New Delhi, April 11, 2023 (GLOBE NEWSWIRE) -- Global tow prepreg market was valued at US$ 314.3 Mn in 2022 and is projected to reach US$ 585.6 Mn by 2031, at a CAGR of 7.1% during the forecast period 2023-2031. By volume, the market is registering a CAGR of 6.6% during the same period.
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Astute Analytica’s outlook of the global tow prepreg market is positive, with the market experiencing steady growth in recent years. The increasing demand for lightweight and high-performance materials in various industries, including aerospace, automotive, wind energy, and sports and leisure, is driving the demand for tow prepreg materials. The aerospace industry is the largest end-use industry for tow prepreg materials, accounting for the majority of the market share.
The COVID-19 pandemic had a significant impact on the market, causing disruptions in the supply chain and a decline in demand from end-use industries. However, the market is expected to recover in the post-pandemic period and continue growing, driven by the increasing adoption of lightweight and high-performance materials in various applications.
The government is also playing a significant role in the growth of the global tow prepreg market, with various initiatives and policies aimed at promoting the development and adoption of advanced materials. For example, the US Department of Energy's Advanced Manufacturing Office is supporting research and development in advanced composites, including prepreg materials, for various applications, including wind energy, aerospace, and automotive.
The supply of tow prepreg materials is also expected to increase in the future, with various manufacturers expanding their production capacity to meet the growing demand. For example, in 2021, Hexcel Corporation announced the expansion of its prepreg manufacturing capacity in France to meet the increasing demand for advanced composites.
Key Findings of the Global Tow Prepreg Market
- Aerospace and defense industry accounted for the 19% share in 2022 and is projected to continue hold the same in the years to come.
- Asia Pacific region is expected to witness the fastest growth in the tow prepreg market during the forecast period, driven by the increasing demand for aerospace and automotive applications in countries such as China, India, and Japan.
- Carbon fiber tow prepreg is the most widely used type of prepreg material, accounting for over 60% of the market share in 2022.
- Wind energy industry is also expected to drive the demand for tow prepreg materials, as wind turbines increasingly adopt composite materials for their blades.
- Use of thermoset tow prepreg materials is expected to decline in the future, as thermoplastic tow prepreg materials offer advantages such as shorter processing times and recyclability.
Strong Push from Government to Expand Aerospace Industry to Play Key Role in Global Tow Prepreg market
According to data from the Federal Aviation Administration (FAA), the global aerospace industry is expected to grow by 3.5% annually over the next two decades. The data also shows that the demand for new aircraft is projected to reach 41,030 by 2039. This growth is expected to drive the demand for lightweight and high-strength materials such as tow prepregs.
Furthermore, governments across the global tow prepreg market are implementing regulations and initiatives to promote sustainable materials' use in various industries. For instance, the European Union has introduced the Circular Economy Action Plan, which aims to reduce the environmental impact of manufacturing by promoting the use of sustainable materials. Similarly, the Indian government has introduced the National Mission on Transformative Mobility and Battery Storage, which aims to promote the adoption of electric vehicles and sustainable materials in the automotive industry. These initiatives are likely to boost the demand for tow prepregs in various industries, driving the market's growth.
Phenolic Resin Generated Revenue of More than USD 95.5 Million in 2022 and is Projected to grow at a CGR of 7.8%
Phenolic resins, a class of synthetic thermosetting polymers derived from phenol and formaldehyde, generated a revenue of more than US$ 95.5 million in 2022. This market segment is projected to grow at a Compound Annual Growth Rate (CAGR) of 7.8% in the years to come. The growth can be attributed to several factors, including the demand for high-performance materials, various applications, and increasing investments in research and development.
Phenolic resins are known for their excellent mechanical, electrical, and thermal properties in the global tow prepreg market. They offer resistance to heat, flame, and chemicals, making them suitable for various high-performance applications, including automotive, aerospace, electronics, and construction industries.
