According to the new market research report “Tow Prepreg Market by Fiber Type (Carbon, Glass), Resin Type (Epoxy, Phenolic), Application (Pressure Vessel, Scuba Tanks, Oxygen Cylinders), End-use Industry, Region (Europe, North America, APAC, MEA, Latin America) – Global Forecast to 2024“, published by MarketsandMarkets™, the Tow Prepreg Market is expected to grow from USD 305 million in 2019 to USD 492 million by 2024, at a CAGR of 10.0% during the forecast period.

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Pressure vessel application comprises major share of the tow prepreg market, in terms of value

The tow prepreg market is segmented on the basis of application as pressure vessel, scuba tanks, oxygen cylinders, and others. Tow prepreg pressure vessel is used in various industries such as aerospace & defense, automotive & transportation, oil & gas, and sports & recreational. They offer high strength, rigidity, and high tensile strength. In the pressure vessel applications, tow prepreg is mainly used in the form of molding compound and winding.

The carbon fiber segment is projected to register the highest CAGR in the overall tow prepreg market during the forecast period.

Carbon fiber tow prepreg offers higher tensile strength compared to other types of fiber products. These fibers can be used in layup, weaving, prepregging, filament winding, braiding, and pultrusion processes for manufacturing composites parts for various end-use industries such aerospace & defense, automotive & transportation, oil & gas, and sporting goods. This fiber is robust enough for handling and processing. Carbon fiber has long-term performance in terms of resistance to fatigue and environmental effects.

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Europe estimated to account for the largest market share in the tow prepreg market.

Europe is estimated to account for the largest share of the global Tow Prepreg Market. Europe led the tow prepreg market due to the presence of established automotive, aerospace & defense, and wind energy industries in the region. The region is home to some of the prominent automotive manufacturers such as BMW, Fiat, and Bentley. These automotive manufacturers use tow prepreg composites in various structural automotive parts such as bonnets, bumpers, and frontends. Additionally, aircraft manufacturers such as Airbus and Boeing use tow prepreg composites in structural parts as they offer rigidity and high tensile strength.  Moreover, there are a large number of offshore wind energy installations, especially in the UK and Germany.

TCR Composites (US), SGL Carbon SE (Germany), JXTG Holdings, Inc. (Japan), Teijin Ltd. (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), Porcher Industries designs (France), Red Composites Ltd. (UK), Vitech Composites (France), and Arisawa Mfg. Co., Ltd. (Japan) are some of the key players in the global tow prepreg market. These players have adopted various organic and inorganic developmental strategies over the past five years.

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Browse Adjacent Markets: Fibers and Composites Market Research Reports & Consulting

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Prepreg Market by Fiber Type (Carbon, Glass, and Aramid), Resin Type (Thermoset and Thermoplastic), Manufacturing Process (Hot-Melt and Solvent DIP), Application (Aerospace & Defense, Wind, Sporting good, Automotive, Electronics) – Global Forecast to 2021

Carbon Fiber Resin Market by Resin Type (Thermoset, Thermoplastic), by Form (Prepreg, Non-Prepreg), by Application, and by Region – Global Forecast to 2021

SOURCE MarketsandMarkets