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3. New Product Development and Partnership are the Key Development Strategies Adopted by the Leading Players in the Tow Prepreg Market

The high modulus of tow prepregs has resulted in its widespread use across numerous industries, including aerospace & defense, automotive & transportation, sports & recreational, and oil & gas. The increasing penetration of tow prepreg as a replacement to traditional materials in these industries, coupled with the advancement of these industries, is set to result in the significant demand for tow prepreg over the next few years. The tow prepreg market is expected to grow from USD 305 million in 2019 to USD 492 million by 2029, at a CAGR of 10.0% during the forecast period.

Over the past few years, companies have strengthened their position in the global tow prepreg market by adopting strategies such as new product development, and partnership.

From 2015 to 2019, new product development and partnership were the key strategies adopted by the market players to maintain growth in the global tow prepreg market. These strategies accounted for 30% and 16%, respectively, of the overall strategies adopted between 2015 and 2019. The market players concentrated mainly on consolidation through new product development and partnership with the focus on increasing their market shares and enhancing their sustainability.

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The major manufacturers profiled in this report are TCR Composites (US), SGL Carbon SE (Germany), JXTG Holdings, Inc. (Japan), Teijin Ltd. (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), Porcher Industries Designs (France), Red Composites Ltd. (UK), Vitech Composites (France), and Arisawa Mfg. Co., Ltd. (Japan). These companies have adopted various organic and inorganic growth strategies. For instance, SGL Carbon SE went into partnership with AMC (Automotive Management Consulting), to produce bicycle components (bicycle chainring and handlebar stem/seat clamp) made using carbon fiber tow pregs. These components were manufactured using AMC’s proprietary technology, “xFK in 3D,” that uses continuous composite fibers and 3D winding to produce complex-shaped and lightweight structures.

TCR Composites (US), SGL Carbon SE (Germany), and Teijin Limited (Japan) are the major players in the tow prepreg market. SGL Carbon SE (Germany) is one of the leading companies and the largest contributor to the growth of the global tow prepreg market. It accounted for the largest share of all the development activities undertaken in the global market between 2015 and 2019. As a part of its growth strategy, the company focused on new product development to meet the requirements of end-use industries, globally. In March 2015, the company introduced tow prepreg under the brand name, SIGRAPREG TowPregs. This product offers superior mechanical properties and permits uniform lay-up.

TCR Composites (US) is another leading manufacturer of tow prepregs and a known brand in the prepregs business. The product portfolio of the company includes prepreg tow, prepreg fabrics, prepreg braided sleeves, and prepreg uni-directional tapes. As a part of its growth strategy, the company procures fibers from various manufacturers, such as Hexcel Corporation, DowAksa, and Toray Industries, Inc., to manufacture tow prepregs as per the need of end users. This availability of different grades of tow prepregs gives an edge to the company over others in offering highly customized products in comparison to other players.

Related Reports:

Tow Prepreg Market by Fiber Type (Carbon, Glass), Resin Type (Epoxy, Phenolic), Application (Pressure Vessel, Scuba Tanks, Oxygen Cylinders), End-use Industry, Region (Europe, North America, APAC, MEA, Latin America) - Global Forecast to 2024

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