Tow Prepreg Market

Tow Prepreg Market Size (2024-2029):

The Global Tow Prepreg Market was worth USD 331 million in 2023 and is anticipated to reach a valuation of USD 696 million by 2029, and it is predicted to register a CAGR of 13.21% during the forecast period 2024-2029.

Drivers & Restraints in the Tow Prepreg Market:

The increasing demand for making electric vehicles and reducing the weight of existing vehicles with the help of lightweight materials is majorly driving the demand for tow prepregs across the globe. The market is growing because of its increasing demand from the aerospace & defense, automotive & transportation, and oil & gas industries. Boeing and Airbus have increased the assembly of business aircraft to cater to the rising airline passenger traffic. There's the increasing use of tow prepreg in electric cars and aircraft. The incorporation of two pregs with the compositeness system will lower production costs, which is supposed to fuel demand for this business in the coming years.

On the flip side, the high manufacturing cost of tow prepregs is acting as a major restraint in the global business.

TOW PREPREG MARKET REPORT COVERAGE:

This research report includes the segmentation of the Tow Prepreg Markets until 2029.

Tow Prepreg Market – By Resin Type:

• Epoxy
• Phenolic
• Others (Bismaleimide, Polyamide, Polypropylene, and Polyetheretherketone)

Tow Prepreg Market – By Fibre Type:

• Carbon
• Glass
• Others (Basalt and Aramid)

The carbon fiber tow prepreg segment dominated the world tow prepreg market, in terms of use, because it is widely utilized in the aerospace & defense, automotive & transportation, and sports & recreational sectors. This fiber features a higher strength modulus compared to the opposite types. This tow prepreg possesses high strength and modulus. The carbon fiber tow prepreg segment is predicted for the key share of the tow prepreg market, in terms of usefulness, during the forecast period.

Tow Prepreg Market – By Application:

• Pressure Vessel
• Scuba Tanks
• Oxygen Cylinders
• Others

Tow Prepreg Market – By End-use:

• Aerospace & Defense
• Automotive & Transportation
• Sports & Recreational
• Oil & Gas
• Medical
• Marine
• Industrial
• Wind Energy

The automotive & transportation industry is the fastest-growing consumer of tow prepreg.  The automotive industry faces many challenges in terms of improving energy, quality of being efficiency reducing vehicle emissions, and increasing durability (the ability to withstand wear). The industry increasingly prefers tow prepregs to attain improved performance, which incorporates high mechanical properties and low weight because of stricter environmental norms, car manufacturers are struggling to manufacture fuel-efficient cars to scale back carbon emissions, fuelling the expansion of the global tow prepreg market.

Market Regional Analysis:

• North America
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa

In 2019 North America accounted for the best market share of 39% and is predicted to grow further at a big CAGR from 2020 to 2027. This growth is contributing to the rapidly expanded aerospace industry in North America. The region is predicted to cater to almost one-third of the world's operational fleet demand, leading to increased production of airframe and aircraft parts over the amount. Ascending demand for new-generation aircraft is predicted to spice up the expansion of the aircraft manufacturing industry, thereby supporting the regional market over the forecast period.

Europe is predicted to guide the global tow prepreg market during the forecast period. The aerospace & defense industry within the region is at the forefront of innovation with the successful launch of the Airbus A320 family and therefore the Eurofighter. Hexcel recently launched its new carbon fiber plant in France to cater to the aerospace industry programs like Airbus (A350 XWB) and Safran (CFM International LEAP engine). The EU has also agreed on a 37.5% CO2 reduction for cars by 2030. This has led to extensive use of tow prepreg in electric cars within the region. There is an oversized number of offshore wind energy installations, especially within the UK and Germany.

The Asia Pacific is predicted or assumed to be the fastest-growing regional market. This growth is contributing to rapidly expanding application industries in developing countries including China, India, and Japan. The wind energy application segment is estimated to register the utmost CAGR from 2020 to 2027; while the aerospace & defense segment accounts for the most important share of the APAC regional market.

Market Key Players:

1. TCR Composites
2. SGL Carbon SE
3. JXTG Holdings, Inc
4. Teijin Limited
5. Mitsubishi Chemical Holdings Corporation
6. Hexcel Corporation
7. Porches Industries Designs
8. Red Composites Limited
9. Vitech Composites
10. Arisawa Mfg Limited