Tow Prepreg Market Size, Share & Trends Analysis Report By Fiber (Glass, Carbon, Aramid), By End-use (Aerospace & Defense, Automotive, Wind Energy), By Region, And Segment Forecasts, 2024 - 2030

Tow Prepreg Market Size & Trends

The global tow prepreg market size was estimated at USD 3.12 billion in 2023 and is projected to grow at a CAGR of 9.2% from 2024 to 2030. Rising need among manufacturers for the manufacturing of durable and lightweight materials for the production of aerospace parts is expected to have a positive impact on product demand. Increasing product use in wind sector for production of lightweight blades is further anticipated to fuel product demand over the forecast period. Furthermore, rising number of mandates particularly in the U.S. and European countries such as the UK and France targeting low carbon emissions and better fuel efficiency is expected to propel use of tow prepreg in the automotive industry over the forecast period.

Primary drivers of the market includes continuous technological advancements in composite materials industry. Tow prepreg, a pre-impregnated fiber with a resin system, offers superior mechanical properties, such as high strength-to-weight ratio and high fatigue resistance. In addition, innovations in manufacturing processes, such as automated fiber placement (AFP) and automated tape laying (ATL), have made the production of tow prepreg more efficient and cost-effective. These advancements enable the creation of complex structures with precision, thereby leading to the product growth over the forecast period.

Global prepreg market is distinguished by integration across various supply chain stages which includes the supply of raw materials, manufacturing of tow prepreg, and distribution processes. Companies such as Hexcel Corporation and Mitsubishi Chemical Holdings Corporation are integrated across three stages of value chain. These companies process the raw materials after which they utilize these materials for the production of a variety of prepreg. Integration across numerous stages of the value chain results in continuous raw material supply as well as low manufacturing cost.

However, tow prepreg are developed using cutting edge technologies such as vacuum bag, autoclaved and pultrusion. Implementation of the mentioned advanced technologies requires highly skilled operators. Moreover, effective mixing and handling of resin content requires skilled labor. This in turn, leads to increase in labor cost, thereby restricting the growth of tow prepreg market

Fiber Insights

In terms of fiber, carbon segment led the industry with the largest revenue share of 84.7% in 2023 owing to their excellent material strength. Suitable curing properties have motivated the usage of carbon fiber-based tow prepreg in various applications over the recent past. Carbon fibers are proven to have a tensile strength, which is approximately 10 times higher than that of iron. Such factors are projected to boost the market demand over the forecast period.

Glass fiber is forecasted to grow at a highest CAGR of 9.7% from 2024 to 2030. The use of glass as reinforcing fiber in tow prepreg production improves its mechanical features such as strength, stiffness, density, and electrical properties. Moreover, tow prepreg produced using glass fiber has dimensional stability, excellent thermal conductivity, good chemical resistance, and durability.

Rising demand for fire and heat resistant materials in end-user industries such as aerospace, automotive, wind, and sporting goods is anticipated to propel the demand for glass fibers in tow prepreg manufacturing. Furthermore, the manufacturing cost associated with glass fiber-based prepreg is low as compared to carbon and aramid, hence projected to boost the demand over the projected period.

Aramid fibers are used in various industries owing to their advantageous properties such as high strength, chemical resistance, low flammability, heat resistance, and impact resistance. Aramid fiber-based prepreg also have substantial usage in aerospace applications. However, the cost associated with aramid prepreg is high which restrains the growth of aramid-based prepreg.

End-use Insights

In terms of end use, aerospace & defense accounted for the fastest and largest segment in 2023 with the revenue share of 42.5%. Surging requirements for durable and light-weight materials in aerospace industry has fueled the demand for advanced composites including tow prepreg. Air ducts, ceiling panels, plenums, cargo floor panels, galleys, wardrobes, flap tracks, winglets, landing gear doors, and trailing edges are the key application areas of tow prepreg in aerospace & defense industry.

Automotive application segment has driven considerable demand for tow prepreg over the recent past. The requirement of rapid cure materials in automotive segment motivated the use of the product. The automotive industry has witnessed a growing demand for composite materials with strength and lightness, which in turn resulted in an augmented use of tow prepreg in the industry owing to its efficient structural properties.

