Tow Prepreg Market Growth Sturdy at 11.7% CAGR to Outstrip $1,544.41 Million by 2028 - COVID-19 Impact and Global Analysis by TheInsightPartners.com

The Tow Prepreg Market Growth impelled by growth of automotive and transportation industry, expanding applications of tow prepregs across diversified industrial bases along with growing demand for lightweight and cost-efficient materials, rapid urbanization coupled with economic growth and significant investment in research and development activities.

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Pune, India., July 21, 2021 (GLOBE NEWSWIRE) -- Tow Prepreg Market: Key Insights
According to our new research study on “Tow Prepreg Market to 2028 – Global Analysis and Forecast – by Fiber Type, Resin Type, End-Use Industry, and Geography,” the Tow Prepreg Market Size is projected to reach US$ 1,544.41 million by 2028 from US$ 639.30 million in 2020; it is expected to grow at a CAGR of 11.7% during 2020–2028. Tow prepreg is the intermediate material utilized for filament winding process; it is a "pre-impregnated fiber tow" with resin system. Tow Prepreg are composed of glass fiber filament, carbon, and duro-plastic resin that act as binding materials.

Tow Prepreg Market: Competitive Landscape and Key Developments
Arisawa Manufacturing CO., LTD.; Eneos Corporation; Hexcel Corporation; Mitsubishi Chemical Corporation; Porcher Industries; Red Composites LTD; SGL Carbon; TCR Composites, Inc.; Teijin Limited; and Toray Industries, INC. are among the key companies operating in the global tow Prepreg market. The major players in the market are focused on strategies such as mergers and acquisitions, and research and development to expand their geographic presence and consumer base globally.

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In 2019, North America held the largest share of the global tow Prepreg market. Further, it is estimated to register the fastest CAGR in the market during the forecast period. The presence of strong industrial base as well as significant investments by market players in their research and development activities, with growing focus on offering advanced products, are key factors encouraging the tow prepreg market growth in North America.

Tow Prepreg are predominantly used as a significant raw material to manufacture primary and secondary structural parts in the aerospace & defense, automotive, and transportation industries. Tow Prepreg are preferably used by companies such as by Boeing and Airbus in the production of commercial aircraft. Further, technological advancements in the tow prepreg industry, coupled with product innovations, are boosting the market growth. Through effective research and development, researchers and prepreggers have come up with new product developments and extended application base of tow Prepreg. Fiber precursors are now being in the oil & gas, sports, medical, marine, and wind energy industries, in addition to the automotive, transportation, and aerospace industries, which are conventional application areas of tow Prepreg.

Tow Prepreg Market: Segmental Overview
Based on fiber type, the tow Prepreg market is segmented into carbon, glass, and others. In 2020, the carbon segment dominated the market. Carbon fiber tow is the thread utilized to weave carbon fiber fabrics. The carbon fiber tow prepreg have high demand in industries such as automotive and transportation, aerospace & defense, and sports and recreational sectors. Carbon fibers have greater strength modulus, high tensile strength, and elastic modulus than other fiber types.

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By resin type, the tow prepreg market is segmented into epoxy, phenolic, and others. The epoxy segment accounted for the largest market share in 2020. Epoxy possesses robust structural length and strong binding factor, which makes it a widely applicable element for filling up voids between the parts. Epoxy resins provide strong binding characteristic to the epoxy tow prepreg composites. Moreover, they provide high tensile strength, wettability, high chemical and environmental resistance, strong adhesion, and better electrical properties.

On the basis of end-use industry, the global tow prepreg market is segmented into aerospace and defense, automotive and transportation, sports and recreational, oil and gas, and others. In 2020, the aerospace and defense segment dominated the tow prepreg market. Composite materials are preferred in aviation and aerospace resin types due to their exceptional strength and stiffness-to-density ratios, and superior physical properties. A composite material typically consists of relatively strong, stiff fibers in a tough resin matrix. Innovative lightweight structures, along with highly complex aircraft components, are made of modern lightweight materials such as carbon fiber tow prepreg.

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Impact of COVID-19 Pandemic on Tow Prepreg Market:
As of May 2021, the US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are among the worst-affected countries in terms COVID-19 cases and deaths. The ongoing pandemic has drastically altered the status of the prepreg industry, with a prominent negative effect on it. The COVID-19 outbreak has distorted operational efficiency and disrupted the value chains due to the sudden shutdown of national and international boundaries, creating revenue loss and damage to industries such as automotive, aerospace and defense, semiconductor and electronics, and wind and marine. Similarly, as per an article published by Aerospace Manufacturing, the global orders and deliveries of aircraft in 2020 were 42% and 55.3% lower than the numbers recorded in 2019 and 2018, respectively. However, as economies are planning to revive their operations, the demand for tow Prepreg is expected to rise globally in the next few quarters. However, increasing focus on just-in-time production is another factor hindering market growth. With the growth of automotive, aerospace, and other industries post-pandemic, the demand for tow Prepreg is expected to take huge leaps due to expanding application bases.




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