Tow Prepreg Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

Global Tow Prepreg Market, analyzed by Astute Analytica, was valued at US$ 290.9 Mn in 2021 and is projected to reach US$ 438.8 Mn by 2027, registering a CAGR of 7.1% over the projection period. In terms of volume, the market is registering a CAGR of 6.6% during 2022-2027. Tow prepreg refers to composite materials such as carbon, graphite, or glass fibres that are “pre-impregnated” with resins and then cured. The prepreg process can be accomplished by hot-melt impregnation, resin filming, or solvent impregnation. The various end-use industries which use tow prepregs are aerospace & defense, automotive & transportation, sports & recreational, and oil & gas, among others. 

The market is majorly driven by factors such as increasing use of tow prepreg in the automotive & aerospace industry and the advantages it has over wet-winding process. The rise in demand of electric vehicle to reduce the emission of green-house gases such as CO2 as compared to other gasoline or conventional vehicles is augmenting the growth of tow prepreg market owing to the use of tow prepreg in the manufacturing of CNG cylinders, transmission axle, leaf springs, and other automotive components. Further, the automotive & aerospace industry is significantly adopting tow prepregs to achieve improved performance such as high mechanical properties and low weight. In addition, the growing automotive production coupled with rising investments in the industry is propelling market growth. Furthermore, for some applications, filament winding with prepreg tow has advantages over wet winding. Prepreg tow enables for more exact resin content control, resulting in reduced fluctuation in the mechanical properties of the cured item. Prepreg towing also has the benefit of enabling for a significantly cleaner work environment with decreased environmental hazards for the operators. However, the high processing and manufacturing cost is hindering the market growth. 

Key Insights of the Report: 

• The latest study published by Astute Analytica analyzes Global Tow Prepreg Market for the study period of 2017-2027; where historical years are 2017-2020, base year is 2021 and forecast period is 2022-2027.
• The research report offers detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 15 chapters distributed across 129 pages with 141 lists of tables and 34 lists of figures.
• The market is segmented based on resin type, fiber type, application, end user, and region.
• The market estimates are presented in terms of value (US$ Mn) and volume (Tons).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• A detailed value chain analysis of the industry was conducted. It includes raw material providers, tow prepreg manufacturers, distributors, and end-users.
• The competitive dashboard section includes analysis on the basis of Concentration Ratio (CR), based on market size and market presence of key companies.

Key Takeaways from the Global Tow Prepreg Market Report:

• Based on resin type, the epoxy resins segment holds the highest market share in 2021. The growth is attributed to the key properties of epoxy resins such as high strength, low shrinkage, excellent adhesion to various substrates, effective electrical insulation, chemical & solvent resistance, and low toxicity, among others. However, the phenolic segment registers the highest CAGR over the forecast period.
• In terms of fiber type, the glass segment records the highest share in the tow prepreg market in 2021 whereas the carbon segment is estimated to record the highest CAGR over the forecast period. Carbon fiber tow prepreg offers higher tensile strength compared to other types of fiber products. These fibers can be used in layup, weaving, prepreg, filament winding, braiding, and pultrusion processes for manufacturing composites parts for various end-use industries such aerospace & defense, automotive & transportation, oil & gas, and sporting goods.
• Based on application, oxygen cylinders are the highest application segment in the market in 2021 and is projected to continue its dominance over the forecast period. This is because tow prepregs offer high strength, rigidity, and high tensile strength. However, the pressure vessels segment registers the highest CAGR over the forecast period.
• In terms of end-users, the oil & gas industry is the largest end-user in the tow prepreg market in 2021. FRP tanks are widely used in the oil & gas industry for storage, and nowadays, tank manufacturers are increasingly manufacturing these tanks using tow prepregs through the filament winding process. These storage tanks have high strength and long life to avoid the need for early replacement. Using tow prepreg-based tanks instead of steel tanks helps increase the durability of the tank and reduces the cost of replacement which is increasing its demand in this industry. However, the automotive & transportation industry registers the highest CAGR over the forecast period.
• North America is the highest shareholder region in the global tow prepreg market in 2021. This is due to well-established end-use industries such as aerospace, automotive, and others, coupled with presence of large number of tow prepreg manufacturers in the US. Asia Pacific records the highest CAGR over the forecast period 2022-2027. The rapid industrialization and rapidly growing end-use industries in countries such as Japan, India, and China, are fostering the regional growth in the market.

Competitive Dashboard

The key players in the global tow prepreg market are Teijin Ltd., Mitsubishi Chemical Holdings, SGL Carbon, TCR Composites, Inc., ENEOS Holdings Inc., Arisawa Mfg. Co., Ltd., Toray Group, Red Composites Ltd., Hexcel Corporation, and Porcher Industries, among others. 

Segmentation Overview

The following are the various segments of the Global Tow Prepreg Market:

By Resin Type segment of the Global Tow Prepreg Market is sub-segmented into:

• Epoxy
• Phenolic
• Others

By Fiber Type segment of the Global Tow Prepreg Market is sub-segmented into:

• Carbon
• Glass

By Application segment of the Global Tow Prepreg Market is sub-segmented into:

• Pressure Vessel
• Oxygen Cylinder
• Others

By End Users segment of the Global Tow Prepreg Market is sub-segmented into:

• Aerospace & Defense
• Automotive & Transportation
• Sports & Recreational
• Oil & Gas
• Others

By Region segment of the Global Tow Prepreg Market is sub-segmented into:

• 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