New York, NY -- (SBWIRE) -- 11/30/2020 -- Tow Prepreg Market: An Overview

According to the current analysis of Reports and Data, the global Tow Prepreg Market was valued at USD 404.25 million in 2019 and is expected to reach USD 1.03 billion by the year 2027, at a CAGR of 15.5%. It is conventionally produced by an impregnation method wherein a resin is diluted with a solvent, a reinforcement fiber is produced with the resin, and the organic solvent is volatilized, leaving a resin-impregnated fiber.

The tow prepreg can be used for a various manufacturing processes ranging fiber positioning, to filament winding, and other molding techniques, while the unidirectional tape can be utilized as a composite base for the construction of three-dimensional structures that include tubular structures or other complex structural geometries. This production method is also suitable for other non-interwoven planes of fibers such as parallel, large fiber area weight composite structure.

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Tow Prepreg Market Dynamics

Tow prepreg is elemental in the manufacturing of primary and secondary structural parts for aerospace, defense and automotive industries. It is a preferred choice of material due to its excellent properties including high strength, lightweight, less curing time, uniformity, and better cosmetics. High tensile strength of tow prepreg renders it ideal for hydrogen fuel cells and high-pressure type 4 cylinders for aerospace, defense and automotive industries.

Tow prepreg is extensively used in aerospace & defense, industrial, automotive, sporting goods, and so on.  Automotive is the fastest-expanding end-use industry for the tow prepreg market. This is due to increasing demand for light and strong materials such as tow prepreg from European and North American regions. The stringent environmental regulations in these regions have made it mandatory for automotive OEM manufacturers to use lightweight materials in automobiles to reduce fuel consumption and CO2 emission.

Tow Prepreg Market: Regional Outlook

The North American region holds a dominant position in the market and will continue to be the largest consumer of tow prepreg. The market here is expected to register a CAGR of 12.9% over the forecast period. This proliferation stems from the large aerospace & defense industry, high investment on defense and high disposable income in the region. The presence of the leading prepreg manufacturers and the steady economic advancements in the region are the key drivers for the growth of the tow prepreg industry. Prominent commercial and defense aircraft manufacturers such as Boeing, Airbus, and Lockheed Martin also have large manufacturing units in North America which create a high demand for tow prepreg. 

The use of lightweight materials has also increased in the Asia Pacific region, especially in Japan, China, and South Korea. For instance, Kangde Group (China) has established a smart manufacturing facility for carbon fiber car body and components which is estimated to produce 6 million parts annually. This will stimulate consumption of tow prepreg in the Chinese automotive industry. APAC is expected to be the fastest-growing market registering a CAGR of 13.5% over the forecast period. This is due to the growing penetration of composite materials, such as tow prepregs in several end-use industries. Electric vehicles also provide a considerable opportunity for the tow prepreg market. For instance, BMW 7 and BMW i3 series electric cars are using carbon fiber-based tow prepreg. Various electric car manufacturers in Europe will be adopting lightweight materials in their vehicles to meet the target set by the European countries. The Europe tow prepreg market is expected to register a CAGR of 11.6% over the forecast period.

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Tow Prepreg Market: Key Players

-TCR Composites
-Mitsubishi Chemical Corporation
-SGL Group
-Hexcel Corporation
-Toray Industries, Toyobo Co. Ltd.
-JXTG Nippon Oil & Energy
-Fibrtec
-North Thin Ply Technology
-HyPerComp Engineering

Impact of COVID-19 on Tow Prepreg Market

The two prepreg market will witness effects of COVID-19 pandemic as the disruptions caused by the disease will be reflected on end user industries which will in turn decide the growth prospects for the market. In commercial aviation, companies are experiencing disruption in production and slowing demand as workers go home, passengers stop traveling, and customers defer delivery of new aircraft. Demand for spare parts is also low at present since little maintenance is currently needed. Aircraft manufacturing is capital intensive, thus causing short-term concerns about cash flow. The COVID-19 pandemic has also impacted the globally integrated automotive industry. Disruption in Chinese parts exports, large scale manufacturing disruptions across Europe, and the halting of assembly plants in the US have been side effects of the pandemic. This is placing intense pressure on the industry already coping with a downgrade in global demand, and expected to lead to mergers & acquisition activities.

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Report Highlights:

Detailed overview of the market
Evolving tow prepreg market dynamics
In-depth tow prepreg market classification
Historical, present, and anticipated tow prepreg market size and share in terms of volume and value
Recent tow prepreg market trends and advances
Competitive landscape
Strategies adopted by key players and products portfolio
Segments, sub-segments, and geographic regions exhibiting growth prospects
A neutral and global perspective on tow prepreg market performance

Tow Prepreg Market: Segmentation

For this report, Reports and Data has segmented the tow prepreg market based on fiber type, end-use industry, and region.

Fiber Type (Revenue in USD Thousand; Volume in Tons, 2017–2027)

Carbon Fiber
Glass Fiber
S-Glass Fiber
E-Glass Fiber
Aramid Fiber

End-Use Industry (Revenue in USD Thousand; Volume in Tons, 2017–2027)

Aerospace & Defense
Automotive
Marine
Industrial
Sporting Goods
Infrastructure
Others

Regional Outlook (Revenue in USD Thousand; Volume in Tons, 2017–2027)

North America
S
Canada
Europe
Germany
Italy
K
France
Rest of Europe
Asia Pacific
China
Japan
South Korea
Australia
Rest of Asia-Pacific
Middle East & Africa
GCC Countries
Rest of MEA
Latin America
Brazil
Argentina
Rest of Latin America

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