According to the new market research report “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″, The tow prepreg market is expected to grow from USD 305 million in 2019 to USD 492 million by 2024, at a CAGR of 10.0% during the forecast period. The tow prepreg market is growing due to its increasing demand from the aerospace & defense, automotive & transportation, and oil & gas industries. Boeing and Airbus have increased the production of commercial aircraft to cater to the rising airline passenger traffic. There is increasing use of tow prepreg in electric cars and aircraft.
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The tow prepreg market size is estimated to be USD 305 million in 2019 and is projected to reach USD 492 million by 2024, at a CAGR of 10.0% during the forecast period. The new developments across the tow prepreg value chain such as new product development by various players, new players entering the market with low-cost tow prepregs, and demand from aerospace and automotive industries are bolstering the market growth, globally.
The growth of the market is attributed to the increasing demand for lightweight and high-strength materials such as tow prepreg in the aerospace & defense and automotive & transportation industries. The use of such materials in these industries enhances fuel efficiency and safety. There is rising number of collaborations between aerospace & defense and automotive & transportation companies and tow prepreg manufacturers for new projects, which is supporting the growth of the market. In June 2018, Airbus and Bombardier (Quebec, Canada) entered into a partnership for the production of the C Series aircraft. Agreements have been signed between research organizations and tow prepreg manufacturers to manufacture low-cost and high strength tow prepregs for the automotive industry.
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The high modulus of tow prepregs has resulted in its widespread use across numerous industries, including aerospace & defense, automotive & transportation, sports & recreational, and oil & gas. The increasing penetration of tow prepreg as a replacement to traditional materials in these industries, coupled with the advancement of these industries, is set to result in the significant demand for tow prepreg over the next few years. The tow prepreg market is expected to grow from USD 305 million in 2019 to USD 492 million by 2029, at a CAGR of 10.0% during the forecast period.
Over the past few years, companies have strengthened their position in the global tow prepreg market by adopting strategies such as new product development, and partnership.
From 2015 to 2019, new product development and partnership were the key strategies adopted by the market players to maintain growth in the global tow prepreg market. These strategies accounted for 30% and 16%, respectively, of the overall strategies adopted between 2015 and 2019. The market players concentrated mainly on consolidation through new product development and partnership with the focus on increasing their market shares and enhancing their sustainability.
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TCR Composites (US), SGL Carbon SE (Germany), and Teijin Limited (Japan) are the major players in the tow prepreg market. SGL Carbon SE (Germany) is one of the leading companies and the largest contributor to the growth of the global tow prepreg market. It accounted for the largest share of all the development activities undertaken in the global market between 2015 and 2019. As a part of its growth strategy, the company focused on new product development to meet the requirements of end-use industries, globally. In March 2015, the company introduced tow prepreg under the brand name, SIGRAPREG TowPregs. This product offers superior mechanical properties and permits uniform lay-up.
TCR Composites (US) is another leading manufacturer of tow prepregs and a known brand in the prepregs business. The product portfolio of the company includes prepreg tow, prepreg fabrics, prepreg braided sleeves, and prepreg uni-directional tapes. As a part of its growth strategy, the company procures fibers from various manufacturers, such as Hexcel Corporation, DowAksa, and Toray Industries, Inc., to manufacture tow prepregs as per the need of end users. This availability of different grades of tow prepregs gives an edge to the company over others in offering highly customized products in comparison to other players.
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