Press release
Tow Prepreg Market to Witness Growth Acceleration During 2030
Tow prepreg is a fiber bundle made by preimpregnating resin to alter the properties of the fiber. There are three types of resin used to impregnate the tow, of which epoxy resin grabs major share due to its availability and ease of handling used for impregnating the tow. Tow Prepreg is a recent trend in the market that possesses enhanced properties such as light weight, temperature resistant and high durability. With the increase in demand for durablility of the fuselage for sustaining exceptionally high pressures at high altitudes, demand for tow prepreg has also witnessed an uptick. Further, increasing use of tow prepreg in the rocket motor cases and missile systems due to its high tensile strength to expand the demand of tow prepreg. Tow Prepreg market is expanding at almost a double digit CAGR over the forecast period of 2019-2029 due to its increasing use in various sectors such as automobile, defense, and aerospace sectors. Moreover, increase in demand for tow prepreg products sheds light on its weight which is 80% lighter than steel, makes it more attractive in exotic car manufacturing business. In 2019, Hanyang University developed carbon prepreg which shall replace the automotive engine bracket and the fast curing process of Tow prepreg developed by TORAYCA has exceptional formability and high mechanical properties. Tow Prepreg coating by Hyundai has found substantial reduction of weight compared to conventional coating. Significant changes and advancements in the production technology of tow prepreg to enhance its properties such as high tensile strength, durability, heat resistant, etc., are brightening the market. Initiatives by companies such as Toray, Hyundai, JXTG Nippon Oil & Energy, etc. are increasing level of competition amongst the players and also implicate the demand from the end-use industry such as defense, automobile and aerospace sectors. Increasing use of tow prepreg in the oil & gas sector to augment at a rapid rate due to its niche applications.
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Increasing Use of Tow Prepreg in Niche Applications Shall Fortify the Automotive and Aerospace Industry
Increasing use of Carbon Fiber Reinforced Polymer (CFRP) in the automobile industry is increasing the demand for tow prepreg. Properties such as higher tensile strength, heat resistance etc. have gained traction in the manufacturing of automotive parts. Turnaround of the aerospace industry towards lightweight fuselage is propelling the demand of tow prepreg. Based on fiber type, carbon fiber grabs 80% of the market share followed by the glass fiber. The automobile sector grabs around 15% of the market share and is expected to grow at a moderate CAGR in the forecast period 2019-2029. According to Clean Energy Manufacturing Analysis Center (CEMAC), Oakridge National Laboratory, Europe is expected to have a higher carbon fiber demand share of around 43% by 2020 and the global demand share of carbon fiber in the aerospace sector is around 25%.
Segmentation analysis of Tow Prepreg Market
The tow prepreg market is bifurcated into five major segments: Fiber Type, Resin Type, application by end use and region.
On the basis of Fiber type, the global tow prepreg market is divided into:
Carbon
Glass
Aramid
Thermoplastic
On the basis of resins, the global tow prepreg market is divided into:
Epoxy
Phenolic
Others
On the basis of application, the global tow prepreg market is divided into:
Rocket motor cases
Fuselage
Automobile parts
Pressure vessels
Sports goods
Others
On the basis of end use industry, the global tow prepreg market is divided into:
Aerospace
Defense
Oil & gas
Automobile
Sports
Others
Tow Prepreg Market: Regional Outlook
Europe is expected to grab the major portion of the market share in 2019 in terms of demand of Tow prepreg. Countries such as Germany, Italy and Switzerland are fast growing markets in aerospace and automobile industry thus necessitates the utilization of tow prepreg for market domination. Initiatives such “Carbon Fiber & Advanced High Performance Cluster (CFPC)” by European Commission aims to develop carbon fiber products to foster the demand of tow prepreg. Followed by Europe, North America region is flourishing at a rapid rate in utilization of tow prepreg in manufacturing pressure vessels and turbine blades. Followed by North America, South Asia and Oceania is growing at a grace CAGR, India is one of the key emerging markets in tow prepreg market due to its diversified automotive market.
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Key players of Tow Prepreg Market
Prominent players in the global tow prepreg market are SGL carbon, JXTG Nippon Oil & Energy, TCR composites, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, Toray Inc, Arisawa manufacturing, Porcher Industries Designs, Red Composites Ltd. Teijin Ltd and Vitech Composites. Tow Prepreg market consists of diversified global and regional players with global vendors ruling the market.
The research report presents a comprehensive assessment of the tow prepreg market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The tow prepreg market report provides analysis and information, according to market segments such as fiber type, resin type, application and end use.
The tow prepreg Market Report Covers Exhaustive Analysis On:
Market Segments
Market Dynamics
Market Size & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
The tow prepreg report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The tow prepreg report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The tow prepreg report also maps the qualitative impact of various market factors on market segments and geographies.
The Tow Prepreg Market Report Highlights:
A Detailed overview of the parent market
Changing market dynamics in the industry
In-depth market segmentation
Historical, current and projected market size in terms of volume and value
Recent industry trends and developments
Competitive landscape
Strategies of key players and products offered
Potential and niche segments, geographical regions exhibiting promising growth
A neutral perspective on market performance
Must-have information for market players to sustain and enhance their market footprint
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