HOME › Research Insight › New product developments and agreements & partnerships are the key development strategies adopted by the leading market players to drive the prepreg market
New product developments and agreements & partnerships are the key development strategies adopted by the leading market players to drive the prepreg market
Prepreg is becoming crucial in wind energy and aerospace & defense applications due stringent environmental norms, growth in number of wind capacity installations, and number of plane deliveries. The prepreg market size is projected to reach USD 8.64 Billion by 2021, growing at a CAGR of 10.12%, between 2016 and 2021.
The key companies offering prepreg are mainly involved in novel product development and agreement and partnerships to strengthen their position in the market. This expands their product portfolio and helps them to meet the increasing demand of prepreg from various industries, especially aerospace & defense and wind industries.
Agreements & partnerships, novel product development, expansion & investment and acquisition were the key strategies undertaken by the key players between 2012 and 2016. New product development accounted for a share of 39% among other strategies in the prepreg market. Agreement & partnership was considered as the second most-preferred growth strategy by the manufacturers, and accounted for a share of 33% of the total development strategies of the prepreg market.
The key manufacturers profiled in this report are Royal Ten Cate N.V. (Netherland), Toray Industries, Ltd. (Japan), Teijin Ltd. (Japan), Hexcel Corporation (U.S.), SGL group (Germany), Gurit Holding AG. (Switzerland), Solvay SA Group (Belgium), and others. These companies have adopted various organic and inorganic growth strategies to expand their global presence and increase their penetration into the prepreg market.
Solvay SA Group and Hexcel Corporation were observed as the major players with maximum number of growth strategies between 2016 and 2021 in the prepreg market. The strategies adopted by them, accounted for around 31.25% of all the strategies in the market between 2012 and 2016.
Hexcel Corporation is one of the leading companies and the largest contributor in the growth of the prepreg market, globally. It accounted for the largest share of all the development activities undertaken in the prepreg market between 2012 and 2016. The company follows dynamic growth strategies with expansion as their major strategy to enhance its geographical presence and customer base. It manages its sales and distribution services through its various representatives based in Austria, Belgium, Finland, France, Germany, Israel, Italy, Japan, South Africa, Spain, Turkey, Spain, the U.K., the U.S., and across various parts of the globe.
Solvay SA Group became second key player with the acquisition of Cytec Industries, Inc. in 2015. This acquisition of Cytec Industries, Inc. boosted Solvay’s growth by making it world’s one of the major producers of prepreg for the aerospace industry. The company is trying to expand its supply of aerospace prepreg by signing agreements and developing new products.
Prepreg Market by Fiber Type (Carbon, Glass, and Aramid), Resin Type (Thermoset and Thermoplastic), Manufacturing Process (Hot-Melt and Solvent DIP), Application (Aerospace & Defense, Wind, Sporting good, Automotive, Electronics) - Global Forecast to 2021
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