Prepreg is widely used in manufacturing various components of wind turbine, owing to their high strength and fatigue resistance. It is used in wind turbine rotor blades, spar caps, shear webs, and wind rotors. The wind energy sector requires turbines with a long blade and lightweight, to obtain optimum efficiency. Thus, using tow prepreg in wind turbine helped to achieve improved power generation performance and reduction in weight, therefore segment is expected to grow at a CAGR of 9.9% over 2024 to 2030.

Sporting goods are one of the key consumers of global tow prepreg market. Unique properties such as flame retardancy, high clarity, and toughness have accelerated their usage in production of various sporting goods. Rising demand for lightweight and high strength composites in sporting goods has fueled the market growth.

Regional Insights

The tow prepreg market in North America accounted for largest revenue of USD 1.16 billion in 2023 owing to a strong presence of aerospace and defense industries in the country. The region's advanced manufacturing capabilities, ongoing innovations, and significant investments in research and development support market growth. The automotive sector's focus on lightweight materials for fuel efficiency and emissions reduction further boosts product demand.

U.S. Tow Prepreg Market Trends

U.S. tow prepreg market benefits from substantial government and private sector investments in aerospace, defense, and automotive industries. The country's focus on technological advancements and the development of high-performance materials drives the adoption of tow prepreg. The increasing production of commercial and military aircraft, along with the push for electric and lightweight vehicles, significantly contributes to market growth.

Europe Tow Prepreg Market Trends

Europe's tow prepreg market is fueled by the region's stringent environmental regulations and commitment to sustainability. The aerospace and automotive industries are major consumers, with a strong emphasis on reducing carbon emissions and improving fuel efficiency. Countries such as Germany, France, and the UK lead in the adoption of advanced composite materials, including tow prepreg. These factors are driving the product growth to reach USD 2.50 billion by 2030.

Asia Pacific Tow Prepreg Market Trends

Asia Pacific tow prepreg market has fastest growing CAGR of 10.7% over the projected period due to the region's expanding industrialization, urbanization, and infrastructure development. Countries such as China, Japan, and South Korea are key players, with significant investments in aerospace, automotive, and renewable energy sectors. In addition, increasing adoption of advanced manufacturing technologies and growing awareness of environmental sustainability further boost the product demand.

Key Tow Prepreg Company Insights

Some of the key players operating in the market include Mitsubishi Chemical Holdings Corporation and SGL Carbon SE

• Mitsubishi Chemical Holdings Corporation operates in segments including performance products, industrial materials, and healthcare. The company manufactures petrochemicals, pharmaceuticals, specialty chemicals, agrochemicals, and synthetic or chemical fibers. Mitsubishi Chemicals has over 625 subsidiaries headquarters globally and this company operates in all major as well as developing economies including the U.S., Canada, Brazil, UK, France, Russia, Germany, India, China, South Africa, and Australia.

• SGL Carbon is a publicly owned company with a broad shareholder structure. This company has three-business segment such as carbon fibers and materials, performance products, and graphite specialties. Composite solution of SGL carbon largely caters to aerospace, automotive, industrial or energy industries. The company’s global sales network and production sites are located in North America, Asia, and Europe with 38 production sites around the globe.

TCR Composites is of the emerging market participants in this market.

• TCR Composites, Inc.is a resin development company that produces high-performance prepreg materials which are further used in different end use industries including automotive, aerospace, marine, industrial and sporting goods sectors.

Recent Developments

• In June 2021, Axiom Materials introduced its latest narrow tow prepreg made from carbon fiber composites. This initiative is expected to give the company a competitive edge and boost its market share.

• In January 2020, Mitsubishi Chemical Corporation bought c-m-p GmbH, a German carbon fiber prepreg manufacturer. This acquisition sought to combine CMP’s expertise in innovative unidirectional fabric prepreg technology and various market solutions.

Tow Prepreg Market Report Scope

Global Tow Prepreg Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global tow prepreg market report based on fibers, end-use, and region.

• Fibers Outlook (Revenue, USD Million, 2018 - 2030)

  • Glass

  • Carbon

  • Aramid

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Aerospace & Defense

  • Automotive

  • Wind Energy

  • Sporting Goods

  • Other End-uses

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia