PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1660157
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1660157
The tow prepreg market is estimated at USD 0.20 billion in 2024 and is projected to reach USD 0.35 billion by 2029, at a CAGR of 12.3% from 2024 to 2029. Due to its high tensile strength, low shrinkage, exceptional durability, excellent chemical resistance, and adhesive properties, it is the most popular choice among manufacturers for producing tow prepreg. It acts as binder that holds the continuous fiber tows together, and allows for better impregnation. Epoxy resin tow prepreg has wide range of applications in automotive & transportation, oil & gas, aerospace & defense, and sports equipment.
Scope of the Report | |
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Years Considered for the Study | 2021-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million), Volume (Kiloton) |
Segments | By Resin Type, By Fiber Type, By Application, By End-Use Industry, and By Region |
Regions covered | Europe, North America, Asia Pacific, Middle East & Africa, and Latin America |
''In terms of value, carbon fiber accounted for the largest share of the overall tow prepreg market.''
In 2023, carbon fiber accounted for the largest market share in the tow prepreg market. As compared to other fiber types, carbon fiber possess advanced mechanical properties such as high tensile strength, high modulus, low density, and high chemical resistance, which makes them ideal as a reinforcement for tow prepreg. Carbon fibers are produced as untwisted bundles of continuous filament known as tows, which are then combined with thermoplastic or thermoset resin matrix to form tow prepreg. Further, this intermediate base material is widely used in pressure vessel, oxygen cylinders, scuba tanks, fishing rods, golf shafts, and bicycle frames.
''In terms of value, pressure vessel segment accounted for the largest share of the overall tow prepreg market.''
Pressure vessel application is projected to be the fastest-growing segment in the tow prepreg market. Pressure vessels are manufactured by filament winding tows of high strength carbon fiber over a mandrel, which serves as a liner in the finished structure and ensures gas tightness. It has been widely used for storing compressed natural gas in vehicles. The pressure vessels made of carbon fiber tow prepreg are 75% lighter than the steel or aluminium pressure vessels, making them suitable for wide range of end-use industries including automotive & transportation, oil & gas, and aerospace & defense.
"During the forecast period, the tow prepreg market in aerospace & defense industry is projected to be the fastest growing end-use industry."
During the forecast period from 2024 to 2029, the aerospace & defense industry is expected to be the fastest-growing end-use industry in the tow prepreg market. The demand for tow prepreg is rising in aerospace & defense industry due to its superior performance characteristics, including high strength-to-weight ratio, thermal stability, and corrosion resistance. Top leading aerospace manufactures such as Airbus, and Boeing have already adopted tow prepregs for Airbus A350 XWB and Boeing 787 in fuselages to reduce weight and improve fuel efficiency. Advancement in high-performance aerospace technologies, and demand for next generation aircraft is fuelling the demand for tow prepreg in aerospace & defense industry.
"During the forecast period, the tow prepreg market in Europe region is projected to be the largest region."
Europe is the largest market for tow prepreg because of its strong demand from automotive & transportation, and aerospace & defense sector, which is a driving factor for high-performance materials such as tow prepreg. The region is dominated by large automotive manufacturers, Audi, BMW, Volvo Group, which have comprehensive use of tow prepregs in exterior and interior parts of vehicles. BMW uses tow prepreg in its i3 and i8 electric and hybrid vehicles. The i3 features a carbon fiber reinforced plastic (CFRP) passenger cell made using tow prepreg, which helps reduce the vehicle's weight and increase energy efficiency. Second, Europe has a major tow prepreg manufacturing companies such as SGL Carbon (Germany), Porcher Industries (France), Red Composites (UK), VITECH Composites (France), and Gurit Services AG (Switzerland) that drives the demand and potentially expands its market shares.
Prominent companies TCR Composites, Inc. (US), SGL Carbon (Germany), ENEOS Holdings, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Carbon Fiber Composites, Inc. (US), Hexcel Corporation (US), Porcher Industries (France), Red Composites (UK), VITECH Composites (France), Arisawa Manufacturing Co., Ltd. (Japan), Toray Industries, Inc. (Japan), 3M (US), KORDSA (Turkey), Gurit Services AG (Switzerland), and Huntsman International LLC (US).
Research Coverage
This research report categorizes the tow prepreg market By Resin Type (Epoxy, Phenolic, and Other Resin Types), By Fiber Type (Carbon, Glass, and Other Fiber Types), By Application (Pressure Vessel, Oxygen Cylinders, Scuba Tanks, and Other Applications), End-Use Industry (Automotive & Transportation, Oil & Gas, Aerospace & Defense, Sports Equipment, and Other End-use Industries), Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America). The scope of the report includes detailed information about the major factors influencing the growth of the tow prepreg market, such as drivers, restraints, challenges, and opportunities. A thorough examination of the key industry players has been conducted in order to provide insights into their business overview, solutions, and services, key strategies, contracts, partnerships, and agreements. Product launches, mergers and acquisitions, and recent developments in the tow prepreg market are all covered. This report includes a competitive analysis of upcoming startups in the tow prepreg market ecosystem.
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall tow prepreg market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.