North America Tow Prepregs Market
The North America tow prepregs market is a highly fragmented market with the presence of considerable regional and local players providing numerous solutions for companies investing in the market arena. The demand for lightweight materials with high tensile strength is on the rise among several sectors, including automotive and transportation, aerospace, marine, and construction. The use of lightweight materials has a direct impact on the overall dynamics and structure of the components in which they are used. Tow prepreg is one such compound material, which is preimpregnated with resin to increase its productivity and eliminate the use of resin coating. It is known to possess good elasticity, high dimensional stability, excellent mechanical and electrical properties, and strength. Lightweight nature and cost-efficiency make tow prepreg an ideal component across several application bases. The demand for tow prepreg compounds has considerably increased across various industries, owing to rise in advancements and innovations in these industries. Weight, along with strength, has become a significant factor for the performance of a vehicle. For instance, a slight reduction in the weight can improve the performance of a vehicle. This has offered a great opportunity for the growth of the tow prepreg market in North America scenario. Composites have become a core strategic material for automotive and transportation Original Equipment Manufacturers (OEMs), as well as aerospace components. Moreover, the growing preference toward cost-effective composite materials in price-sensitive industries has motivated the prepreggers to adopt less costly but energy-intensive fiber precursors such as tow prepregs. All such factors are expected to boost the demand for tow prepregs.
In case of COVID-19, North America, especially the US, witnessed an unprecedented rise in number of coronavirus cases, which led to the discontinuation of tow prepregs manufacturing activities. Downfall in other chemical and materials manufacturing sector has subsequently impacted the demand for tow prepregs during the early months of 2020. Moreover, decline in the overall fabric and resin manufacturing activities has led to the discontinuation of tow prepregs manufacturing projects, thereby reducing the demand for tow prepregs. Similar trend was witnessed in other North American countries such as Mexico, Canada, Panama, and Costa Rica. However, the countries are likely to overcome this drop in demand with the economic activities regaining their pace, especially in the beginning of 2021.
Strategic insights for the North America Tow Prepregs provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 229.41 Million |
| Market Size by 2028 | US$ 546.72 Million |
| Global CAGR (2020 - 2028) | 11.5 % |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2028 |
| Segments Covered |
By Fiber Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Tow Prepregs refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The tow prepregs market in North America is expected to grow from US$ 229.41 million in 2020 to US$ 546.72 million by 2028; it is estimated to grow at a CAGR of 11.5 % from 2020 to 2028. Tow prepregs are predominantly used as a significant raw material to manufacture primary and secondary structural parts in aerospace & defense and automotive and transportation industries. There is an increase in demand for tow prepregs from the aerospace & defense industry as they are preferably used in the production of commercial aircrafts by Boeing and Airbus. Further, the product innovations, along with advancements in technology in the tow prepreg industry, are providing lucrative opportunity for expanding application base of such prepregs. Through effective research and development, researchers and prepreggers have come up with new product developments and diversified the application base of tow prepregs. The use of fiber precursor is not just limited to automotive and transportation and aerospace but has expanded to applications such as oil & gas, sports, medical, marine, and wind energy. For instance, TCR Composites, Inc. is involved in manufacturing tow prepregs, which are used in rocket motor cases, sporting goods and recreational uses, high-pressure cylinders, commercial applications, infrastructure, wind energy, high-pressure vessels, and semi-toughened systems, among others. Also, in 2017, SGL Carbon partnered with AMC to produce and offer bicycle components and parts using carbon fiber-based tow prepregs. Such prepregs are manufactured with the company’s proprietary technology, which uses continuous composite fibers and 3D winding to achieve light-weight structures and complex shapes.
Based on fiber type the carbon segment accounted for the largest share of the North America tow prepregs market in 2019. Based on resin type, the epoxy segment held a larger market share of the North America tow prepregs market in 2019. Based on end-use industry, the aerospace and defense segment held a larger market share of the North America tow prepregs market in 2019. Composite materials are primarily attractive to aviation and aerospace resin types due to their exceptional strength and stiffness-to-density ratios, and superior physical properties. A composite material typically consists of relatively strong, stiff fibers in a tough resin matrix. Innovative lightweight structures, along with highly complex aircraft components, are made of modern lightweight materials such as carbon fiber tow prepreg. Compared with conventional production technologies for various composite materials, this hybrid material also processes technology that obtains short cycle times, functional integration, optimum material usage, high freedom of design, and less rework. To produce the cabin, cargo, and also other aircraft components, a direct implementation of metallic elements, including inserts, and the use of this composite can be realized. Furthermore, this process technology can be fully automated to yield an increased economic efficiency. Current composite aircraft interior components often use glass fiber/phenolic sandwich construction, characterized by low buy-to-fly material usage, high cycle times, and extensive rework/finishing.
A few major primary and secondary sources referred to for preparing this report on the North America tow prepregs market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report include Eneos Corporation; Hexcel Corporation; Mitsubishi Chemical Corporation; Porcher Industries; SGL Carbon; TCR Composites, Inc.; Teijin Limited; and Toray Industries, Inc.
The North America Tow Prepregs Market is valued at US$ 229.41 Million in 2020, it is projected to reach US$ 546.72 Million by 2028.
As per our report North America Tow Prepregs Market, the market size is valued at US$ 229.41 Million in 2020, projecting it to reach US$ 546.72 Million by 2028. This translates to a CAGR of approximately 11.5 % during the forecast period.
The North America Tow Prepregs Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Tow Prepregs Market report:
The North America Tow Prepregs Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Tow Prepregs Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Tow Prepregs Market value chain can benefit from the information contained in a comprehensive market report.
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