Nov 24, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Tow Prepreg Market.
It was estimated prior to this unanticipated outbreak that the Tow Prepreg Market is likely to witness an impressive CAGR of 10.0% during the forecast period. The growing demand from various industries such as aerospace & defense, automotive & transportation, and oil & gas is the main factor contributing to the growth of the tow prepreg market. The surge in production of commercial aircraft by Boeing and Airbus to cater to the increasing airline traffic of passengers is also bolstering the growth of the market. Further, the mounting use of tow prepregs in electric cars and aircraft is substantially underpinning the growth of the market, globally.
Tow prepreg is basically a fiber bundle or a tow product which is preimpregnated with resin. High level of productivity can be achieved by making use of tow prepregs with the filament winding method, a forming method which is used in CF shaft and gas cylinder production.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the end-use industry type, the market is segmented as aerospace & defense, trends in aerospace industry, automotive & transportation, sports & recreational, oil & gas, and others. The automotive & transportation industry is expected to be the fastest-growing segment of the tow prepreg market due to the use of tow prepreg in the manufacturing of CNG cylinders, transmission axles, leaf springs, and other automotive components used in the automotive industry. There are many challenges that the automotive industry faces in terms of enhancing the energy efficiency, reduction in vehicle emissions, and increasing durability. Tow prepregs are increasingly preferred by the industry to achieve much improved and better performance, including high mechanical features and low weight. Due to stringent environmental factors, car manufacturers come under pressure to manufacture more fuel-efficient cars, so that the carbon emissions can be reduced, eventually fueling the growth of the tow prepreg market during the forecast period.
Based on the fiber type, the tow prepreg market is segmented as carbon fiber, glass, and others. Carbon fiber is expected to be the largest segment of the market during the forecast period, in terms of value, owing to its wide use in various industries such as aerospace & defense, automotive & transportation, and sports & recreational sectors. This fiber offers features such as higher strength modulus, higher tensile strength and elastic modulus in comparison to the other fiber types.
In terms of regions, Europe is estimated to be the leading region in the tow prepreg market during the forecast period, with The UK and Germany being the major countries with a large number of offshore wind energy installations and lucrative growth opportunities. The aerospace & defense industry has launched Airbus A320 and the Eurofighter successfully in the region. The penetration of the aerospace & defense industry in Europe by tow prepreg manufacturers is due to the low corporate income tax and growth in the industry. The strict rules and regulations implemented by the European Union Automotive Fuel Economy standard is to reduce the emission of carbon by making use of lightweight materials and the EU has also agreed to reduce 37.5% of carbon in cars by the year 2030, which in turn, has led to the wide use of tow prepregs in electric cars in the European region. Asia-Pacific and North-America are also expected to offer substantial growth opportunities during the forecast period.
Key players operating in the global Tow Prepreg market are-
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Tow Prepreg analysis report discusses the following heads in great detail:
Market structure: Overview, industry life cycle analysis, supply chain analysis
COVID-19 Impact Assessment
Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
Market trend and forecast analysis
Market segment trend and forecast
Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
Attractive market segments and associated growth opportunities
Strategic growth opportunities for the existing and new players
Key success factors