The tow prepreg market is projected to register a CAGR of 10.0% during the forecast period. 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. 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. This study has been validated through primary interviews conducted with various industry experts, globally. The breakdown of primary interviews is as follows: • By Company Type- Tier 1- 35%, Tier 2- 40%, and Tier 3- 25% • By Designation- C Level- 25%, Director Level- 35%, and Others- 40% • By Region- North America- 20%, Europe- 35%, APAC- 25%, MEA-15%, Latin America-5%
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)
Research Coverage This report covers the global tow prepreg market and forecasts the market size until 2024.The report segments the market –on the basis of resin type (epoxy, phenolic, others), fiber type (carbon, glass, others), application (pressure vessel, oxygen cylinders, scuba tanks, others), end-use industry (aerospace & defense, automotive & transportation, oil & gas, sports & recreational, others), and region (Europe, North America, APAC, Latin America, and MEA).
Porter’s Five Forces analysis, along with the drivers, restraints, opportunities, and challenges, are discussed in the report. It also provides competitive strategies adopted by the major players in the global tow prepreg market.
Key benefits of buying the report:
The report will help market leaders/new entrants in this market in the following ways: 1. This report segments the global tow prepreg market comprehensively and provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions. 2. The report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities. 3. This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, and partnerships.
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