Market Overview
Pre-impregnated composite materials such as carbon, graphite, or glass fibres are referred to as prepreg when they are dried. Reinforcing fibre is coated and impregnated with resin to make tow prepreg. Tow prepregs are typically created using the solvent lacquer dip/impregnation method, which entails dissolving a resin in an organic solvent or solvent mixture, impregnating a reinforcement fibre with the resin, and then allowing the organic solvent to volatilize, leaving the resin-impregnated fibre behind.
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Market Growth Analysis
As per DataM Intelligence’s latest report, the “Global Tow Prepreg Market” is estimated to reach at a high CAGR during the forecast period 2023-2030.
Market Drivers
Increasing Aerospace and Automotive Industry Demand
The growing demand from the aerospace and automotive sectors is driving the global tow prepreg market. Tow prepregs are perfect for developing lightweight components for various industries because of their exceptional strength and endurance.
According to the International Air Transport Association (IATA), worldwide passenger traffic demand for air travel is predicted to increase by 4.4% each year between 2019 and 2038. Similarly, the worldwide automobile sector is expanding fast, with a 5.2% CAGR anticipated from 2023 through 2031. The market has been growing due to increased demand from these sectors.
Growing Demand for Sustainable Materials
The increased demand for sustainable materials is also driving the global tow prepreg market. Tow prepregs have various benefits over standard materials, such as being lightweight, strong, and having a minimal environmental effect. The growing emphasis on sustainable manufacturing techniques, as well as increased awareness of eco-friendly materials, are boosting demand for tow prepregs in a variety of sectors. Governments throughout the globe are also enacting policies and measures to encourage the use of sustainable materials in numerous sectors, which is fueling market expansion.
Segmentation Analysis
The Global Tow Prepreg Market is segmented by fibre into carbon fibre, glass fibre, and others; by resin into epoxy resin, phenolic resin, and others; by application into pressure vessels, scuba tanks, oxygen cylinders, and others; and by end-user into aerospace & defence, automotive & transportation, sports & recreational, oil & gas, and others.
By Fibre: The Carbon Segment is Expected to have Largest Market Share
The carbon fibre segment is expected to be the largest segment of the market. High-temperature carbon fibre tow prepregs are appropriate for the construction of large structural components such as lithium-ion battery containers or pressure vessels using AFP and filament winding processes.
Carbon fibres are one-quarter the weight of steel but 10 times stronger, making them lightweight. It is a tough substance that outperforms standard metals. Carbon fibres are electrically conductive, extremely wear-resistant, and X-ray transparent, among other qualities. They are usually found in composite materials, where they are mixed with polymers to be employed in aerospace and military industries.
For instance, Mitsubishi Chemical has received the Japan Industrial Standard quality management system for the aerospace and defence sectors (JIS Q 9100).
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Key Developments of Tow Prepreg Market
Regional Analysis
By region, the global tow prepreg market is segmented into North America, South America, Europe, Asia Pacific, the Middle East, and Africa.
Asia-Pacific Dominates the Global Tow Prepreg Market, Increasing Population and Demand for Automotive and Electronics
The Asia-Pacific region’s rising population produces a significant demand for automotive and electrical devices and appliances, which plays a critical part in the region’s developing need for tow prepreg.
According to CAAM wholesale figures for passenger cars and commercial vehicles, new vehicle sales in China climbed by 7% in October 2022 to 2,505,000 units, up from 2,333,000 units in the same month the previous year. As the number of sales reflects the increase in automotive consumption in China, rising production and consumption in Asia-Pacific support the need for tow prepregs.
Kemrock Industries and Exports Ltd. (KIEL), a leading maker of fibre-reinforced polymer (FRP) composites, has created a range of carbon fibre products for industrial applications under the brand name “JAITEC.” Toray Advanced Materials Korea (TAK) announced its entrance into the intermediate carbon fibre prepreg market on October 5, 2021, in order to boost the commercial synergy of carbon fibre composite materials. TAK will aggressively react to industrial domains such as wind power generating blades of eco-friendly energy and hydrogen automobiles, electric vehicles, and urban aviation mobility (UAM) by supplying high-performance, high-quality carbon fibres and processability.
Market Leaders Operating in the Global Tow Prepreg Market
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