Dublin, Feb. 14, 2020 (GLOBE NEWSWIRE) -- The "Tow Prepreg Market by Fiber Type (Carbon, Glass), Resin Type (Epoxy, Phenolic), Application (Pressure Vessel, Scuba Tanks, Oxygen Cylinders), End-use Industry, Region (Europe, North America, APAC, MEA, Latin America) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Tow prepreg market is projected to register a CAGR of 10% during the forecast period.
New product developments leading to increased application of tow prepreg and growing usage of these products in existing applications in various end-use industries such as oil & gas, aerospace & defense, automotive & transportation, and sports & recreational are expected to augment the market growth. However, high manufacturing cost of tow prepreg is the major factor restraining the growth of the market.
Automotive & transportation is the fastest-growing end-use industry of tow prepreg, in terms of value.
Tow prepreg is gaining importance in the automotive & transportation industry. The automotive industry is researching on the commercial viability of advanced materials and is focused on increasing efficiency by reducing vehicle weight. Several car manufacturers, along with tow prepreg producers, are slowly venturing into the production of tow prepreg-based automotive parts. For instance, in November 2017, SGL Carbon entered into a joint venture with BMW Group for lightweight automotive construction. This helped the company to consolidate the key value chain activities, from tow prepreg to components under the roof.
The tow prepreg market in the automotive industry is expected to expand significantly in the coming years. Due to its high cost, currently, tow prepreg is only used in high-end racing cars and electric cars manufactured by companies such as BMW, Audi, Lamborghini, Chevrolet, Volkswagen, Ford, Chrysler, Daimler, Jaguar, and GM. Tow prepreg is increasingly being used in many new applications, and new partnership plans are made to meet the growing demand for tow prepreg in the automotive industry.
Carbon fiber type accounted for major share of the overall tow prepreg market.
The global tow prepreg market is projected to be dominated by the carbon fiber type during the forecast period. It has better mechanical properties, which is driving its use in many applications. It is possible to produce Class A surface finish on panels with the use of carbon fiber. This fiber is robust enough for handling and processing during the manufacturing process. Carbon fiber-based tow prepreg has long-term performance potential, in terms of resistance against fatigue and environmental effects.
Europe is the largest tow prepreg market.
The European region is projected to be the largest tow prepreg market with the presence of large aircraft manufacturers, electric car manufacturers, and offshore wind farm installations in the region. The region has presence of commercial aircraft manufacturers such as Boeing and Airbus. Europe is also home to some of the prominent automotive manufacturers such as BMW, Fiat, and Bentley. These automotive manufacturers use tow prepreg composites in various structural parts such as bonnets, bumpers, and frontends.
The report provides a comprehensive analysis of profiles of companies listed below:
- TCR Composites (US)
- SGL Carbon SE (Germany)
- JXTG Holdings, Inc. (Japan)
- Teijin Ltd. (Japan)
- Mitsubishi Chemical Holdings Corporation (Japan)
- Hexcel Corporation (US)
- Porcher Industries designs (France)
- Red Composites Ltd. (UK)
- Vitech Composites (France)
- Arisawa Mfg. Co. Ltd. (Japan)
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Tow Prepreg Market
4.2 Tow Prepreg Market, By Application and Region
4.3 Tow Prepreg Market, By End-Use Industry
4.4 Tow Prepreg Market, By Fiber Type
4.5 Tow Prepreg Market, By Resin Type
4.6 Tow Prepreg Market, By Country
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Use of Tow Prepreg in the Oil & Gas Industry
5.2.1.2 Advantages Over Wet-Winding Process
5.2.2 Restraints
5.2.2.1 High Processing and Manufacturing Cost
