New Delhi, June 10, 2022 (GLOBE NEWSWIRE) -- According to the study undertaken by Astute Analytica, the Global Tow Prepreg Market is projected to witness a major rise in its revenue from US$ 290.9 Mn in 2021 to US$ 438.8 Mn by 2027, registering a CAGR of 7.1% over the projection period. In terms of volume, the market is registering a CAGR of 6.6% during 2022-2027. Tow prepreg is an example of a compound material that is pre-impregnated with resin to boost productivity and avoid the need for resin coating. It is recognized to have high dimensional stability, good elasticity, excellent mechanical and electrical qualities, and strength. Tow prepreg is a useful component for a variety of applications due to its light weight. Due to improvements and breakthroughs in industries such as automotive and construction, demand for tow prepreg compounds has expanded significantly across numerous industries.
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The growing impetus of the market is attributed to factors such as increasing use of tow prepreg in the automotive & aerospace industry and the advantages it has over wet-winding process. The rise in demand of electric vehicles to reduce the emission of green-house gases such as CO2 as compared to other gasoline or conventional vehicles is augmenting the growth of tow prepreg market owing to the use of tow prepreg in the manufacturing of CNG cylinders, transmission axle, leaf springs, and other automotive components. Further, the automotive & aerospace industry is significantly adopting tow prepregs to achieve improved performance such as high mechanical properties and low weight. In addition, the growing automotive production coupled with rising investments in the industry is propelling market growth. Furthermore, for some applications, filament winding with prepreg tow has advantages over wet winding. Prepreg tow enables for more exact resin content control, resulting in reduced fluctuation in the mechanical properties of the cured item. Prepreg towing also has the benefit of enabling for a significantly cleaner work environment with decreased environmental hazards for the operators. However, the high processing and manufacturing cost is hindering the market growth.
Segmental Analysis
Resin Type Insights:
Based on resin type, the market is segmented into epoxy, phenolic, and others. Among these, the epoxy resins segment holds the highest market share in 2021. The growth is attributed to the key properties of epoxy resins such as high strength, low shrinkage, excellent adhesion to various substrates, effective electrical insulation, chemical & solvent resistance, and low toxicity, among others. However, the phenolic segment registers the highest CAGR over the forecast period.
Fiber Type Insights:
In terms of fiber type, the market is divided into carbon and glass. The glass segment records the highest share in the tow prepreg market in 2021 whereas the carbon segment is estimated to record the highest CAGR over the forecast period. Carbon fiber tow prepreg offers higher tensile strength compared to other types of fiber products. These fibers can be used in layup, weaving, prepreg, filament winding, braiding, and pultrusion processes for manufacturing composites parts for various end-use industries such aerospace & defense, automotive & transportation, oil & gas, and sporting goods.
Application Insights:
Based on application, the market is segmented into pressure vessel, oxygen cylinder, and others. Among these, oxygen cylinders are the highest application segment in the market in 2021 and is projected to continue its dominance over the forecast period. This is because tow prepregs offer high strength, rigidity, and high tensile strength. However, the pressure vessels segment registers the highest CAGR over the forecast period.
End User Insights:
In terms of end-users, the tow prepreg market is segmented into aerospace & defense, automotive & transportation, sports & recreational, oil & gas, and others. Out of these, oil & gas industry is the highest end-user in the tow prepreg market in 2021. FRP tanks are widely used in the oil & gas industry for storage, and nowadays, tank manufacturers are increasingly manufacturing these tanks using tow prepregs through the filament winding process. These storage tanks have high strength and long life to avoid the need for early replacement. Using tow prepreg-based tanks instead of steel tanks helps increase the durability of the tank and reduces the cost of replacement which is increasing its demand in this industry. However, the automotive & transportation industry registers the highest CAGR over the forecast period.
Regional Insights:
North America is the highest shareholder region in the Global Tow Prepreg Market in 2021. This is due to well-established end-use industries such as aerospace, automotive, and others, coupled with presence of large number of tow prepreg manufacturers in North American countries such as the US. Asia Pacific records the highest CAGR over the forecast period 2022-2027. The rapid industrialization and rapidly growing end-use industries in countries such as Japan, India, and China, are fostering the regional growth in the market.
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| Report Attribute | Details |
| Market Size Value in 2021 | US$ 290.9 Million |
| Market Outlook for 2027 | US$ 438.8 Million |
| Expected CAGR Growth | 7.1% |
| Base Year | 2021 |
| Forecast Period | 2022-2027 |
| Top Market Players | Teijin Ltd., Mitsubishi Chemical Holdings, SGL Carbon, TCR Composites, Inc., ENEOS Holdings Inc., Arisawa Mfg. Co., Ltd., Toray Group, Red Composites Ltd., Hexcel Corporation, and Porcher Industries, among others |
| Segments Covered | By Resin Type, By Fiber Type, By Application, By End-Users, By Region |
| Geographies Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Customization Options | Get your customized report as per your preference. Ask for customization |
Competitive Insights:
- Mitsubishi Chemical Holdings is a producer and distributor of performance products, industrial materials, and others. The company is a subsidiary of Mitsubishi Chemical Holdings Corporation. It serves various end use sectors such as petrochemical intermediates, environment, automotive & aircraft, machinery & equipment, electronics & IT, and medical & health care, among others.
- SGL Carbon is a Europe-based company, which provides for the development and manufacturing of carbon-based materials and products. The company has a wide range of product portfolios, including development partners for innovative carbon and graphite-based products and solutions, carbon fibers and composites, lightweight solutions for automotive, wind energy, aerospace applications, and semiconductor, and others.
- TCR Composites is a resin development company, that manufactures prepreg materials used for making composite parts in various industries. It offers a wide range of product portfolios, including prepreg, epoxy resins, thermoset prepregs, composites, tow prepreg, prepreg fabric, prepreg braid, prepreg unidirectional tape, prepreg tow/ roving, low-temp cure cycles, custom prepreg, tailored prepreg, and others.
- ENEOS Holding Inc. is a Japan-based company, that offers tow prepregs. It has a diverse range of products including petrochemical materials, electronic materials, community services, oil, and natural gas, among others.
- Hexcel Corporation is a producer of carbon fiber reinforcements and resin systems and honeycomb manufacturing for the commercial aerospace industry. It provides a wide range of products and services, including commercial aerospace, space, and defense, composite technology, wind energy, industrial applications, prepregs, carbon fibers, honeycomb, adhesives, engineered core, automotive, and technology.
Segmentation Overview
The following are the various segments of the Global Tow Prepreg Market:
- By Resin Type segment of the Global Tow Prepreg Market is sub-segmented into:
- Epoxy
- Phenolic
- Others
- By Fiber Type segment of the Global Tow Prepreg Market is sub-segmented into:
- Carbon
- Glass
- By Application segment of the Global Tow Prepreg Market is sub-segmented into:
- Pressure Vessel
- Oxygen Cylinder
- Others
- By End Users segment of the Global Tow Prepreg Market is sub-segmented into:
- Aerospace & Defense
- Automotive & Transportation
- Sports & Recreational
- Oil & Gas
- Others
- By Region segment of the Global Tow Prepreg Market is sub-segmented into:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The U.K.
- Germany
- France
- Italy
- Russia
- Spain
- Poland
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Rest of South America
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
To gain more insights into the market with a detailed table of content and figures, click here: https://www.astuteanalytica.com/industry-report/tow-prepreg-market
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