The global Tow Prepreg Market held a market value of USD 290.9 Million in 2021 and is projected to reach USD 438.8 Million by the year 2027. The market is anticipated to grow at a CAGR of 7.1% from 2022 to 2027. Around 54,632.5 tons of tow prepreg was sold in 2021.
The market is expected to be driven by the advantages over wet-winding process and increasing demand from emerging economies. Furthermore, increasing use of tow prepreg in the automotive and aerospace industry are also estimated to fuel the market growth.
Despite the driving factors, high processing and manufacturing cost are anticipated to hinder the market growth. Furthermore, during the COVID-19 pandemic, the market was negatively impacted due to the closure of the end-use industries.
Growth Influencers:
Increasing use of tow prepreg in the automotive and aerospace industry
Aerospace and automotive sectors are amongst the largest consumers of tow prepreg. Tow prepreg help in increasing the fuel efficiency and decrease the weight. It also provides high strength-to-weight capability, which allows highly aerodynamic and structural designs. Therefore, growing usage of tow prepreg in the aerospace and automotive industry is anticipated to fuel the market growth.
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Segments Overview:
The global tow prepreg market is segmented into resin type, fiber type, application, and end user.
By Resin Type,
Epoxy
Phenolic
Others
The epoxy segment is estimated to account for a market size of USD 200 million by 2026 owing to the rising demand of epoxy resin for pressure vessels. Furthermore, phenolic segment is anticipated to witness the highest growth rate of about 7.8% over the projected period owing to their increasing usage in various industries.
By Fiber Type,
Carbon
Glass
The glass segment is estimated to generate a revenue of USD 150 million in 2021 owing to its good durability, thermal conductivity, chemical resistance, as well as dimensional stability. Carbon segment is also expected to witness significant growth owing to its low weight, low thermal expansion, and high tensile strength.
By Application,
Pressure Vessel
Oxygen Cylinder
Others
The pressure vessel segment is anticipated to grow at the fastest growth rate of about 7.4% over the projected period owing to the rising demand of pressure vessels in the oil and gas industry.
By End User,
Aerospace and Defense
Automotive and Transportation
Sports and Recreational
Oil and Gas
Others
The oil and gas segment are estimated to account for a market share of over 25% in 2021 owing to the growing usage of tow prepreg in the industry. Moreover, the automotive and transportation segment is expected to witness the fastest growth rate of about 7.6% over the forecast period owing to the better fuel efficiency provided by tow prepreg, which is a vital aspect of the automotive industry.
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Regional Overview:
By region, the global tow prepreg market is divided into Asia Pacific, Europe, North America, Middle East & Africa, and South America.
The North America region accounted for the largest market share of more than 35% owing to the growing oil & gas and aerospace industry in the region. Within the Asia Pacific region, China is estimated to account for the dominant share of more than 48% in 2021 owing to the presence of manufacturing plants in the country.
Competitive Landscape:
Major players in the global tow prepreg market include TEIJIN Limited, Mitsubishi Chemical Holdings, SGL Carbon, TCR Composites, Inc., ENEOS Holdings, Inc., PORCHER Industries, Hexcel Corporation, Red Composites Ltd., Toray Group, and Arisawa Mfg. Co., Ltd., among others.
These market players are involved in collaborations, mergers & acquisitions, and new product launches, among other initiatives, to strengthen their market presence. For instance, in December 2021, Hexcel completed the supply of a 34m HexPly carbon fibbersz prepreg mast for Chantiers de l’Atlantique Silenseas project. This supply fulfilled all the parameters of processing, mechanical, and project quality performance targets. Similarly, in November 2021, Toray Industries Inc.’s subsidiary Zoltek Companies, Inc. announced the bolstering of its large-tow carbon fiber production capacity by 2023. The production capacity is set to increase to more than 40,000 filaments. This capacity boost is estimated to cost around USD 130 million to the company.
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The global Tow prepreg market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Tow prepreg market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
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