Thermoplastic Prepreg Market Trends

Growth Drivers

• Surging demand in aerospace applications: The thermoplastic prepreg market is set to benefit from the increasing demand from the aerospace sector. The industry adopts thermoplastic prepregs to reduce the weight of the aircraft, improve fuel efficiency, and lower operational costs. Businesses are leveraging the rising demand by demonstrating advanced aerospace composite solutions. For instance, in May 2024, Hexcel announced that it would demonstrate high-performance, advanced lightweight composite materials for the Commercial Aerospace and Space & Defense Markets including HexPly prepreg materials.
  
  Furthermore, recent developments in the market indicate the market’s expansion. For instance, in April 2024, Arris Composites Inc., secured USD 34 million in funding to scale its global operations and boost its presence in the aerospace market with thermoplastic composites solutions. Successful investment rounds in emerging players in the sector augur well for the future of the global thermoplastic prepreg market.

• Growing end use in the electric and hybrid vehicles sector: The growing manufacturing of electronic vehicles (EVs) and hybrid vehicles has heightened the demand for lightweight materials that improve battery and fuel efficiency. Businesses are leveraging the demands by showcasing the latest innovations in a bid to boost adoptions in the automotive industry. For instance, in April 2024, the Toray Group announced participation in the National Plastics Event 2024 to showcase cutting-edge fibers and continuous composites solutions, including developments in the TORELINA PPS technology that is used for thermal management in the next-generation EV industry.
  
  Furthermore, the expansion of end use applications within the automobile industry boosts demand for thermoplastic prepregs. Manufacturers are leveraging thermoplastic prepregs to build interior components and boost recyclability. For instance, in April 2023, Teijin Automotive Technologies announced the supply of exterior panels made of advanced composites to Lotus Emira. High-profile applications as such in the market validate the performance capabilities of advanced composite materials, benefiting the growth of the thermoplastic prepreg sector.
• Increased investments in thermoplastic composites research: The thermoplastic prepreg market benefits from significant advancements in research to create composites with heightened properties and expand end use. Collaborations between companies and academic institutions to improve material performance benefit the adoption of thermoplastic prepreg. For instance, in February 2021, Leonardo and Solvay launched a joint research lab for thermoplastic composites that developed novel composite materials vital for the future of the aerospace industry. Such research-based collaborations have led to Solvay cementing its position as one of the market leaders in the thermoplastic prepreg market.
  
  Additionally, the National Renewable Energy Laboratory (NREL) highlights advancements in groundbreaking thermoplastic resin research for wind turbine blades that are poised to boost the production of recyclable blades that do not end up in landfills. Furthermore, companies investing in research and expanding their composite portfolios are benefiting from applications in high-profile projects such as the Hi-Rate Composite Aircraft Manufacturing (HiCAM) project of NASA. In June 2022, Toray Advanced Composites reported supplying thermoplastic prepreg technologies to enable an increase in airframe manufacturing rates to the NASA HiCAM project. Such partnerships highlight the growing recognition of thermoplastic prepregs as a superior solution, benefiting the overall market’s growth.

Challenges

• Technical barriers to adoption in new applications: The thermoplastic prepregs sector can face hindrances due to technological limitations in certain industries. The requirement of precision engineering can heighten production time and costs. Furthermore, industries that are unfamiliar with thermoplastic prepreg can face a steep adoption curve and delay penetration into untapped markets.

• High costs of production of high-performance thermoplastic prepregs: Despite burgeoning advancements in manufacturing technologies, the high investments required for the production of high-performance thermoplastic prepreg can cause a barrier for new entrants in the sector. This challenge is particularly evident for small and medium-sized enterprises (SMEs) seeking to compete in the thermoplastic prepreg market.
  
  Continuous research to curb production costs is poised to navigate the production challenge. For instance, in November 2021, the METEOR project completed a study to optimize the production of high-performance thermoplastic prepregs with promising results.