Tow Prepreg Market is expected to reach US$ 1,544.41 Mn by 2028

Growth of Automotive and Transportation Industry to Escalate Tow Prepregs Market Growth during 2020–2028

According to our latest market study on “Tow Prepregs Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Fiber Type (Carbon, Glass, and Others), Resin Type (Epoxy, Phenolic, and Others), and End-Use Industry (Aerospace and Defense, Automotive and Transportation, Sports and Recreational, Oil and Gas, and Others),” the 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. The report highlights key factors driving the market growth and prominent players, along with their developments in the market.

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.

Surging demand for tow prepregs in automotive and transportation industry is anticipated to drive the market during the forecast period. The automotive and transportation sector is one of the most dynamic industrial sectors, which are significantly related to the use of advanced technologies across the world. The growing demand for improved materials with environment friendliness and cost-efficiency is among the emerging trends, which have a direct impact on the industry. With the expansion of the automotive and transportation industry, the demand for prepregs is set to rise. 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 better forms of precursors such as tow prepregs. These fiber precursors are preferred to other traditional materials owing to their properties such as tensile strength, limited curing time, uniformity and consistency, lightweight, and better friction. These properties make them ideal for various applications in the automotive and transportation industry. Moreover, they can ideally be used to suit the dynamic requirements of the processing industry. Also, the need for such prepregs is directly proportional to the surging demand for electric cars. Additionally, rise in focus on reducing environmental pollution and significant contribution toward sustainability have compelled the manufacturers to look for environment-friendly composite materials such as tow prepregs. All these factors are expected to spur the demand for tow prepregs in the global market.

Arisawa Manufacturing CO., LTD.; Eneos Corporation; Hexcel Corporation; Mitsubishi Chemical Corporation; Porcher Industries; Red Composites LTD; SGL Carbon; TCR Composites, Inc.; Teijin Limited; and Toray Industries, INC. are among the well-established players in the tow prepregs market.

Impact of COVID-19 Pandemic on Tow Prepregs Market

The COVID-19 outbreak has adversely affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global chemicals & materials industry is one of the significant sectors suffering severe disruptions such as supply chain breaks, technology event cancellations, and office shutdowns. Several companies have already announced possible delays in product deliveries and slump in future sales of their products. Besides, the global travel bans imposed by countries in Europe, Asia, and North America are hindering business collaborations and partnership opportunities. All these factors are affecting the chemicals & materials industry negatively, which is restraining the growth of the tow prepregs market.

Geographic Overview of Tow Prepregs Market

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Tow Prepreg Market Opportunitites and Global Analysis by 2028

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Tow Prepreg Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Fiber Type (Carbon, Glass, and Others), Resin Type (Epoxy, Phenolic, and Others), and End-Use Industry (Aerospace and Defense, Automotive and Transportation, Sports and Recreational, Oil and Gas and Others)

The report includes the segmentation of the global Tow Prepregs market as follows:

Tow Prepregs Market, by Fiber Type

• Carbon
• Glass
• Others

Tow Prepregs Market, by Resin Type

• Epoxy
• Phenolic
• Others

Tow Prepregs Market, by End-Use Industry

• Aerospace and Defense
• Automotive and Transportation
• Sports and Recreational
• Oil and Gas
• Others

Tow Prepregs Market, by Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific (APAC)
  • Australia
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East & Africa
• South America
  • Brazil
  • Argentina
  • Rest of South America