The factors driving the growth of Tow Prepreg Market includes increasing use of tow prepreg in the production of aircraft, growing focus on reducing carbon emissions and rising awareness amongst the end-users about the benefits of tow prepreg. According to the report published by OlverWyman around 25,368 aircraft were estimated worldwide in 2017 and this figure is expected to reach 35,501 by the end of 2027, which will boost the Tow Prepreg Market size in the approaching years. In addition, favorable Government policies regarding the manufacturing of automobiles, technological advancements in the tow prepreg solutions and rapid growth in the Sports & recreational industry, are some of the additional factors supplementing the market growth. In addition, the increasing investment by major players on research and development, rapid urbanization and rising disposable incomes, are further contributing to the market growth
However, the growth of Tow Prepreg Market is hindered due to high processing and manufacturing costs.
The leading players operating in the market Tow Prepreg Market Hexcel Corporation, Red Composites Ltd, Arisawa Manufacturing Co., Ltd, TCR Composites, SGL Carbon, JXTG Holdings, Inc., Porcher Industries Designs, TEIJIN LIMITED, Mitsubishi Chemical Holdings Corporation, and Vitech Composites among others.
Fiber Type: Segment Analysis
Based on Fiber Type, the Carbon Fiber segment is expected to grow at a significant CAGR over the forecast period. The increasing use of carbon fiber in the end-use industries such as automotive & transportation and aerospace & defense because carbon fiber is lightweight and provides magnificent fatigue resistance, are some of the factors responsible for the segment’s growth.
End-Use Industry: Segment Analysis
Based on End-Use Industry, the Aerospace & defense segment is projected to expand at a remarkable CAGR during the forecast period attributed to increasing use of tow prepreg in the manufacturing of lavatories, cabin linings and passenger floor panels.
On the other hand, the Automotive & transportation segment is predicted to grow at a robust CAGR during the forecast period. The tow prepreg are increasingly used in the manufacturing of transmission axle and CNG cylinders along with its environment friendly properities, are some of the factors responsible for the segment’s growth.
Regional: Segment Analysis
As per the Tow Prepreg Market Global Forecast, the Asia-Pacific region is estimated to capture a sizeable market share over the forecast period. Rise in the sales of electric vehicles, rapid growth in the Aviation industry, growing consumption of crude oil, increasing disposable incomes and high population density, are some of the important factors augmenting the market growth in Asia-Pacific.
Market Segmentation
Global Tow Prepreg Market by Resin Type
- Epoxy Resin
- Phenolic Resin
- Others (Bismaleimide (BMI), Polyamide (PA), Polypropylene (PP), and Polyethertherketone (PEEK))
Global Tow Prepreg Market by Fiber Type
- Carbon Fiber
- Glass Fiber
- Others (Basalt and Aramid)
Global Tow Prepreg Market by Application
- Pressure Vessel
- Scuba Tanks
- Oxygen Cylinders
- Others (Mobile pipeline, fire extinguishers, and other high-pressure cylinders)
Global Tow Prepreg Market by End-Use Industry
- Aerospace & defense
- Automotive & transportation
- Sports & recreational
- Oil & gas
- Others (Medical, marine, industrial, and wind energy)
Global Tow Prepreg Market by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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