Tow Prepreg Market Size, Trends and Growth Analysis by 2027

The global market for tow prepregs was valued at approximately US$ 577.15 million in 2019 and is anticipated to reach around US$ 1,544.41 million by 2028, reflecting a robust compound annual growth rate (CAGR) of 11.7% from 2020 to 2028.

Tow prepregs are advanced materials made from glass fiber filaments, carbon fibers, and a duroplastic resin that serves as a binding agent. The increasing utilization of tow prepregs across various industries, coupled with the rising demand for lightweight and cost-effective materials, is a significant factor driving the growth of this market. Additionally, rapid urbanization, economic development, and substantial investments in research and development are expected to further enhance the demand for tow prepregs throughout the forecast period.

The market for tow prepregs is categorized by end-use industries, which include aerospace and defense, automotive and transportation, sports and recreational, oil and gas, and others. Among these, the automotive and transportation sector is projected to experience the most rapid growth during the forecast period. This growth is primarily due to the increasing demand for environmentally friendly and cost-efficient materials. As the automotive and transportation industries expand, the need for prepregs is anticipated to rise significantly. For example, companies like Ford Motor Co. are incorporating prepregs and similar materials in the production of components such as rear suspension knuckles. Consequently, as the demand for prepregs escalates, manufacturers are innovating to produce superior forms of precursors, including tow prepregs. These fiber precursors are favored over traditional materials due to their exceptional properties, including high tensile strength, reduced curing times, uniformity, lightweight characteristics, and enhanced friction performance, making them ideal for various applications in the automotive and transportation sectors. Furthermore, they can be tailored to meet the dynamic requirements of the processing industry.

Regionally, the tow prepregs market is divided into North America, Europe, Asia Pacific (APAC), South America (SAM), and Middle East & Africa (MEA). The Asia Pacific region is expected to emerge as the fastest-growing market for tow prepregs during the forecast period. This growth is largely driven by a robust industrial base and the presence of key manufacturers contributing significantly to market expansion. The automotive and transportation sectors in this region are thriving, supported by improvements in living standards and substantial growth potential in countries like China and India, which are significantly boosting the demand for tow prepregs. The influx of foreign direct investments and increased manufacturing expenditures aimed at enhancing product offerings present lucrative opportunities for market growth in Asia Pacific. Additionally, the rise of the middle-class population and urbanization trends are propelling the growth of the tow prepregs market. The manufacturing sector in Asia Pacific is rapidly adopting innovative technologies and processes, while the availability of raw materials, affordable labor, and low production costs further accelerate market growth in the region.

The COVID-19 pandemic has had a detrimental impact on economies and industries worldwide, primarily due to government-imposed lockdowns, travel restrictions, and business closures. The chemical and materials sector is among the industries facing significant disruptions, including supply chain interruptions, cancellations of technology events, and office closures. The shutdown of numerous manufacturing plants across North America, Europe, Asia Pacific, South America, and the Middle East and Africa has hindered the global supply chain, adversely affecting manufacturing activities, delivery timelines, and product sales. Many companies have already forecasted potential delays in product deliveries and a decline in future sales. Travel restrictions in regions such as Europe, Asia, and North America have also obstructed business collaborations and partnership opportunities. These factors collectively hinder the operations within the chemical and materials industry, thereby restraining the growth of various related markets. While many countries are gradually returning to normalcy, some are experiencing a resurgence of the outbreak. However, vaccination efforts are leading to improvements in the global situation.

Key players in the global tow prepregs market include Arisawa Manufacturing Co., Ltd., Mitsubishi Chemical Corporation, Red Composites Ltd, SGL Carbon, TCR Composites, Inc., Teijin Limited, ENEOS Corporation, HEXEL CORPORATION, PORCHER INDUSTRIES, and TORAY INDUSTRIES, INC..

The overall size of the global tow prepregs market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry participants and experts to validate the data and gain deeper analytical insights. Participants in this research included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the global tow prepregs market.