The North America tow prepregs market is expected to grow from US$ 229.41 million in 2020 to US$ 546.72 million by 2028; it is estimated to grow at a CAGR of 11.5% from 2020 to 2028. The growth of the market can be attributed to the increasing demand for tow prepregs from the automotive & transportation, aerospace & defense, and oil & gas industries. Boeing & Airbus have increased the production of commercial aircraft to fulfill the demand of rising airline passenger traffic. There is an increase in utilization of tow prepregs in electric cars and aircraft. The automotive & transportation industry is considered the fastest-growing consumer of this material. This is due to the utilization of tow prepreg in the manufacturing of CNG cylinders, transmission axle, leaf springs, and other automotive components, mainly in the automotive industry. The automotive industry has to face many challenges in terms of reducing vehicle emissions, improving energy efficiency, and increasing durability. The industry is increasingly interested in tow prepregs to achieve improved performance, which further includes high mechanical properties & low weight. Due to stricter environmental norms, most car manufacturers are under pressure to create fuel-efficient cars to reduce carbon emissions. All these factors are further fueling the growth of the tow prepregs market in North America.
In case of COVID-19, North America, especially the US, witnessed an unprecedented rise in number of coronavirus cases, which led to the discontinuation of tow prepregs manufacturing activities.Downfall in other chemical and materials manufacturing sector has subsequently impacted the demand for tow prepregs during the early months of 2020.
Moreover, decline in the overall fabric and resin manufacturing activities has led to the discontinuation of tow prepregs manufacturing projects, thereby reducing the demand for tow prepregs.Similar trend was witnessed in other North American countries such as Mexico, Canada, Panama, and Costa Rica.
However, the countries are likely to overcome this drop in demand with the economic activities regaining their pace, especially in the beginning of 2021.
Based on resin type, the epoxy segment led the North America tow prepregs market in 2019.Epoxy compounds or glycidyl compounds include glycidyl esters, diglycidyl esters, and glycidyl amines as other fiber types of epoxy compounds which are known as reactive diluents and are further added to basic resins to adjust performance features.
Among various fiber types of epoxy resins produced; the diglycidyl ether of bisphenol-A (DGEBPA)-fiber type resins have gained prominence, owing to their versatility.Epoxy possesses a robust structural length and a strong binding factor, which makes it a widely applicable element for filling up voids between the parts.
An epoxy is composed of two parts that must be mixed approximately.Epoxies are available in various squeezing styles and different sizes.
Different epoxies have multiple functions like protective covering, filling, and mending. The function of the epoxy resin is to provide a strong binding characteristic to the epoxy tow prepreg composites. Apart from offering a strong binding property, epoxy resin provides high tensile strength, wettability, high chemical and environmental resistance, strong adhesion, and better electrical properties. Also, the curing agents offer the characteristic curing property by chemically blending with the base resin, in this case, epoxy resin.
The overall North America tow prepregs market size has been derived using 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.
The process also serves the purpose of obtaining an overview and forecast for the North America tow prepregs market with respect to all the segments pertaining to the region.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 North America tow prepregs market. Key companies operating in the market include Eneos Corporation; Hexcel Corporation; Mitsubishi Chemical Corporation; Porcher Industries; SGL Carbon; TCR Composites, Inc.; Teijin Limited; and Toray Industries, Inc.
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