Wide range of applications: The versatility of phenolic resins makes them suitable for numerous applications, such as adhesives, laminates, insulation materials, coatings, and binders. The growing demand in these applications contributes to the increasing market revenue for phenolic resins.
The market for phenolic resins is witnessing significant investments in R&D to develop innovative products and solutions, catering to the evolving needs of various industries. This has led to the introduction of new phenolic resin formulations and products, driving market growth.
The growth is further supported by strict regulatory policies and increasing awareness of environmental concerns have encouraged industries to opt for sustainable and eco-friendly materials. Phenolic resins are considered environmentally friendly due to their low volatile organic compound (VOC) emissions, which contribute to their growing demand in various industries.
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Asia Pacific to Remain the Fastest Growing Tow Prepreg Market and Contribute More than $132 Million by 2031
Asia-Pacific is expected to be the largest and fastest-growing market for phenolic resins, driven by rapid industrialization, infrastructure development, and the expansion of key industries such as automotive and electronics in countries like China, India, and Japan. The growth of the tow prepreg market can be attributed to several factors such as the increasing demand for lightweight materials in the aerospace industry, the growing adoption of electric vehicles, and the rising demand for renewable energy.
The aerospace industry in Asia Pacific is experiencing significant growth due to the increasing demand for air travel and the expansion of the middle class in countries such as China and India. The Asia Pacific region is expected to account for 40% of the global demand for commercial aircraft over the next 20 years, according to a report by Boeing. Tow prepregs, which are lightweight and have high strength-to-weight ratios, are being increasingly used in the aerospace industry for their excellent mechanical properties and ability to reduce the weight of aircraft.
In addition to the aerospace industry, the adoption of electric vehicles is also driving the growth of the tow prepreg market in Asia Pacific. Tow prepregs are being increasingly used in the manufacturing of electric vehicle components such as battery enclosures, body panels, and structural parts. The lightweight nature of tow prepregs enables manufacturers to increase the range and performance of electric vehicles.
Competitive Landscape: ENEOS Holdings Inc, Mitsubishi Chemical Holdings Largest Producer in Tow Prepreg Market
The market is characterized by the presence of several key players, including ENEOS Holdings Inc, Mitsubishi Chemical Holdings, Toray Group, Teijin Ltd., and Hexcel Corporation. These companies are focusing on strategic initiatives such as mergers and acquisitions, capacity expansions, and collaborations to strengthen their market position and meet the growing demand for phenolic resins.
ENEOS Holding is dominating the global tow prepreg market, which is followed by Mitsubishi Chemical Holdings. Mitsubishi Chemical Holdings manufactures a wide range of composite materials, including tow prepregs, which are used in various industries such as aerospace, automotive, wind energy, and sports. Wherein, it is mainly used in various applications such as aircraft structures, automotive parts, and wind turbine blades. Mitsubishi Chemical Corporation has a strong presence in Asia Pacific, where it operates several production facilities and research centers.
In recent years, Mitsubishi Chemical Corporation has been focusing on developing new and innovative tow prepregs to meet the evolving needs of its customers. In 2020, the company launched a new line of thermoplastic tow prepregs that can be used for overmolding and hybrid molding processes. These thermoplastic tow prepregs offer several advantages over traditional thermoset prepregs, including shorter processing times, better recyclability, and improved impact resistance.
In 2021, the company announced develop carbon fiber-reinforced thermoplastic (CFRTP) prepregs for automotive applications in the global tow prepreg market. This is expected to leverage Mitsubishi Chemical Corporation's expertise in composite materials to create high-performance and lightweight CFRTP prepregs.
Some of the Top Market Players Are:
- TEIJIN LIMITED
- Mitsubishi Chemical Holdings
- SGL Carbon
- TCR Composites, Inc
- ENEOS HOLDINGS, INC
- PORCHER INDUSTRIES
- Hexcel Corporation
- Red Composites Ltd
- Toray Group
- Arisawa Mfg. Co., Ltd
- Other Prominent Players
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