According to the research report titled ‘Global Tow Prepreg Market Size study, by Resin Type (Epoxy Resin, Phenolic Resin, Others), by Fiber Type (Carbon Fiber, Glass Fiber, Others), by Application (Pressure Vessels, Scuba Tanks, Oxygen Cylinders, Others), by End-Use Industry (Aerospace & Defense, Automotive & Transportation, Sports & Recreational, Oil & Gas, Others), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global tow prepreg market size was worth USD 223.2 million in 2020 and is expected to reach USD 493.4 million by 2027, recording a CAGR of 12% throughout.
 

As per the report findings, expanding automotive and transportation industries, as well as advantages over the wet-winding technique are mainly driving the global tow prepreg market. Besides, the interest and appeal of tow prepreg as a material for dry filament winding is growing as a viable alternative to traditional filament winding, also known as wet filament winding.
 

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Furthermore, surging demand from aerospace industry and innovative strategic initiatives by major companies are likely to enhance the market growth.   
 

For example, Teijin Ltd. purchased all the shares of Renegade (Renegade Materials Corp.), a leading North American provider of thermoset prepreg (extremely heat-resistant) for the aerospace sector, in 2019. For those unfamiliar, tow prepreg is a pre-impregnated fiber tow with a resin system that is used as an intermediary material in the filament winding process.
 

Worldwide tow prepreg market is fragmented on the basis of resin type (phenolic resin, epoxy resin, others), by fiber type (glass fiber, carbon fiber, others), application (scuba tanks, pressure vessels, oxygen cylinders, others), and end-use industry (aerospace & defense, sports & recreational, automotive & transportation, oil & gas, and others).
 

As per the regional assessment, the industry size spans across North America (U.S., Canada), Europe (UK, France, Germany, Spain, Italy, ROE), Asia Pacific (China, Japan, South Korea, Australia, India, RoAPAC), and Latin America (Mexico, and Brazil).
 

Among the listed geographies, Europe is anticipated to hold the largest revenue share in the upcoming years revenue owing to expanding tow prepreg demand from industries such as domestic industries, automotive, aerospace, and oil & gas industries.
 

Considering the competitive landscape, Arisawa Manufacturing Co. Ltd., Vitech Composites SAS, Red Composites Ltd., Porcher Industries SA, Mitsubishi Chemical Carbon Fiber and Composites Inc., Hexcel Corp., Teijin Ltd., Eneos Holdings Inc., SGL Carbon SE, and TCR Composites Inc. are the major contenders in global tow prepreg market.