5.2.3 Opportunities
5.2.3.1 Increasing Demand From Emerging Economies
5.2.3.2 Penetration of Tow Prepregs in New Applications
5.2.4 Challenges
5.2.4.1 Developing Low-Cost Technologies
5.3 Porter's Five Forces Analysis
5.3.1 Threat of New Entrants
5.3.2 Threat of Substitutes
5.3.3 Bargaining Power of Suppliers
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry
5.4 Macroeconomic Overview and Key Trends
5.4.1 Introduction
5.4.2 Trends and Forecast of GDP
5.4.3 Trends in Aerospace Industry
5.4.4 Trends in Automotive Industry
6 Tow Prepreg Market, By Resin Type
6.1 Introduction
6.2 Epoxy Resin
6.3 Phenolic Resin
6.4 Others
7 Tow Prepreg Market, By Fiber Type
7.1 Introduction
7.2 Carbon Fiber
7.2.1 High Demand From Aerospace & Defense Industry Driving Demand for Carbon Fiber Based Tow Prepreg
7.3 Glass
7.3.1 Glass Fiber Segment Holds the Largest Market Share, in Terms of Volume
7.4 Others
8 Tow Prepreg Market, By Application
8.1 Introduction
8.2 Pressure Vessel
8.2.1 Growing Consumption in Oil & Gas Industry Driving the Demand in Pressure Vessel
8.3 Scuba Tanks
8.3.1 Growing Demand From North America and Europe is Fueling the Growth
8.4 Oxygen Cylinders
8.4.1 Oxygen Cylinder Witnessing Growing Demand in Medical Industry
8.5 Others
9 Tow Prepreg Market, By End-Use Industry
9.1 Introduction
9.2 Aerospace & Defense
9.2.1 High Demand From European Region Fueling Growth of Tow Prepreg in Aerospace & Defense Industry
9.3 Trends in Aerospace Industry
9.4 Automotive & Transportation
9.4.1 Automotive & Transportation is the Fastest-Growing Segment in the Overall Tow Prepreg Market
9.5 Sports & Recreational
9.5.1 Europe is Biggest Consumer of Tow Prepreg in Sports & Recreational Industry
9.6 Oil & Gas
9.6.1 Tow Prepreg Increasingly Used in Pressure Vessel
9.7 Others
10 Tow Prepreg Market, By Region
10.1 Introduction
10.2 North America
10.2.1 US
10.2.1.1 US is the Largest Market for Tow Prepreg Across the Globe
10.2.2 Canada
10.2.2.1 Aerospace & Defense Industry is Driving the Demand in the Country
10.3 Europe
10.3.1 Germany
10.3.1.1 High Demand From the Aerospace & Defense Industry is Augmenting the Growth in the Country
10.3.2 France
10.3.2.1 Presence of Major Aircraft Manufacturers Helping the Market Growth
10.3.3 UK
10.3.3.1 UK is the Third-Largest Market for Tow Prepreg in Europe
10.3.4 Italy
10.3.4.1 Growth of Major End-Use Industries, Including Automotive & Transportation, Expected to Support the Market Growth
10.4 APAC
10.4.1 China
10.4.1.1 Growing Consumption in Oil & Gas and Automotive Industries Expected to Drive the Market
10.4.2 Japan
10.4.2.1 Japan is the Second-Largest Market for Tow Prepreg in APAC
10.4.3 South Korea
10.4.3.1 Heavy Investment in Automotive Industry Anticipated to Increase Consumption of Tow Prepreg
10.5 MEA
10.5.1 UAE
10.5.1.1 UAE is the Largest Market in the MEA
10.5.2 Saudi Arabia
10.5.2.1 Increasing Demand From Oil & Gas and Automotive Industries Driving the Market
10.6 Latin America
10.6.1 Brazil
10.6.1.1 Automotive & Transportation to Drive the Tow Prepreg Market in Brazil
10.6.2 Mexico
10.6.2.1 Mexico is Second-Largest Market for Tow Prepreg in the Region
11 Competitive Landscape
11.1 Introduction
11.2 Competitive Leadership Mapping
11.2.1 Dynamic Differentiators
11.2.2 Innovators
11.2.3 Visionary Leaders
11.2.4 Emerging Companies
11.3 Competitive Benchmarking
11.3.1 Portfolio of Product Offering
11.3.2 Business Strategy Excellence
11.4 Market Ranking
11.5 Competitive Scenario
11.5.1 New Product Development
11.5.2 Partnership
12 Company Profiles
(Business Overview, Products Offered, Recent Developments, SWOT Analysis)
12.1 TCR Composites
12.2 SGL Carbon SE
12.3 JXTG Holdings, Inc.
12.4 Teijin Limited
12.5 Mitsubishi Chemical Holdings Corporation
12.6 Hexcel Corporation
12.7 Porcher Industries
12.8 Red Composites Ltd.
12.9 Vitech Composites
12.10 Arisawa MFG. Co. Ltd.
12.11 Other Companies
12.11.1 Fibrtec
12.11.2 CTMI (Composite Textile Materials Innovation)
12.11.3 ATA Group
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