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According to the latest report by IMARC Group, titled "Carbon Fiber Prepreg Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global carbon fiber prepreg market reached a value of US$ 8.9 Billion in 2021. Prepreg refers to a molding or reinforcing material that is impregnated using synthetic resin. Carbon fiber prepreg is usually manufactured by combining carbon fibers with thermoset resins, including phenols and thermoplastics. Generally manufactured via the hot melt or solvent dip processes, it exhibits enhanced strength and stiffness with excellent corrosion resistivity. As a result, it is widely used as a preferred alternative to metallic alloys and thermoset composites due to its ability to withstand extreme temperature and resistance to chemicals, fire and moisture.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Carbon Fiber Prepreg Market Trends:
The global market is primarily driven by the rising product usage from the automotive sector. This is supported by the increasing preference for lightweight and fuel-efficient vehicles among the masses. Coupled with the escalating utilization of carbon fiber prepreg in the manufacturing of various automobile components, such as bumpers, wheel arches, seats, splitters and brake ducts, this is creating a positive outlook for the market. Moreover, with an enhanced focus on sustainable development among the masses, there has been a considerable increase in the usage of the product. In line with this, the widespread adoption of the carbon fiber prepregs in the production of aeroplanes and helicopters in order to enhance their safety and sustainability is providing a boost to the market growth. Furthermore, the rising utilization of carbon fiber prepreg composites to manufacture multiple sports accessories due to their lightweight and durable properties are contributing to the market growth. Other factors, including rapid industrialization, continuous product innovations and extensive research and development (R&D) activities conducted by key players, are further projected to drive the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 14.6 Billion by 2027, growing at a CAGR of 8.5% during 2022-2027.
Market Summary:
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