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MARKET OUTLOOK 

Based on a study by Triton Market Research, the Asia-Pacific prepreg market is expected to develop with a CAGR of 9.84% in the forecasting years from 2021 to 2028. China, Japan, Australia & New Zealand, India, ASEAN countries, South Korea, and Rest of Asia-Pacific together shape the market in this region.

China has the largest automotive manufacturing industry in the world. It is witnessing rapid growth, with an increase in automobile production and sales. In 2017, the production of passenger cars stood at a staggering 85.49%. This was followed by heavy commercial vehicles at 7.78% and light commercial vehicles at 6.11%. 

Moreover, in 2018, the country released the automobile development plan, with a goal of consolidating its position as the world’s biggest automotive manufacturing hub over the forthcoming decade. There is a considerable demand for prepregs from the automotive sector, which is expected to foster the development of the prepreg market in China in the forecasted period.

On the other hand, In India, consumer durables such as electronic appliances have witnessed a tremendous rise in production and sales, thanks to the growing middle-class population, rapid urbanization, enhanced disposable income, and improved lifestyle of people. Government initiatives have largely supported the growth in the production of consumer electronics in the country. 

Many globally renowned manufacturers have already established their presence in the country, with several new manufacturing projects in the pipeline, over the next decade. The growth of the consumer electronics sector is expected to boost the demand for prepregs in India. This increased demand will strengthen the market’s growth in the coming years.

COMPETITIVE OUTLOOK

The leading players in the prepreg market include Toray Industries Inc, Unicarbon, Teijin Limited, Zyvex Labs, Royal Ten Cate NV, Hexcel Corporation, Ventec Group, and Cytec Solvay Group.