Global Carbon Fiber Tapes Market - 2024-2031

Overview

Global Carbon Fiber Tapes Market reached US$ 2.7 billion in 2023 and is expected to reach US$ 6.9 billion by 2031, growing with a CAGR of 12.5% during the forecast period 2024-2031.

Research is now focused on improving the recyclability of carbon fiber tapes. It will not only reduce wastage, but also bring down overall prices. In November 2023, researchers at the Fraunhofer Institute for Production Technology in Aachen, Germany, announced the development of a new process for recycling carbon fiber tapes whilst retaining nearly 90% of their original mechanical strength.

Reducing production costs in a meaningful way continues to remain a key challenge for the market. While scientists are researching new manufacturing techniques, they are still decades away from any sort of commercialization. If costs go lower, then the usage of carbon fiber tapes in engineering applications will increase drastically.

Dynamics

Increasing Adoption Of Composites in Aircraft Structures

Aircraft producers are adopting carbon fiber for the engineering of aircraft structures due to its high strength-to-weight ratio and fatigue resistance. The fuselage and wing structure of the new Airbus A350 aircraft is made of carbon fiber composites. Similarly, the wings of the Boeing 737 MAX and the upcoming 777X are also made of composites. Similarly, the Irkut MC-21, a new Russian passenger jet, also uses composites for nearly 80% of its aircraft body area.

Both Boeing and Airbus are currently increasing their aircraft production rates in response to large-sized orders from airlines. Air India and Indigo, two Indian carriers, have placed a combined order of 970 aircraft as both airlines look to scale up their operations in the Indian aviation market.

Increasing Usage of Marine Unmanned Vessels in Warfare

The usage of unmanned surface vessels has really come to the fore during the ongoing Ukraine-Russia war. To counter missile strikes from Russia's Black Sea fleet, Ukraine has fielded explosive-laden naval unmanned vessels to strike Russian corvettes and landing ships. In March 2024, Ukrainian naval drones chased down and attacked the missile ship Sergei Kotov near Feodosiya in Crimea.

To counter Ukraine, Russia has also began fielding its own naval drones. In November 2023, state defence companies began extensive testing of the GRK-700 Vizir drone. As the conflict further intensifies in the black sea region, it will only escalate the demand for unmanned vessels to launch new offensive operations.

High Cost of Processing and Manufacturing

The current global production capacity of carbon fiber tapes is woefully insufficient to meet the future projected demand. Given the complex manufacturing process, existing producers simply cannot scale production to meet demand growth. Such factors have ensured that the cost of carbon fiber tapes remains high and its engineering applications are limited to a few niche areas.

Now scientists are working on reducing production costs for carbon fiber tapes. The Oak Ridge National Laboratory in U.S. has recently invented a new production method which uses 60% less energy and can cut overall production costs by half. However, the technology is still years away from full maturation.

Segment Analysis

The global carbon fiber tapes market is segmented based on resin, form, manufacturing process, application, end-user and region.

The Aerospace & Defense Industry Will Continue to Account for the Maximum Demand

The fabrication and curing process for carbon fiber has reached a good level of maturation. It has become the default choice of material for aerospace component manufacturing. As such, with emerging markets like India witnessing rapid growth in international air travel, the demand for carbon fiber tapes for aircraft production is only expected to increase.

Carbon fiber tapes are also being used in defense applications, especially for drone making. With drones forming a critical part of modern combined arms operations, the demand from the aerospace industry will only increase in the future.

Geographical Penetration

North America Will Have the Largest Market Share

The demand in North America is mainly driven by the growth in civilian and military aircraft production. U.S-based Boeing is one of the two major aircraft producers globally and although it is currently experiencing quality control and production issues, it is expected to bring the new 777X long range airliner and an improved version of its 737 MAX to the market over the short term.

The U.S. air force is also currently finalizing the requirements for a new supersonic fighter jet that is expected to enter service sometime in the 2040s. The new jet is expected to make extensive usage of carbon fiber composite to enhance its performance and stealth characteristics. Given the advanced nature of its aerospace and defense industry, North America will continue to have a major share in the global market.

COVID-19 Impact Analysis

The pandemic created a problem for carbon fiber tape producers in fulfilling existing contracts. With the pandemic getting worse, demand from the aerospace industry virtually ground to a halt, thus affecting many specialist suppliers. Some companies also tried to utilize the tapes for manufacturing composite parts for medical equipment.

As soon as the restrictions were lifted, demand rose sharply and manufacturers once again had difficulty in fulfilling orders. Supply chain constraints prevented companies from rapidly expanding their production capacity. Overall, the global market has emerged more resilient from the pandemic.

Russia-Ukraine War Impact Analysis

Ukraine began using carbon fiber tapes for the industrial-level manufacturing of loitering munitions and naval drones. Production gathered pace in 2023, especially as Russia stepped up its offensive operations in southeast parts of the country. Due to the prevailing security situation, supplies of the tapes had to be routed through western countries like Poland.

Western sanctions have made it difficult for Russian defense companies to undertake production of drones and other equipment required for the war effort. Therefore, the government has resorted to the grey market for imports as well as increasing local production of carbon fiber tapes. New factories are currently being built to further expand drone production.

By Resin

• Epoxy
• Thermoplastic
• Bismaleimide
• Polyamide
• Others

By Form

• Prepreg Tape
• Dry Tape

By Manufacturing Process

• Hot Melt
• Solvent Dip

By End-User

• Aerospace & Defense
• Marine
• Building & Construction
• Sporting Goods
• Pipes & Tanks
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In March 2024, scientists from the Huazhong University of Science and Technology in Wuhan, China published a research paper exploring the usage of laser treatment for improving the optical properties of carbon fiber tapes.
• In March 2023, the Technical University of Munich in Germany installed a new printhead for the usage of Advanced Tape Layer Additive Manufacturing (ATLAM). ATLAM is currently being researched for mass production of engineering components from carbon fiber tapes.
• In January 2024, HexMC signed an agreement with Boeing to develop epoxy resin molded parts for the Boeing 787 passenger aircraft.

Competitive Landscape

The major global players in the market include Evonik Industries AG, Solvay SA, Toray Industries, Inc., SABIC, Hexcel Corporation, Teijin Limited, SGL Carbon, Mitsubishi Chemical Group Corporation, Avient Corporation and Celanese Corporation.

Why Purchase the Report?

• To visualize the global carbon fiber tapes market segmentation based on resin, form, manufacturing process, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of carbon fiber tapes market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global carbon fiber tapes market report would provide approximately 70 tables, 66 figures and 195 Pages.

Target Audience 2024

• Construction Companies
• Aerospace Companies
• Shipbuilding Companies
• Industry Investors/Investment Bankers
• Research Professionals