Northbrook, IL -- (SBWIRE) -- 10/26/2021 -- The report "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", is expected to grow from USD 250 million in 2021 to USD 440 million by 2026, at a CAGR of 12.0% during the forecast period.

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Owing to superior properties offered by tow prepregs such as excellent mechanical properties and advantages over wet winding process, the tow prepreg market is expected to witness significant growth during the forecast period. In addition to this, the growing demand in automotive and aerospace industries is also propelling the growth of the market.

However, the outbreak of COVID-19 has created ripples in various end-use industries, leading to reduced demand for tow prepreg. Due to the lockdown scenario in Europe and North America, the demand for tow prepreg from end-use industries such as aerospace & defense, automotive & transportation, oil & gas, and others have declined sharply in the first quarter of 2020.

Pressure vessels application to have the largest market share in the tow prepreg market during the forecast period.
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 tow prepreg pressure vessels consist of a thin, non-structural linear wrapped in fiber composite designed to hold fluid under pressure. In the oil & gas industry, pressure vessels are used in both upstream and downstream operations. The growing use of these vessels in the oil & gas and other chemical industries is driving the market.

The oil & gas end-use industry segment is expected to account for the largest share in the tow prepreg market during the forecast period, in terms of value.
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. Therefore, the increasing need for pressure vessels and tanks in this industry will drive the market growth of tow prepreg market.

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Europe region to account for the largest market share in the tow prepreg market during the forecast period.
Europe was the largest tow prepreg market, in terms of value, in 2020. The increasing use of tow prepreg in applications such as pressure vessels, scuba tanks, and other applications is expected to provide new growth opportunities to the market. Furthermore, high economic growth, growth in manufacturing industries, and presence of major tow prepreg manufacturers are some of the key factors driving the tow prepreg market in Europe.

The key players in the market include TCR Composites (US), SGL Carbon SE (Germany), ENEOS Holdings, Inc (Japan), Teijin Limited (Japan), Mitsubishi Chemical Carbon Fiber and Composites, Inc (US), Hexcel Corporation (US), Porcher Industries (France), Red Composites (England), Vitech Composites (France), Arisawa Manufacturing Co., Ltd. (Japan), Toray Industries, Inc (Japan), and 3M (US). These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the tow prepreg market.

Impact of COVID-19 on global Tow prepreg market

The tow prepreg market is expected to witness a decline in market in 2020 due to the COVID-19 pandemic. This deadly virus has adversely affected the entire globe, especially the APAC and European regions. To prevent the further spread of this virus, companies have shut down their operations and manufacturing facilities and government restricted the construction activities. This has led to a reduction in the consumption of Tow prepreg across applications.

COVID-19 and pre–existing regulatory issues such as protracted permitting procedures have slowed down the production of end-use industries, reducing the demand for tow prepreg. However, the demand for tow prepreg is expected to recover in 2021. China was the first country affected by COVID-19, disrupting the global tow prepreg supply chain and resulting in reduced manufacturing activities across several end-use industries. However, the aerospace & defense, automotive & transportation, and other industries have resumed manufacturing activities and are soon expected to recover from the impact, resulting in the rise in demand for tow prepreg.

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