South America Tow Prepregs Market Size, Share, and Analysis by 2028

The South America tow prepregs market is expected to grow from US$ 23.85 million in 2020 to US$ 47.88 million by 2028; it is estimated to grow at a CAGR of 9.1% from 2020 to 2028.

South America region includes countries such as Brazil, Argentina, and the rest of South America. The continuous technological and industrial developments have positively impacted the economic growth of countries such as Brazil and Argentina. The changing economic condition in South America coupled with the growth of automotive, aerospace, and other industries along with increasing support from the government for increasing the industrial production provide a huge developing potential for the tow prepreg market players in South and Central America. The use of tow prepreg process is rising with the growing awareness towards environmental sustainability. Moreover, the constant research and development by the key players to develop environmentally friendly products are anticipated to provide a developing opportunity for the market players over the forecast period.

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.
 

With the new advancements and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the South America tow prepregs market. The automotive and transportation sector is one of the most dynamic industrial sectors, which are significantly related to the use of advanced technologies across South America. The growing demand for improved materials with environment friendliness and cost-efficiency is among the emerging trends, which have a direct impact on the industry. With the expansion of the automotive and transportation industry, the demand for prepregs is set to rise. Companies such as Ford Motor Co. are deploying the use of prepregs and other materials in order to produce rear suspension knuckle. Hence, with the rise in demand for prepregs, manufacturers have come up with better forms of precursors such as tow prepregs. These fiber precursors are preferred to other traditional materials owing to their properties such as tensile strength, limited curing time, uniformity and consistency, lightweight, and better friction. These properties make them ideal for various applications in the automotive and transportation industry. Moreover, they can ideally be used to suit the dynamic requirements of the processing industry. These prepregs are considered suitable for use in high-pressure type 4 cylinders along with hydrogen fuel cells in the automotive and transportation industry. Further, they are also used in the production of transmission axle, leaf springs, CNG cylinders, and other such parts and components in the automotive and transportation industry.

South America Tow Prepregs Market Segmentation

South America Tow Prepregs Market – By Fiber Type

• Carbon
• Glass
• Others

South America Tow Prepregs Market – By Resin Type

• Epoxy
• Phenolic
• Others

South America Tow Prepregs Market – By End-Use Industry

• Aerospace and Defense
• Automotive and Transportation
• Sports and Recreational
• Oil and Gas
• Others

South America Tow Prepregs Market – By Country

• Brazil
• Argentina
• Rest of South America

South America Tow Prepregs Report Scope