DUBLIN, December 16, 2021--(BUSINESS WIRE)--The "Tow Prepreg Market by Resin Type (Epoxy, Phenolic), Fiber Type (Carbon, Glass), Application (Pressure Vessels, Scuba Tanks, Oxygen Cylinders), End-Use Industry, and Region (North America, Europe, APAC, MEA, & Latin America) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global tow prepreg is expected to grow from USD 250 million in 2021 to USD 440 million by 2026, at a CAGR of 12% during the forecast period.
Increasing demand from various end-use industries such as aerospace & defense, automotive & transportation, sports & recreational, oil & gas, and others is majorly driving the growth of the market. However, the negative impact of the COVID-19 pandemic on the end-use industries has affected the tow prepreg market adversely.
The pressure vessels application is the largest segment in terms of value and volume
Tow prepregs are increasingly used in pressure vessels applications. Tow prepregs are widely used in the manufacturing of type-3 and type-4 cylinders. These cylinders offer numerous advantages over other cylinders regarding weight reduction, longer lifespan, and excellent tensile strength. A pressure vessel is primarily used in the oil & gas industry. However, since the past few years, aerospace & defense and automotive & transportation are also shifting towards the use of composite pressure vessels, which in turn is augmenting the demand for tow prepreg in the pressure vessels application.
The oil & gas end-use industry dominates the global tow prepreg market in 2020
The demand for tow prepreg in the oil & gas industry is expected to increase during the forecast period. Oil & gas is one of the world's largest industries. Globally, in terms of value, oil & gas exports were higher than 30% of the total global exports. FRP tanks are widely used in the oil & gas industry for storage, and nowadays, tank manufacturers are increasingly manufacturing these tanks using tow prepregs through the filament winding process. These storage tanks have high strength and long life to avoid the need for early replacement. Using tow prepreg-based tanks instead of steel tanks helps increase the durability of the tank and reduces the cost of replacement which is increasing its demand in this industry. In addition to this, the growth of the oil & gas industry is rising in developing nations, principally the Asia Pacific and Latin America which will also augment the market growth of tow prepreg.
Europe to lead the Tow prepreg during the forecast period
Europe is projected to have the largest share in the tow prepreg and will expand significantly by 2026. This dominance is attributed to the presence of large aerospace & automotive companies such as Airbus, BAE Systems, BMW and other prominent manufacturers in the region. The increasing use of tow prepregs in the automotive, wind energy, aerospace & defense industries in Germany and France is also driving the market in Europe. Germany is the largest automotive market in Europe. OEMs in this country are under significant pressure from government and environmental agencies to reduce carbon emissions. This has led to the increased usage of tow prepregs by OEMs in cars. Furthermore, the region is home to some of the prominent players of the tow prepreg market including SGL Carbon SE (Germany).
ATA Carbon Fiber Tech. Guangzhou Co. Ltd.
CTMI (Composite Textile Materials Innovation)
Eneos Holdings, Inc. (JXTG Holdings)
Hengshen Carbon Fiber and Composites
Mitsubishi Chemical Carbon Fiber and Composites, Inc.
Shandong Gt Composites Technology Co. Ltd.
Wuxi GDE Technology Co. Ltd.
List of Chapters in the Report
6 Tow Prepreg Market, by Resin Type
7 Tow Prepreg Market, by Fiber Type
8 Tow Prepreg Market, by Application
9 Tow Prepreg Market, by End-use Industry
10 Tow Prepreg Market, by Region
For more information about this report visit https://www.researchandmarkets.com/r/d866q0
View source version on businesswire.com: https://www.businesswire.com/news/home/20211216005526/en/
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