Tow Prepreg Market Size to Reach US$ 438.8 Mn by 2027 – Astute Analytica
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Tow prepregs are pre-impregnated with resin composite materials like graphite, carbon, or glass fibers. The prepreg procedure can be carried out using resin filmmaking, solvent, or hot-melt impregnation. Aerospace & defense, sports & recreation, automotive & transportation, oil & gas, etc., are some of the different end-use sectors that use tow prepregs.
Market Influencing Factors
The advantages that tow prepreg has over the wet-winding technique, and its growing use in the automotive and aerospace industries, are the main reasons driving the global tow prepreg industry. Wet winding has disadvantages for specific applications but filament winding with prepreg tow provides advantages. Prepreg tow makes it possible to more precisely manage the resin content, which reduces fluctuations in the cured item's mechanical qualities. Prepreg towing also has the advantage of making the workplace substantially cleaner and posing fewer environmental risks to the workers.
Due to the usage of tow prepreg in the production of leaf springs, CNG cylinders, transmission axles, and other automotive components, the demand for electric vehicles is increasing owing to their ability to emit fewer greenhouse gases, such as CO2, compared to gasoline or conventional vehicles. Additionally, two of the biggest industries that use tow prepreg are the aerospace and automobile industries. In order to attain increased performance, such as excellent mechanical characteristics and low weight, the automotive and aerospace industries are heavily utilizing tow prepregs. Additionally, the market expansion is due to the rising investments in the industry together with expanding vehicle manufacturing.
The expensive cost of production and processing may impede the overall market expansion. Due to their expensive processing and impregnation costs, thermoplastic resin-made tow prepregs are not widely used in the industrial and automotive sectors, where cost is a crucial consideration.
Segmentation Summary
In 2021, on the basis of resin type, the epoxy resins segment dominated the global tow prepreg industry, and the segment will reach a valuation of US$ 200 million by 2026. Epoxy resins' essential qualities, including their high strength, low shrinkage, excellent adhesion to a variety of substrates, efficient electrical insulation, resilience to chemicals and solvents, and low toxicity, among others, are driving the segment expansion. However, the phenolic segment will grow at an annual rate of 7.8% from 2022 to 2027.
In 2021, on the basis of fiber type, the glass segment registered a revenue of US$ 150 million. On the other hand, the carbon segment is likely to project the highest rate over the analysis years. Compared to other fiber materials, carbon fiber tow prepreg has a higher tensile strength. These fibers can be used to create composite parts for several end-use sectors, including oil and gas, automotive and transportation, aerospace and defense, and sporting goods. They can also be utilized in braiding, layup, prepreg, weaving, filament winding, and pultrusion processes.
In 2021, in terms of application, the oxygen cylinders segment acquired the highest share in the global tow prepreg industry and will remain dominant during the analysis years. This is due to the tow prepreg tremendous strength, stiffness, and high tensile strength.
In 2021, based on end-users, the oil & gas industry segment acquired the highest share of 25% in the global tow prepreg industry. Oil and gas companies frequently employ FRP tanks for storage, and these days, tank manufacturers are making them with more frequency using the filament winding method and two prepregs. These storage tanks are quite strong and have a long lifespan, so they won't need to be replaced too soon. Tow prepreg-based tanks are becoming popular in this business since they are more durable and less expensive to replace than steel tanks. On the other hand, the automotive & transportation segment will record the highest growth rate of 7.6% during the prediction period.
Regional Summary
In 2021, North America dominated the global tow prepreg industry with a share of 35%. This is owing to the existence of numerous major prepreg producers in the United States, along with the presence of well-established end-use industries like aerospace, automotive, and others.
However, the Asia Pacific region will exhibit the highest compound annual growth rate in the global tow prepreg industry from 2022 to 2027.
Rapid industrialization and expanding end-use sectors in nations like China, India, and Japan are promoting regional market expansion.
Companies Profile
Mitsubishi Chemical Holdings is a manufacturer and supplier of various items, including industrial materials and performance goods. The business is a division of Mitsubishi Chemical Holdings Corporation. It provides services to a number of end-use industries, including environment, petrochemical intermediates, automotive and aerospace, electronics and information technology, machinery and equipment, and medical and health care.
SGL Carbon is a corporation based in Europe that offers the creation and production of carbon-based products and materials. The business has a broad scope of product portfolios, including partners for carbon fiber and composites, cutting-edge carbon and graphite-based goods and solutions, and lightweight solutions for semiconductor, wind energy, automotive, aerospace, and other industries.
TCR Composites is a company that develops resins and produces prepreg materials used to create composite parts for a variety of industries. The company offers products, such as prepreg, epoxy resins, thermoset prepregs, tow prepreg, composites, prepreg fabric, customized prepreg, prepreg unidirectional tape, prepreg braid, low-temp cure cycles, prepreg tow/roving, custom prepreg, and other products.
ENEOS Holding is a Japanese business that provides tow prepregs. It produces a wide variety of goods, including petrochemical materials, natural gas, community services, electronic goods, and oil.
Hexcel Corporation is a manufacturer of resin systems, honeycomb fabrication, and carbon fiber reinforcements for the commercial aircraft industry. Commercial aerospace, composite technologies, space, and military, industrial applications, wind energy, prepregs, adhesives, carbon fiber, honeycomb, automotive, engineered core, and technology are just a few of the many goods and services it offers.
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Leading Competitors
The leading prominent competitors in the global tow prepreg market are:
Arisawa Mfg. Co., Ltd
TEIJIN LIMITED
Toray Group
Red Composites Ltd
PORCHER INDUSTRIES
Other Prominent Players
Segmentation Outline
The global tow prepreg market segmentation focuses on Resin Type, Fiber Type, Application, End-Users, and Region.
By Resin Type Segment
Epoxy
Phenolic
Others
By Fiber Type Segment
Carbon
Glass
By Application Segment
Pressure Vessel
Oxygen Cylinder
Others
By End Users Segment
Aerospace & Defense
Automotive & Transportation
Sports & Recreational
Oil & Gas
Others
By Region Segment
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
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Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Aamir Beg
Astute Analytica
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