Global Tow Prepreg Market to 2027 - Advantages Over Wet-winding Processes are Driving Growth

DUBLIN, March 31, 2022 /PRNewswire/ -- The "Global Tow Prepreg Market, By Resin Type, By Fiber Type, By Application, By End User, Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.

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.

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 is 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.

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 fiber 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.

The global Tow prepreg market report answers questions such as:

• What is the market size and forecast of the Global Tow prepreg Market?
• What are the inhibiting factors and impact of COVID-19 on the Global Tow prepreg Market during the assessment period?
• Which are the products/segments/applications/areas to invest in over the assessment period in the Global Tow prepreg Market?
• What is the competitive strategic window for opportunities in the Global Tow prepreg Market?
• What are the technology trends and regulatory frameworks in the Global Tow prepreg Market?
• What is the market share of the leading players in the Global Tow prepreg Market?
• What modes and strategic moves are considered favorable for entering the Global Tow prepreg Market?

Key Topics Covered:

Chapter 1 Tow Prepreg Market Scope

Chapter 2 Executive Summary

Chapter 3 Research Methodology

Chapter 4 Global Tow Prepreg Market Overview 
4.1 Global Tow Prepreg Market Key Players
4.2 Market Dynamics
4.2.1 Drivers
4.2.1.1 Increasing use of tow prepreg in the automotive & aerospace industry
4.2.1.2 Advantages over wet-winding process
4.2.2 Restraints
4.2.2.1 High processing and manufacturing cost 
4.2.3 Opportunity
4.2.3.1 Increasing demand from emerging economies
4.2.4 Trend
4.2.4.1 Product Launch and Acquisition is Emerging as the Significant Marketing Strategies by the Key Players
4.3 COVID-19 Impact
4.3.1 Global COVID-19 Status Overview

Chapter 5 Global Tow Prepreg Market Analysis, by Region 

Chapter 6 Global Tow Prepreg Market Analysis, by Resin Type

Chapter 7 Global Tow Prepreg Market Analysis, by Fiber Type

Chapter 8 Global Tow Prepreg Market Analysis, by Application

Chapter 9 Global Tow Prepreg Market Analysis, by End User 

Chapter 10 North America Tow Prepreg Market Analysis

Chapter 11 Asia Pacific Tow Prepreg Market Analysis 

Chapter 12 Europe Tow Prepreg Market Analysis

Chapter 13 South America Tow Prepreg Market Analysis

Chapter 14 MEA Tow Prepreg Market Analysis

Chapter 15 Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/jtqd5q

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