Pune, India, Nov. 18, 2021 (GLOBE NEWSWIRE) -- The global tow prepreg market was estimated to value USD 248.5 million in 2021 and is expected to exhibit a CAGR of 12.2% over the forecast period 2021 to 2030, as per a new market analysis by Quince Market Insights. Tow Prepreg is used for filament winding, which has pre-impregnated fiber tow with a resin system.
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Interest in tow prepreg as a material for dry filament winding is growing as the dry filament winding process emerges as a reliable alternative to the traditional filament winding (also known as wet filament winding) approach. Recent trends of increasing use of carbon fiber tow prepreg for high-performance rocket motor cases, high-quality commercial pressure vessels, and hydrogen vehicle fuel tanks in the industrial sector is expected to drive the tow prepreg market growth. Ballistic and explosion protection systems, structural components in armored fighting vehicles, military shelters, and pallets, as well as lightweight material, all use prepregs in military and defense sector.
Carbon-fiber-reinforced prepreg sheet is increasingly used in aircraft, spacecraft, and vehicles to increase fuel efficiency and reduce body weight, implying that demand will continue to expand in the coming years. Molding and processing carbon-fiber-reinforced plastic (CFRP) composite materials, such as prepreg sheets, has traditionally taken a long time, and such technologies that reduce molding durations are viewed as vital to its widespread adoption.
Impact of COVID-19 on Global Tow Prepreg Market
The aerospace and defense industries were thrown into chaos by COVID-19 pandemic. Most airlines, as well as OEMs and their suppliers in aircraft production ecosystem, were facing a significant drop in revenue and cash flow. The composite demand in aircraft manufacturing declined due to massive impact on material suppliers. Composite materials like tow prepreg are widely used in the aircraft sector. Composites have risen to prominence in the aerospace, defense, and automotive industries as a result of growing environmental concerns and the search for high-strength, light-weighting materials to improve fuel efficiency. The performance of major end use industries like as aerospace, defense, and automotive has a significant impact on the demand for process materials in the composites industry. As these industries recover from the effects of the COVID-19 pandemic, demand for composite materials like tow prepreg for manufacturing will increase. Hence, the tow prepreg market is expected to witness growth over the next few years.
Tow Prepreg Market, By Resin
The resin segment is categorized into epoxy resin, phenolic resin, others. The epoxy resin segment is projected to capture the largest share of the market. Epoxy resins are light and have mechanical characteristics including strength and rigidity, as well as heat and corrosion resistance. It's used in a variety of industries, including aviation/space, automobiles, rail cars, ships, civil engineering, and sporting equipment. Many epoxy resins are utilized, some of which are very good at adhering to carbon fibers.
Tow Prepreg Market, By Fiber
The fiber segment of the market is divided into carbon fiber, glass fiber, others. The carbon fiber segment of the market is anticipated to account for the largest segment of the market. Impregnating fibers, such as carbon fiber, produces prepreg. This material is used in advanced composite materials (ACMs) for rockets and airplanes. The most crucial feature is that it is only a quarter the weight of steel but 10 times stronger, with additional outstanding properties including fatigue resistance, corrosion resistance, and chemical resistance.
Tow Prepreg Market, By Application
The application segment is categorized into pressure vessels, scuba tanks, oxygen cylinders, others. The pressure vessels segment is expected to be the largest segment. Tow prepregs are the material of choice for pressure vessels and are used in a variety of markets including aerospace, defense, industrial, infrastructure, recreation, and marine. From high-performance rocket motor cases to the highest quality commercial pressure cylinders, tow prepregs are the material of choice for pressure vessels and are used in a several sectors.
Tow Prepreg Market, By End-Use Industry
The end-use industry segment is divided into automotive, aerospace & defense, sports & recreational, oil & gas, others.
The automotive segment is anticipated to be the largest segment. Carbon fiber composite materials have exploded onto the industrial landscape. The combination of high tensile strength and low weight has shown to be quite beneficial in a variety of applications, including automotive. Carbon fiber composite is widely used in automobile parts that require a high level of durability.
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Global Tow Prepreg Market, based on Regional Analysis
The region segment includes major regions such as Asia Pacific, Middle East & Africa, North America, Europe, and South America.
Europe is projected to be the leading market accounting for a major share of the market. The automotive sector in Europe is thriving. Europe is the leader in innovation for the composites industry and is a key market for lightweight construction materials.
The aerospace sector in Germany is expanding at a faster rate than before. In addition, France has a sizable aerospace and defense industry, with important players such as Airbus (Netherlands) and Dassault Aviation (France). The majority of this is due to Airbus, which has several billions of dollars in orders and around eight years of production capacity. Furthermore, the country's automotive output is increasing year after year, resulting in a surge in demand for sophisticated composite materials in recent years.
Recent Developments in the Global Tow Prepreg Market
- March 2021 - A fully integrated thermoplastic welding system and a prepreg tape slitting and tow-rewinding machine were added to the Automated Technologies Laboratory for Aerospace Systems (ATLAS) at Wichita State University's National Institute for Aviation Research (NIAR) (US).
- August 2019 - Teijin Limited (Japan) had declared that it completed the acquisition of all the shares of Renegade Materials Corporation (Renegade) (US). The latter is an important supplier of highly heat-resistant thermoset prepreg for the aerospace industry.
- In 2019 - TCR Composites (US) established tow prepreg production capabilities in the Republic of Korea.
Some Key Points From the Tow Prepreg Market Report are:
- An in-depth global tow prepreg market analysis by the segments, along with an analysis of trend-based insights and factors.
- Major companies operating in the global tow prepreg market, which include TCR Composites, Inc. (US), Mitsubishi Chemical Carbon Fiber and Composites, Inc. (US), SGL Carbon (Germany), ENEOS Holdings, Inc., Inc (Japan), TEIJIN LIMITED. (Japan), PORCHER INDUSTRIES (France), Hexcel Corporation (US), Red Composites Ltd (UK), vitech composites (France), Arisawa Manufacturing Co., Ltd. (Japan), TORAY INDUSTRIES, INC. (Japan), 3M (US).
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global tow prepreg market
- Impact of COVID-19 on the global tow prepreg market
Find more insights on this topic from this report, “Tow Prepreg Market, By Resin (Epoxy Resin, Phenolic Resin, Others), By Fiber (Carbon Fiber, Glass Fiber, Others), By Application (Pressure Vessels, Scuba Tanks, Oxygen Cylinders, Others), By End-Use Industry (Automotive, Aerospace & Defense, Sports & Recreational, Oil & Gas, Others), By Region (North America, Europe, Asia-Pacific, South America, Middle East & Africa)” in-depth analysis along with the table of contents (ToC).
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