and region (the US and Canada).
The aerospace & defense segment led the prepreg market in North America in 2019, followed by wind energy, automotive, and others respectively. During the forecast period, the aerospace & defense segment is expected to register the highest incremental growth due to the increase in the number of air travelers.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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