Epoxy Segment to Dominate South America Tow Prepregs Market during 2020-2028
According to The Insight Partners market research study on “South America Tow Prepregs Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Fiber Type, Resin Type, End-Use Industry and Country,” is expected to reach US$ 47.88 million by 2028 from US$ 23.85 million in 2020. The market is estimated to grow at a CAGR of 9.1% from 2020 to 2028. The report provides trends prevailing in the South America tow prepregs market along with the drivers and restraints pertaining to the market growth. Expansion of the automotive and transportation industry and incrementing demand for lightweight and cost-efficient materials are the major factors driving the growth of the South America tow prepregs market. However, the elevated cost of carbon fiber and other such raw materials may hinder the growth of South America tow prepregs market.
In case of COVID-19, South America, especially Brazil, 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 South American countries such as Argentina, Colombia, Peru, Chile, and Ecuador. However, the countries are likely to overcome this drop in demand with the economic activities regaining their pace, especially in the beginning of 2021.
The market for South America tow prepregs is segmented into fiber type, resin type, end-use industry, and country. Based on fiber type, the market is segmented into carbon, glass, and others. In 2019, the carbon segment held the largest share in South America tow prepregs market. Based on resin type, the South America tow prepregs is bifurcated into epoxy, phenolic, and others. The phenolic segment is expected to be the fastest growing segment over the forecast period. Based on end-use industry, the South America tow prepregs is broken into aerospace and defense, automotive and transportation, sports and recreational, oil and gas, and others. In 2019, the aerospace and defense segment held the largest share in South America tow prepregs market. Furthermore, in this present scenario of COVID 19 pandemic, the South America tow prepregs market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the South American countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for tow prepregs.
Eneos Corporation; Hexcel Corporation; Mitsubishi Chemical Corporation; Porcher Industries; SGL Carbon; Teijin Limited; and Toray Industries, Inc. are some of the leading companies in the South America tow prepregs market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
The report segments the South America Tow Prepregs market as follows:
South America Tow Prepregs Market – By Fiber Type- Carbon
- Glass
- Others
- Epoxy
- Phenolic
- Others
- Aerospace and Defense
- Automotive and Transportation
- Sports and Recreational
- Oil and Gas
- Others
- Brazil
- Argentina
- Rest of South America