Dec 21, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the BMI Prepreg Market.
It was estimated prior to this unanticipated outbreak that the BMI Prepreg Market is expected to register an overall rebounding CAGR of 5.3% during the forecast period. The BMI prepreg market is likely to endure the consequences of the suffering aerospace industry, marking a huge decline from 2019 to 2020 to reach a value of US$ 81.6 Million. The defense industry’s dominance in the market is expected to provide some solace to the market stakeholders sooner rather than later.
Composite materials have been witnessing the most disruptive journey, especially in the aerospace and defense industries where the penetration of advanced composites has reached optimum levels, over 50% of the next-generation aircraft programs such as A350XWB and 35% of the best-selling fighter aircraft, F-35. Composites offer exceptional weight savings and durability, ultimately boosting fuel efficiency. However, composite parts tend to degrade when exposed to extreme heat, limiting their usage in some crucial applications.
This proved to be the key factor that prompted the market players to develop high-temperature composite materials, such as BMI prepreg, which can operate at temperatures reaching 350°C or above and can be used in a wide array of high-temperature applications, such as tooling, engine nacelles, compressor fairing, thrust reverser, automotive racing components, radomes, and missile propulsion system.
Due to the pandemic, the year 2020 is proving to be an obstacle in the path towards growth for several industries, not sparing the aerospace and defense industries either. While the aerospace industry suffered a massive blow with crashing RPKs, descending aircraft orders, ceasing air travel, etc. bringing in irrevocable changes in the market dynamics. On contrary to aerospace, the defense industry maneuvering through the crisis, logging a minimal loss.
There is a wide array of factors that are likely to stimulate the growth of BMI prepreg in the long-term. One of the biggest factors is the steady demand for composite-rich military aircraft, especially Lockheed Martin’s F-35. F-35 aircraft constitute roughly 35% composites of its structural weight. Carbon/BMI prepreg and carbon/epoxy prepreg are the most common prepregs used to fabricate composite parts of F-35. Similarly, other military aircraft also contain a good amount of BMI prepreg in the structural section.
Based on the end-use industry type, Stratview Research has segmented the market as aerospace, defense, and others. The defense industry is estimated to remain the most dominant segment of the market during the forecast period. The best-selling fifth-generation military aircraft program, F-35, is likely to face delays of around two to three months in 2020 with a possible production reduction of 18 to 24 aircraft than its early projections of 141 aircraft. The production rate of the F-35 is likely to quickly bounce back in the years to come, owing to huge inventory objectives from domestic and international customers, which, in turn, will give an impetus to the demand for BMI prepreg.
Based on the application type, we have segmented the market as airframe, tooling, nacelle, and others. Tooling is likely to maintain its vanguard in the market during the forecast period. For this application, BMI prepreg serves high Tg (glass transition), which can be used across the major structural parts in the aerospace & defense industry. It offers good mechanical performance, toughness, robust tooling, and durability with an excellent surface finish.
Based on the curing type, the autoclave is projected to maintain its supremacy in the market over the next five years. Aircraft’s primary structures, such as wings, fuselages, and empennage components, are mostly fabricated by using composite materials and cured through an autoclave. The high pressure of the autoclave ensures good mechanical properties and helps to reduce void contents. The gradual shift towards out-of-autoclave prepreg owing to no requirement of expensive equipment and no size-limitation is expected to pressurize the autoclave market stakeholders to develop improvised, cost-efficient products in order to curb shortcomings in the long-term.
Regional Insights, all regions are anticipated to experience enormous downturns in 2020 with Europe facing the gravest repercussions. North America is projected to capture the lion’s share during the forecast period, driven by the presence of the world’s leading aircraft OEMs, aeroengine manufacturers, tier players, prepreg manufacturers, and raw material suppliers. The USA’s unsurpassed defense spending is likely to give a thrust to the region’s market. Furthermore, Lockheed Martin has opened a new manufacturing facility to produce F-35 aircraft in Pinellas Park, Florida, the USA, which will generate greater demand for BMI prepreg in this region in the long run.
Asia-Pacific, a relatively small market, is likely to recoup from the pandemic’s aftermath at the fastest pace, driven by a host of factors including the opening of assembly plants of Boeing and Airbus in China, upcoming indigenous commercial aircraft (COMAC C919), rising aircraft fleet size, and increasing military spending by countries such as China and India.
Key Players:
Key players operating in the global BMI Prepreg market are-
- GMS Composites
- Hexcel Corporation
- Mitsubishi Chemical Carbon Fiber and Composites (MCCFC)
- Teijin Limited
- Solvay S.A.
- Toray Industries, Inc.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The BMI Prepreg analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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