Tow Prepreg Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2031

Market Scenario 

Global tow prepreg market was valued at US$ 314.3 Mn in 2022 and is projected to reach US$ 585.6 Mn by 2031 at a CAGR of 7.1% during the forecast period 2023-2031. By volume, the market is registering a CAGR of 6.6% during the same period. 

The tow prepreg market is a rapidly growing industry that offers numerous opportunities for growth and expansion. Tow prepreg materials are widely used in various end-use industries, such as aerospace & defense, automotive & transportation, sports & recreational, and oil & gas, among others. The automotive & aerospace industries are the primary consumers of the tow prepreg market due to the advantages it has over the traditional wet-winding process. The use of tow prepreg in the manufacturing of automotive components such as CNG cylinders, transmission axle, and leaf springs is on the rise due to the increased demand for electric vehicles to reduce greenhouse gas emissions.

Moreover, the automotive & aerospace industry's adoption of tow prepregs for improved performance, high mechanical properties, and low weight is further propelling market growth. The growing automotive production coupled with rising investments in the industry is also contributing to the market's growth. Another advantage of tow prepregs is that it 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 a significant challenge for the market's growth. Therefore, manufacturers must focus on reducing the manufacturing cost of tow prepregs to remain competitive in the market.

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Market Dynamics 

Drivers

Increasing Demand from Aerospace and Automotive Industries

The global tow prepreg market is driven by the increasing demand from the aerospace and automotive industries. Tow prepregs offer high strength and durability, making them ideal for manufacturing lightweight components for these industries. According to data from the International Air Transport Association (IATA), the global passenger traffic demand for air travel is expected to grow by 4.4% annually from 2019 to 2038. Similarly, the global automotive industry is also growing rapidly, with a projected CAGR of 5.2% from 2023 to 2031. The increasing demand from these industries is driving the growth of the market.

Growing Demand for Sustainable Materials

The global tow prepreg market is also driven by the growing demand for sustainable materials. Tow prepregs offer several advantages over traditional materials, including lightweight, high strength, and low environmental impact. The increasing focus on sustainable manufacturing practices and the rising awareness of eco-friendly materials are driving the demand for tow prepregs in various industries. Governments worldwide are also implementing regulations and initiatives to promote the use of sustainable materials in various industries, further boosting the market's growth.

Restraint

High Manufacturing and Processing Costs

The high manufacturing and processing costs are a significant restraint for the global tow prepreg market. Tow prepregs require specialized equipment and processes, which can be expensive to set up and maintain. Moreover, the raw materials used in the production of tow prepregs, such as carbon fiber, are also expensive, adding to the manufacturing cost. The high cost of manufacturing and processing limits the adoption of tow prepregs in several industries, affecting the market's growth.

Segmental Analysis of Global Tow Prepreg Market 

By Resin Type

The epoxy resins segment is expected to continue dominating the tow prepreg market over the forecast period due to its superior properties such as high strength, low shrinkage, excellent adhesion, and chemical resistance. Moreover, epoxy resins have low toxicity, making them a preferred choice for various applications, including aerospace, automotive, and sporting goods. However, manufacturers must focus on developing eco-friendly alternatives to epoxy resins to cater to the increasing demand for sustainable products in the market.

The phenolic segment is projected to register the highest CAGR over the forecast period due to its excellent fire-resistant properties, high-temperature tolerance, and good mechanical strength. Phenolic resins find applications in various industries, including aerospace, defense, and transportation, among others. With increasing regulations on fire safety, the demand for phenolic resins in the market is expected to grow significantly.

By Fiber Type

The glass fiber segment is expected to continue holding the largest share in the tow prepreg market in 2022, owing to its superior properties such as good tensile strength, electrical insulation, and chemical resistance. Glass fiber tow prepreg finds applications in various industries, including aerospace, automotive, and sporting goods, among others. However, the carbon fiber segment is projected to register the highest CAGR over the forecast period due to its superior mechanical properties, including high tensile strength, stiffness, and durability. The increasing demand for lightweight and high-strength materials in the aerospace and automotive industries is driving the demand for carbon fiber tow prepreg in the market.

By Application

The oxygen cylinders segment is expected to continue its dominance in the tow prepreg market in 2022 due to its superior properties such as high strength, rigidity, and high tensile strength. Tow prepregs find applications in the manufacturing of oxygen cylinders for the medical industry, aerospace, and other industrial applications. However, the pressure vessels segment is projected to register the highest CAGR over the forecast period, driven by the increasing demand for lightweight and high-strength materials in the aerospace and defense industries.

By End Users

The oil & gas industry is expected to continue being the largest end-user of tow prepreg market in 2022, driven by the increasing demand for high-performance storage tanks for oil and gas. Tow prepregs offer high strength and durability, making them ideal for manufacturing FRP tanks for storing oil and gas. However, the automotive and transportation industry is projected to register the highest CAGR over the forecast period, driven by the increasing demand for lightweight and high-strength materials in the manufacturing of automotive components such as CNG cylinders, transmission axle, and leaf springs, among others. Manufacturers must focus on developing innovative products that cater to the specific needs of different end-users to capitalize on the market's growth opportunities.

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Regional Analysis 

North America continues to be the highest shareholder region in the global tow prepreg market in 2022, mainly due to the well-established end-use industries such as aerospace, automotive, and others in the region. The presence of a large number of tow prepreg manufacturers in the US is also contributing to the market's growth. Moreover, the adoption of new technologies and the development of advanced materials are driving the demand for tow prepregs in the region.

However, the Asia Pacific region is projected to register the highest CAGR over the forecast period (2023-2031), driven by the rapid industrialization and growing end-use industries in countries such as Japan, India, and China. The increasing demand for lightweight and high-strength materials in the automotive, aerospace, and defense industries is propelling the growth of the tow prepreg market in the region. Moreover, the increasing investment in infrastructure development and rising disposable income in emerging economies are driving the demand for recreational and sporting goods, further boosting the market's growth.

In addition, the increasing focus on sustainable manufacturing practices and the growing awareness of eco-friendly materials are creating new growth opportunities for the tow prepreg market in the Asia Pacific region. Governments in the region are also implementing regulations and initiatives to promote the use of sustainable materials in various industries, driving the demand for eco-friendly tow prepregs.

Furthermore, the Asia Pacific region's large population base and the increasing urbanization are driving the demand for transportation, which is further propelling the growth of the tow prepreg market in the region. Manufacturers must focus on catering to the specific needs of the Asia Pacific market and developing innovative products that meet the demand for high-performance and sustainable materials to capture the market's opportunities.

List of Key Companies Profiled:

• TEIJIN LIMITED
• Mitsubishi Chemical Holdings
• SGL Carbon
• TCR Composites, Inc
• ENEOS HOLDINGS, INC
• PORCHER INDUSTRIES
• Hexcel Corporation
• Red Composites Ltd
• Toray Group
• Arisawa Mfg. Co., Ltd
• Other Prominent Players

Segmentation Overview

The following are the various segments of the global tow prepreg market:

By Resin Type:

• Epoxy
• Phenolic
• Others

By Fiber Type:

• Carbon
• Glass

By Application:

• Pressure Vessel
• Oxygen Cylinder
• Others

By End Users:

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

By Region:

• 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