NEW YORK, Oct. 21, 2019 /PRNewswire/ -- According to the current analysis of Reports and Data, The global Tow Prepreg Market was valued at USD 350.0 Million in 2018 and is expected to reach USD 895.6 Million by the year 2026, at a CAGR of 12.5%. 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.
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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.
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.
Tow Prepreg market is also segmented on the basis of fiber types such as carbon fiber, glass fiber, and aramid fiber. Carbon fiber accounts for the largest share due to its excellent properties such as high stiffness, high chemical resistance, high-temperature tolerance, low thermal expansion, high tensile strength, and low weight. These properties make carbon fiber an ideal material for various end-use industries.
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 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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Segments covered in the report:
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, 2016–2026)
- Carbon Fiber
- Glass Fiber
- S-Glass Fiber
- E-Glass Fiber
- Aramid Fiber
End-Use Industry (Revenue in USD Thousand; Volume in Tons, 2016–2026)
- Aerospace & Defense
- Sporting Goods
Regional Outlook (Revenue in USD Thousand; Volume in Tons, 2016–2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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