According to the current analysis of Reports and Data, The global Tow Prepreg Market was valued at USD 350.5 Million in 2020 and is expected to reach USD 718.7 Million by 2028, at a CAGR of 9.3%. It is conventionally produced by an impregnation method whereas a resin is diluted with a solvent, a reinforcement fiber manufactures with the resin, and the organic solvent is volatilized, leaving a resin-impregnated fiber.
The tow prepreg can be used for a variety of manufacturing
processes such as filament winding, fiber positioning, and other molding
techniques, while the unidirectional tape can be used as a composite structure
for the construction of three-dimensional structures including tubular
structures or other complex structural geometries. This method of production is
also suitable for other non-interwoven planes of fibers such as parallel, large
fiber area weight composite structure.
Tow prepreg is a major material used in the manufacturing of
primary and secondary structural parts for aerospace & defense and
automotive industries. It is a preferred choice of material in these industries
due to its excellent properties such as high strength, less curing time, lightweight,
uniformity, and better cosmetics. The high tensile strength of tow prepreg
makes it an ideal material for high-pressure type 4 cylinders and hydrogen fuel
cells for industrial and automotive industries.
Key participants include TCR Composites, Mitsubishi Chemical
Corporation, SGL Group, Hexcel Corporation, Toray Industries, Toyobo Co. Ltd.,
JXTG Nippon Oil & Energy, Fibrtec, North Thin Ply Technology, and HyPerComp
Engineering.
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The North American region is the dominant market and will
continue to be the largest consumer of tow prepreg from a geographical
perspective. This stems from the large aerospace & defense industry, high
spending on defense and high disposable income from the region. The presence of
the key prepreg manufacturers and the ongoing economic advancements in the
region are the key motivators for the growth of the tow prepreg market in the
region. The region has the presence of prominent commercial and defense
aircraft manufacturers such as Boeing, Airbus, and Lockheed Martin. These
aircraft manufacturers have a high demand for tow prepreg. These aircraft
manufacturers are also increasing their production capacity through joint
ventures. For instance, Boeing entered into joint venture with Embraer(Brazil)
to offer a portfolio of commercial aircraft ranging from 70-seat Embraer
regional jets to its next-generation 500-seat 777X widebody.
Tow prepreg is extensively used in aerospace & defense,
automotive, industrial, sporting goods, and so on. Automotive is the
fastest-growing end-use industry in the Tow Prepreg market. This is due to the
high demand for lightweight and high strength materials such as Tow Prepreg
from European and North American regions. The stringent environmental
regulations in these regions have made it mandatory for automotive OEM
manufacturers to use lightweight materials in automobiles. Furthermore, the use
of lightweight materials is also increasing in the APAC region, especially in
China, Japan, and South Korea. For instance, Kangde Group (China) the company
has established a smart manufacturing facility for carbon fiber car body and
components which will produce 6 million parts annually. This will boost the
consumption of Tow Prepreg in the Chinese automotive industry. The electric
vehicle provides a huge opportunity for the Tow Prepreg market. For instance,
BMW i3 and BMW 7 – series electric cars are using carbon fiber-based Tow
Prepreg. A lot of electric car manufacturers in Europe will be adopting
lightweight materials in their cars to meet the electric vehicle target set by
the European countries.
For this report, Reports and Data have segmented the tow prepreg
market based on fiber type, end-use industry, and region.
Fiber Type (Revenue in USD Thousand; Volume in
Tons, 2018–2028)
- Carbon
Fiber
- Glass
Fiber
- S-Glass
Fiber
- E-Glass
Fiber
- Aramid
Fiber
End-Use Industry (Revenue in USD Thousand;
Volume in Tons, 2018–2028)
- Aerospace
& Defense
- Automotive
- Marine
- Industrial
- Sporting
Goods
- Infrastructure
- Others
Regional Outlook (Revenue in USD Thousand;
Volume in Tons, 2018–2028)
- North
America
- Europe
- Asia
Pacific
- Middle
East & Africa
- Latin
America
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Further key findings from the report suggest
- The
market for tow prepreg is anticipated to grow at a CAGR of 5% in the
Asia-Pacific, followed by North America and Europe, with 12.9% and 11.6%
CAGR, respectively. Increasing demand for structural parts in aerospace
& defense and automotive industries, robust growth in the use of tow
prepreg in AFP technology are the key factors to accelerate market growth
during the forecast period across all regions.
- Among
the region, North America has the largest market share. The primary driver
for the tow prepreg market in North America is the growing applications in
automotive, aerospace & defense and industrial sectors owing to high
expenditure in these sectors.
- Asia
Pacific is expected to be the fastest-growing market growing at a CAGR of
13.5% during the forecast period. This is due to the growing penetration
of composite materials, including tow prepregs in various end-use
industries.
Key Insights
offered in the report:
·
Business overview, product overview,
significant market data, demand and supply ratio and overall industry chain
analysis
·
The report encompasses different
approaches and strategic business decisions undertaken by the key players of
the market to gain a robust a footing
·
It describes in detail the production
value, marketing strategies, distributors, and factors influencing the growth
of the market
·
Strategic business expansion plans and
alliances of the key players
·
Comprehensive analysis of the present
trends and emerging trends of the market
·
Analysis and identification of the
factors influencing the Tow Prepreg market such as drivers, restraints,
opportunities, and trends
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