Technavio has released a new report covering the present scenario and growth prospects of the global carbon fiber prepreg market up to 2019.
The market is estimated to grow rapidly through 2019, posting a CAGR of over 11%.
The prices of these materials are expected to increase at an accelerated rate due to an increase in manufacturing costs and an increase in demand from various applications, the report suggests. The scope of innovation is high in the market, and an increasing number of vendors are offering products with improved performance characteristics such as stiffness and strength at lower weights. To attain this, vendors work closely with end-use product manufacturers such as aircraft manufacturers.
‘There is a considerable degree of collaboration within the supply chain which is expected to facilitate the introduction of new products,’ said Chandrakumar Badala Jaganathan, lead research analyst at Technavio for plastics, polymers, and elastomers.
The market for carbon fiber prepreg in the aerospace and defense segment is expected to grow at a rapid rate, posting a CAGR of almost 12% during the forecast period. These products are in high demand for the production of advanced and larger commercial aircraft, as they are light in weight and provide enhanced performance.
APAC is developing into a prime market in the aerospace sector with countries such as Singapore, China, South Korea, Japan, Malaysia, and the Philippines leading the market. Vendors in the market are expected to focus on APAC for the potential growth opportunities it is likely to present in the future.
The market is expected to grow at a strong rate in the Americas, posting a CAGR of more than 11% during the forecast period. An increase in government spending in the aerospace and defense sectors is a major growth driver which will contribute significantly to the market growth.
‘Most end-users of carbon fiber prepregs are not price-sensitive and focus on the quality of performance of such products, thereby contributing to market growth,’ said Chandrakumar. ‘There are also an increasing number of vendors offering innovative products to cater to the increased demand.’
The Americas accounted for the largest share in terms of revenue with a market share of over 50% in 2014, due to the increased adoption of carbon fiber prepregs in a wide range of applications. The Americas was followed by EMEA with a share of 25% and APAC with a share of over 24%.
This story uses material from Technavio, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.