(EMAILWIRE.COM, October 19, 2021 ) The use of carbon fiber prepreg is becoming crucial in aerospace & defense and automotive industries due to the increase in demand for high strength, operational stability at high temperatures, and lightweight materials. The carbon fiber prepreg market is projected to reach USD 11.5 billion by 2024, registering a CAGR of 10.5%, from 2019 to 2024.

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The key companies of carbon fiber prepreg are mainly involved in new product launch and expansion to strengthen their positions in the carbon fiber prepreg market. The leading companies adopted these strategies to improve their distribution channels and to strengthen their presence in the developed and emerging countries, between 2014 and 2018.

From 2014 to 2018, new product launch and expansion were the key strategies adopted by industry players to maintain growth in the global carbon fiber prepreg market. These strategies accounted for 24% and 22%, respectively, of the overall strategies adopted between 2014 and 2018. The market players concentrated mainly on consolidation through new product launch and expansion with the intention of increasing their market shares and enhancing their sustainability.

The major manufacturers profiled in this report are SGL Group (Wiesbaden, Germany), Gurit Holdings AG (Wattwil, Switzerland), Park Electrochemical Corporation (Melville, U.S.), Toray Industries (Tokyo, Japan), Teijin Limited (Osaka, Japan), Royal TenCate N.V. (Almeo, The Netherlands), Hexcel Corporation (Connecticut, US), Solvay (Brussels, Belgium), Mitsubishi Rayon Co. Ltd. (Tokyo, Japan), Axiom Materials (California, US), and others. These companies have adopted various organic and inorganic growth strategies such as new product launches, agreements, and expansions to expand their global presence and increase their penetration into the carbon fiber prepreg market.

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Toray Industries (Tokyo, Japan), Teijin Limited (Osaka Japan), Hexcel Corporation (Connecticut, U.S.), and Solvay (Brussels, Belgium) are the major companies adopted the maximum number of growth strategies between 2014 and 2018 in the carbon fiber prepreg market. Hexcel Corporation (Connecticut, US) accounted for the largest share of all the development activities undertaken in the global carbon fiber prepreg market between 2014 and 2018. The company follows dynamic growth strategies with agreements, contracts, new product launches, expansions, acquisitions, and joint ventures, to strengthen its geographical presence and customer base. For instance, Hexcel Corporation in October 2018 opened its new advanced composites plant at the Les Roches-Roussillon Chemicals Industry Platform in France. This plant will help in responding to the needs of aerospace customers for carbon composite materials.

Solvay (Brussels, Belgium) is one of the leading providers of carbon fiber prepreg for aerospace & defense, automotive, rail, and other end-use industries. The company is primarily focused on expansions, new product launches, agreements, acquisitions, and joint ventures with different companies to expand its distribution network. For instance, in March 2017 the company launched SolvaLite 730 prepreg for high volume automotive applications. It provides sub 60 seconds cure capability, exceptional toughness, and low tack. It is storage stable at room temperature. It helped the company to meet the demands of automotive OEMs.