Tow Prepreg Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029

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Tow Prepreg Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029

Status : January, 2023 | Chemical & Materials

Report Digest

Tow Prepreg Market: Introduction

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.

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.

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

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

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TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?