PUBLISHER: Grand View Research | PRODUCT CODE: 1530115
PUBLISHER: Grand View Research | PRODUCT CODE: 1530115
Tow Prepreg Market Size & Trends
The global tow prepreg market size was estimated at USD 3.12 billion in 2023 and is projected to grow at a CAGR of 9.2% from 2024 to 2030. Rising need among manufacturers for the manufacturing of durable and lightweight materials for the production of aerospace parts is expected to have a positive impact on product demand. Increasing product use in wind sector for production of lightweight blades is further anticipated to fuel product demand over the forecast period. Furthermore, rising number of mandates particularly in the U.S. and European countries such as the UK and France targeting low carbon emissions and better fuel efficiency is expected to propel use of tow prepreg in the automotive industry over the forecast period.
Primary drivers of the market includes continuous technological advancements in composite materials industry. Tow prepreg, a pre-impregnated fiber with a resin system, offers superior mechanical properties, such as high strength-to-weight ratio and high fatigue resistance. In addition, innovations in manufacturing processes, such as automated fiber placement (AFP) and automated tape laying (ATL), have made the production of tow prepreg more efficient and cost-effective. These advancements enable the creation of complex structures with precision, thereby leading to the product growth over the forecast period.
Global prepreg market is distinguished by integration across various supply chain stages which includes the supply of raw materials, manufacturing of tow prepreg, and distribution processes. Companies such as Hexcel Corporation and Mitsubishi Chemical Holdings Corporation are integrated across three stages of value chain. These companies process the raw materials after which they utilize these materials for the production of a variety of prepreg. Integration across numerous stages of the value chain results in continuous raw material supply as well as low manufacturing cost.
However, tow prepreg are developed using cutting edge technologies such as vacuum bag, autoclaved and pultrusion. Implementation of the mentioned advanced technologies requires highly skilled operators. Moreover, effective mixing and handling of resin content requires skilled labor. This in turn, leads to increase in labor cost, thereby restricting the growth of tow prepreg market
Global Tow Prepreg Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global tow prepreg market report based on fibers, end-use, and region.
U.S.
Canada
Mexico
Germany
UK
France
Italy
Spain
China
India
Japan
South Korea
Brazil
Saudi Arabia