The scope of our recent study on the “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),” includes the analysis of factors driving the market growth, estimation and forecast of revenues, market share analysis, and identification of significant market players and their key developments.
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The tow prepregs 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. 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.
Based on fiber type, the tow prepregs market is segmented into carbon, glass, and others. Based on resin type, the market is segmented into epoxy, phenolic, and others. By end-use industry, the market is segmented into aerospace and defense, automotive and transportation and transportation, sports and recreational, oil and gas, and others. In 2019, the aerospace segment dominated the market. However, the market for the automotive and transportation segment is anticipated to grow faster during the forecast period.
The tow prepregs market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). Asia Pacific is expected to become the fastest growing market in the global tow prepegs market in forecast period. The market growth in this region is primarily attributed to the presence of strong industrial base along with prominent manufactures significantly contributing to market growth. Further, the growth of automotive and transportation industry backed by the shift in living standards and high growth potential in China, India, and other such economies are significantly propelling the demand for tow prepegs. The rising foreign direct investments along with increasing manufacturing spending toward better product offerings offer lucrative opportunities for the market growth in Asia Pacific. The upsurge in the middle-class population along with growth in urbanization provides drives the growth of the tow prepegs market. The Asia Pacific manufacturing sector is rapidly adopting the innovative accelerators that include advanced technologies and processes. The easy accessibility and availability of raw materials, cheap labor, and low production cost accelerate the market growth in the region.
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.
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The report includes the segmentation of the global tow prepregs market as follows:
Tow Prepregs Market, by Fiber Type
Tow Prepregs Market, by Resin Type
Tow Prepregs Market, by End-Use Industry
- Aerospace and Defense
- Automotive and Transportation
- Sports and Recreational
- Oil and Gas
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