Carbon Fiber Prepreg Market size is projected to reach USD 20 billion by the end of 2035, growing at a CAGR of 11% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of carbon fiber prepreg was USD 8 billion. The growth of the sector is anticipated to be influenced by the growth in demand for wind energy. More than about 2 oo9 TWh of wind energy were produced in 2022 across the globe, a record rise of approximately 264 TWh (up about 13%). This technology saw the second-highest growth of all renewable energy sources following solar PV. As a result of its strength, rigidity, and resilience to fatigue, carbon fiber prepreg are utilized to make wind turbine blades. They enable the development of lighter, longer blades that catch more wind energy and enhance turbine efficiency.
Additionally, there has been a growing trend of using recycled carbon fiber in prepreg. Carbon fiber resin composites are particularly sought after for their high specific energy absorption (SEA) but are expensive. Therefore, the growing use of recycled carbon fiber is set to influence the market opportunity. Moreover, prepreg material enables less expensive production of composite as compared to more conventional techniques of composite manufacturing.
Growth Drivers
About 84 million automobiles were manufactured in 2022 all around the globe. In order to reduce weight and increase strength so that it can resist the rigors of racing, carbon fiber prepreg is utilized in automobiles. Moreover, it also makes the automotive fuel efficient. Additionally, the utilization of carbon fiber prepreg is growing in sports vehicles. As a result, the carbon fiber prepreg market is set to grow.
Sports such as tennis and golf usually prefer carbon fiber prepreg in manufacturing rackets and gold sticks since it makes them lightweight. Additionally, it is highly recommended for making carbon bikes as it is used for trekking and cycling competition.
Manufacturers are making use of carbon fiber prepreg in various medical applications such as MEI scanners, X-ray couches, surgical target tools, and more. This could be owing to the ability to have a large amount of stability and X-ray transparency. Furthermore, it is also been utilized in wheelchairs, braces, orthotics, and podiatric-correcting insoles, along with prosthetics such as springs and anterior feet.
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~11% |
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Base Year Market Size (2022) |
~ USD 8 Billion |
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Forecast Year Market Size (2035) |
~ USD 20 Billion |
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Regional Scope |
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End Use Industries (Aerospace & Defense, Automotive, Sports & Leisure, Wind Energy)
The aerospace & defense segment in the carbon fiber prepreg market is projected to gather a share of about 64% over the forecast period over the projected period. Several airplane parts, such as wings, fuselages, and engine cowlings, are made of carbon fiber prepreg. The capacity to assist lighten the overall size of the aircraft is one of the key benefits of employing carbon fiber prepreg in the manufacture of aircraft. Performance and fuel economy may both benefit from this. Further, it is also one of the preferred materials in military applications such as military vehicle drive shafts, hand guards or scopes, and more.
Resin Type (Epoxy Resin, Phenolic Resin, BMI Resin, Cyanate Ester Resin, Thermoplastic Resin)
Carbon fiber prepreg market from the epoxy resin segment is set to grow at a share of approximately 51% over the forecast period. Due to their outstanding mechanical performance, high stiffness, corrosion resistance, low coefficient of thermal expansion, chemical resistance, and excellent electrical and thermal conductivity, carbon fiber-based polymer epoxy composites serve an important part in the aerospace and automotive sectors. Hence, with the growth in the manufacturing of aerospace and vehicles, the segment is estimated to grow.
Our in-depth analysis of the global market includes the following segments:
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Resin Type |
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Manufacturing Process |
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End Use Industries |
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European Market Forecast
The carbon fiber prepreg market in Europe is set to gather the highest share of about 30% over the forecast period, backed by growing disposable income in this region. Household gross disposable income rose 2.2% in the euro area and 2.4% in the EU during the fourth quarter of 2022. Hence, owing to this growth in disposable income, the people spending on electronic items in this region is also estimated to grow. Therefore, the market for carbon fiber prepreg is also projected to expand.
North American Market Analysis
The North America market for carbon fiber prepreg is also set to have significant growth over the forecast period. North America is known for its cutting-edge innovation and commitment to research and development. The region has well-established research institutes, universities, and corporate R&D centers that promote innovation in carbon fiber composites. The market for carbon fiber prepregs is significantly influenced by the automobile sector in North America. To achieve fuel efficiency requirements, lower emissions, and improve vehicle performance, manufacturers in the region are increasingly using carbon fiber composites.
Author Credits: Smruti Ranjan, Rajrani Baghel
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