Global Tow Prepreg Market - 2023-2030

Market Overview

The global tow prepreg market reached US$ XX million in 2022 and is expected to record significant growth by reaching up to US$ XX million by 2030, growing at a CAGR of 7.2% during the forecast period (2023-2030).

Pre-impregnated composite materials, such as carbon, graphite or glass fibers, are referred to as prepreg once they have dried. To create tow prepreg, reinforcing fiber is coated and impregnated with resin. Typically, a tow prepreg is made using the solvent lacquer dip/impregnation method, which involves dissolving a resin in an organic solvent or solvent mixture, impregnating a reinforcement fiber with the resin and then letting the organic solvent volatilize to leave the resin-impregnated fiber behind.

Market Dynamics

Performance benefits of tow prepregs drive the global tow prepreg market demand. However, the complex nature of tow prepreg manufacturers is a significant market restraint.

Performance benefits of tow prepregs

Compared to wet winding, tow prepregging offers a bigger gain in performance and can decrease the mass, size, and weight of the products. Tow prepregs are hence frequently chosen over dry fiber wet winding prepregs. More so than wet wrapping, tow prepregs further safeguard the fiber bundle. Tows prepregs reduce broken filaments and improve performance by gliding over guide rollers while remaining sticky enough to adhere to components.

Due to tow prepreg's enhanced mechanical qualities and minimal resin fluctuation, a tighter design tolerance can also be maintained. A smaller composite mass results from tighter design tolerances, reducing the need for fiber and resin and lowering the final product's cost. For manufacturers of pressure vessels, this translates into shorter wind times, lighter and smaller tanks, and perhaps even a shorter cure time because of the thinner walls. Similarly, tow prepreg enables performance advantages in translating between 10% and 20%. By enhancing translational performance, filament winding businesses create parts with tow prepregs that operate better. As the performance mentioned above and safety benefits, among several others, increase the demand for tow prepregs, the respective factors could be recognized as major market drivers for the global tow prepreg market.

Complex nature of tow prepreg manufacture

Although tow prepregs are highly orderly when used, their manufacturing is complex. For instance, many cutting-edge manufacturers employ autoclaves since the tow prepreg needs to be heated to a minimum of 270 °F and maintained at that temperature for at least four hours to cure. Additionally, surface porosity, voids, resin-rich regions, bridging, and other faults are frequently encountered issues with tow prepreg.

Additionally, energy is needed to weave the prepreg into threads and fibers. Further, the process of producing tow prepregs also involves manpower and equipment. Tow prepreg production requires highly sophisticated equipment and a labor force. The expense of these can run into thousands of dollars, raising the final product's cost. Therefore, the complex nature of tow prepreg manufacturers and their expensive nature could be recognized as market restraints.

COVID-19 Impact Analysis

The global tow prepreg market grew significantly before the COVID-19 pandemic for various reasons. One of the primary reasons that promoted the growth of the global tow prepreg market was the extensive growth of the aerospace, automotive, and wind energy sectors. Like any other market, the worldwide prepreg market was negatively impacted by the COVID-19 pandemic during its initial waves.

Because the industrial-scale synthesis of prepreg requires large-scale industrial reagents, specialized labor, and sophisticated apparatus, tow prepreg production has been disrupted. During the pandemic, industry lockdowns and social distancing requirements further hampered the production process. Furthermore, the supply of raw materials required to make prepreg and finished products were significantly hampered due to the global lockdown imposed by the COVID-19 pandemic. For instance, the market for acrylonitrile, the precursor to carbon fibers, became rather perplexing because of COVID-19. As a result, the prepreg market's demand-supply dynamics were severely hampered. Prepregs are primarily used in automotive, aerospace, and related industries. Lockdowns and the inability to get raw materials in these industries reduced total activity in these application sectors, lowering overall demand for tow prepregs.

The outbreak of COVID-19 has created an immense obstacle to the growth of the global tow prepreg market. However, due to the bounce back of various end-user verticals and the removal restrictions on supply-demand dynamics, the respective market is expected to grow extensively, reaching over 10.7% CAGR value by 2030. For instance, currently expanding at a CAGR of 3.1% after several years of decline, where the market fell by 0.6% between 2017 and 2022, the current worldwide market for automotive manufacturing was estimated to be worth US$2.9 trillion in 2022. The industry is anticipated to expand further at a CAGR of 3.71%, reaching 122.83 million units by 2030, showing a significant increase from 85.32 million units in 2020. The respective factor and similar growth of industries such as aerospace & defense would boost the tow prepreg market.

Segment Analysis

The global Tow Prepreg market is classified based on fiber, resin, application, end-user, and region.

The exceptional strength and wide array of application boosts the demand for carbon fiber in the global tow prepreg market

There are many different forms and uses for carbon fiber. The three types of carbon fiber typically available for purchase are continuous, woven, and chopped. Continuous filament carbon fiber is a carbon fiber yarn that may be treated in various ways. An extremely rigid and light material can be created by impregnating woven carbon fiber textiles with polymer resins. When carbon fiber is saturated with resin, it can also be "chopped," a type of carbon fiber created from short, broken fibers that can be arranged randomly. The respective type of carbon fiber is stronger than woven carbon fiber composite, whose fibers are often exclusively oriented in two directions.

