In this report, Technavio’s research experts announce their key market highlights for the global carbon fiber prepreg market. Their findings include:
Global carbon fiber prepreg market to grow at a rapid rate
The global carbon fiber prepreg market is estimated to grow rapidly during the forecast period, posting a revenue CAGR of over 11%. The prices of these materials are expected to increase at an accelerated rate because of an increase in manufacturing costs and an increase in demand from various applications.
The scope of innovation is high in the market, and an increasing number of vendors are offering products with enhanced 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.
According to Chandrakumar Badala Jaganathan, lead research analyst at Technavio for plastics, polymers, and elastomers, “There is a considerable degree of collaboration within the supply chain which is expected to facilitate the introduction of new products.”
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Aerospace and defense applications account for 68% of the market revenue
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. An increasing number of vendors are expanding manufacturing capacities to cater to this increased demand.
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.
Americas account for a major revenue share of the market in 2014
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. There are also an increasing number of vendors offering innovative products to cater to the increased demand,” says Chandrakumar.
The Americas accounted for the largest share in terms of revenue with a market share of over 50% in 2014, because of 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%.
The report also highlights the top eight vendors operating in the global carbon fiber prepreg market. They are:
- Mitsubishi Rayon
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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