The global tow prepregs market was valued at US$ 577.15 million in 2019 and is projected to reach US$ 1,544.41 million by 2028; it is expected to grow at a CAGR of 11.7% from 2020 to 2028.
Tow prepregs are composed of glass fiber filament, carbon, and duro plastic resin which acts as a binding material.The expanding applications of tow prepregs across diversified industrial bases along with growing demand for lightweight and cost-efficient materials drive the growth of the tow prepregs market.
Rapid urbanization coupled with economic growth and significant investment in research and development activities are also expected to promote the demand for tow prepregs during the forecast period.
Based on end-use industry, the tow prepregs market is segmented into aerospace and defense, automotive and transportation, sports and recreational, oil and gas, and others.The market for the automotive and transportation segment is expected to grow rapidly tow prepregs during the forecasted period.
The market growth for this segment is attributed to surging demand for improved materials with environment friendliness and cost-efficiency.With the expansion in the automotive and transportation industry, the demand for prepregs is set to rise.
For instance, companies such as Ford Motor Co. are deploying the use of prepregs and other materials in order to produce rear suspension knuckle. Hence, with the rise in demand for prepregs, manufacturers have come up with the better forms of precursors such as tow prepregs. These fiber precursors are preferred over other traditional materials owing to their properties such as tensile strength along with limited curing time, uniformity and consistency, lightweight, and better friction, which make them ideal to be used across various applications in the automotive and transportation industry. Moreover, they can ideally be used to suit the dynamic requirements of the processing industry.
By region, the tow prepregs market is segmented into North America, Europe, Asia Pacific (APAC), South America (SAM), and Middle East & Africa (MEA).Asia Pacific is expected to become the fastest growing market in the global tow prepregs market in forecast period.
The market growth tow prepregs in this region is primarily attributed to the presence of strong industrial base along with prominent manufactures significantly contributing to market growth.Further, the growth of automotive and transportation industry backed by the shift in living standards and high growth potential in China, India, and other such economies are significantly propelling the demand for tow prepregs.
The rising foreign direct investments along with increasing manufacturing spending toward better product offerings offer lucrative opportunities for the market growth in Asia Pacific.The upsurge in the middle-class population along with growth in urbanization provides drives the growth of the tow prepregs market.
The Asia Pacific manufacturing sector is rapidly adopting the innovative accelerators that include advanced technologies and processes. The easy accessibility and availability of raw materials, cheap labor, and low production cost accelerate the market growth in the region.
The COVID-19 pandemic is adversely affecting economies and industries in various countries due to government-imposed lockdowns, travel bans, and business shutdowns.The chemical & materials is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns.
The shutdown of various plants and factories in North America, Europe, Asia Pacific, South America, and the Middle East and Africa has restricted the global supply chain and negatively impacted the manufacturing activities, delivery schedules, and product sales.Furthermore, various companies have already predicted possible delays in product deliveries and slump in future sales of their products.
The travel bans imposed by countries in Europe, Asia, and North America are hindering the business collaborations and partnerships opportunities.All these factors are hampering the activities in the chemical & materials industry, which are restraining the growth of various markets related to this industry.
Many countries are now resuming to normalcy, whereas many are experiencing second wave of the outbreak. In addition, due to vaccination drives, situations are changing now across the globe
Arisawa Manufacturing Co., Ltd.; Mitsubishi Chemical Corporation; Red Composites Ltd; SGL Carbon; TCR Composites, Inc.; Teijin Limited; ENEOS Corporation; HEXCEL CORPORATION; PORCHER INDUSTRIES; and TORAY INDUSTRIES, INC. are among the major players operating in the global tow prepregs market.
The overall global tow prepregs market size has been derived in accordance with to both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global tow prepregs market.
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