Carbon fibers must be able to be held together to be very useful. Because of this, carbon fibers are enclosed in polymer resins to create a substance known as a carbon composite or a carbon fiber-reinforced polymer. The production process, such as how the carbon fiber is produced, is determined by the end application for the carbon fiber product. The polymer resin can be impregnated into carbon fiber using various techniques. Prepreg, injection, tow prepreg, and pultrusion are popular.

Similar to prepreg carbon fiber, tow prepreg carbon fiber has the resin needed to fix the material in place that is already semi-cured and prepared for usage. In simple terms, tow prepreg is a pre-impregnated filament, whereas prepreg is a pre-impregnated fabric. The tow prepreg can subsequently be woven like any other carbon fiber filament. Due to the growing demand for carbon tow prepreg, many manufacturers are focusing on its manufacture and are investing extensively in research and development of the respective segment.

For instance, Axiom Materials announced the introduction of thin slit tow prepregs for hydrogen, CNG, and electric vehicles on June 14, 2021. When creating large structural parts such as pressure vessels or lithium-ion battery containers, AFP and filament winding methods can be used with the corresponding high-temperature carbon fiber tow prepregs. The manufacturer asserts that the new device can increase waste reduction, fuel economy, and passenger safety while enabling more affordable, effective, and ecologically friendly transportation.

Geographical Analysis

Increasing population and demand for automotive and electronics allow Asia-Pacific to dominate the regional segment of the global tow prepreg market

The increasing population in the Asia-Pacific region generates a tremendous demand for automotive and electronic gadgets & appliances, so this plays a vital role in the growing demand for the tow prepreg in the Asia-Pacific. According to passenger car and commercial vehicle wholesale data released by the CAAM, in October 2022, new vehicle sales in China increased by 7% to 2,505,000 units from 2,333,000 units in the same month of last year. As the number of sales depicts the rise in consumption in China for automobiles, the growing production and consumption in Asia-Pacific augment the demand for tow prepregs.

One of the top producers of fiber-reinforced polymer (FRP) composites, Kemrock Industries and Exports Ltd. (KIEL), has introduced a line of carbon fiber products for industrial uses under the brand name "JAITEC. " On October 5, 2021, Toray Advanced Materials Korea (TAK) announced its entry into the intermediate carbon fiber prepreg business to increase the commercial synergy of carbon fiber composite materials. By providing high-performance, high-quality carbon fibers, and processability, TAK will actively respond to industrial fields such as wind power generation blades of eco-friendly energy and hydrogen cars, electric vehicles, and urban aviation mobility (UAM).

Tow Prepreg Market Competitive Landscape

The global Tow Prepreg market is enormous and is becoming increasingly competitive due to the presence of significant players such as Mitsubishi Chemical Carbon Fiber and Composites, Inc, ENEOS Holdings, Inc, Toray Industries Inc, SGL Carbon SE, 3M Company, Teijin Limited, Arkema, Hexcel Corporation, Kordsa, and TCR Composites. The market is fragmented and market players employ tactics such as mergers, acquisitions, product launches, contributions, and collaborations to gain a competitive advantage and recognition.

Qualcomm

Overview: North Thin Ply Technology is an Oakley Capital Private Equity subsidiary. North Thin Ply Technology is the inventor of the 3Di™ technology for North Sails' grand Prix yacht racing sails; North Thin Ply Technology develops a world-leading range of thin ply prepreg products and complementary technical solutions for use in the field of composites.

North Thin Ply Technology products include weight-saving prepreg materials, 15-300 gsm UD tapes, conventional prepregs, multiaxial preforms, and machinable carbon fiber blocks. The company also produces highly uniform composite tubes and automated tape-laying (ATL) machines. North Thin Ply Technology has its headquarters in Renens, Switzerland, and another facility in Zory, Poland.

Product Portfolio:

Thin Ply Prepreg: NTPT has designed a special process to spread reinforcement fibers and make the lightest unidirectional prepreg tapes on the market, with aerial fiber weight down to 15gsm. A wide range of threads can be processed, such as carbon, glass, quartz, and aramid, impregnated with a selection of in-house developed epoxy or cyanate ester resin systems. NTPT has designed a special process to spread reinforcement fibers and make the lightest unidirectional prepreg tapes on the market, with aerial fiber weight down to 15gsm.

A wide range of fibers can be processed, such as carbon, glass, quartz, and aramid, impregnated with a selection of in-house developed epoxy or cyanate ester resin systems. NTPT's Thin Ply Prepreg system has TP736LT, TP513, TP402, TP415, TP135, TP150SC, TP190, TP380CE and GF736.

Key Development:

On March 12, 2020, NTPT and the 'Institut fur Forschung und Entwicklung von Sportgeraten' (FES) collaborated to design the next generation of track cycling disc wheels for the German Olympic Track Cycling Team utilizing NTPT's revolutionary Thin Ply Technology.

The global Tow Prepreg market report would provide approximately 69 tables, 72 figures, and almost 291 pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies