PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1403541
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1403541
According to Stratistics MRC, the Global Carbon Fiber Tape Market is accounted for $3.19 billion in 2023 and is expected to reach $8.70 billion by 2030 growing at a CAGR of 15.4% during the forecast period. Carbon fibers, which have a high strength-to-weight ratio and superior mechanical qualities, are the raw materials used to make carbon fiber tapes, which are thin, flexible materials. Their distinct qualities enable them to find use in a variety of industries. Moreover, carbon fiber tapes are perfect for use in the sporting goods, automotive, and aerospace industries because they are lightweight and have high tensile strength.
According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037 from 7,039 in 2016, owing to the growth in air cargo. Additionally, the United States mainliner carrier fleet is expected to grow at a rate of 54 aircraft per year, with the existing fleet getting older.
The growing need for lightweight materials across industries is a major factor driving the carbon fiber tape market. Weight reduction without sacrificing strength or performance is a constant goal in industries like wind energy, automotive, and aerospace. Because of their remarkable strength-to-weight ratio, carbon fiber tapes are highly regarded as the perfect material for creating lightweight yet durable components. Additionally, the need for increased fuel economy, lower emissions, and better overall product performance is driving this demand.
When it comes to recycling, carbon fiber materials are more difficult than traditional materials like metals or plastics. Waste carbon fiber composites could wind up in landfills, which is a concern for the environment. Furthermore, restrictions regarding the environmental impact of carbon fiber materials are caused by their limited recycling options and disposal challenges, which limit their adoption in eco-friendly and sustainable applications.
Globally, infrastructure projects are utilizing cutting-edge materials, such as carbon fiber tapes, to increase the robustness and lifespan of their structures. Bridge building, seismic retrofitting, and the rehabilitation of deteriorating infrastructure all employ carbon fiber-reinforced composites. Additionally, carbon fiber tapes in civil engineering and construction have a lot of opportunities because infrastructure resilience is becoming more and more important.
The cost of raw materials used in the production of carbon fiber, such as pitch and polyacrylonitrile (PAN), can vary significantly. Moreover, the cost of production can rise due to unexpected price increases or disruptions in the supply chain, which can affect the cost of carbon fiber tapes. It is difficult for manufacturers to maintain stable pricing and profitability in the face of this price volatility.
In the carbon fiber tape market, the COVID-19 pandemic had a major effect. Delays and difficulties in the industry were caused by the first outbreak's effects on manufacturing and the supply chain, lower production capacities, and labor shortages. The demand for carbon fiber tapes was impacted by the cutbacks made by several end-user industries, including automotive and aerospace. However, carbon fiber tapes have had new opportunities as a result of the pandemic's emphasis on the use of lightweight materials in personal protective equipment and healthcare equipment.
In the market for carbon fiber tape, epoxy resins hold the largest share. Epoxy resins are renowned for having strong mechanical qualities, superior adhesion, and resistance to chemicals. Due to their exceptional bonding capabilities and versatility, they find extensive use in a variety of industrial applications such as construction, automotive, aerospace, and more. For high-performance components, carbon fiber tapes based on epoxy resin are the material of choice because of their exceptional strength and longevity. Moreover, epoxy resins are a major force behind the carbon fiber tape industry because of their broad range of applications and versatility, which contribute to their strong market presence.
In the carbon fiber tape market, the segment experiencing the highest CAGR is aerospace and defense. The aerospace industry, where carbon fiber tapes are widely used in aircraft components, including fuselages and wings, to improve fuel efficiency and lower emissions, is driving this growth with its demand for lightweight yet durable materials. Similar to this, these tapes are used in the defense industry for high-strength, lightweight applications. Furthermore, this segment's growth is being driven by continued improvements in military hardware and aerospace technologies, which makes it a significant growth area for carbon fiber tapes in the market.
In the market for carbon fiber tape, North America is anticipated to hold the largest share. This was mostly because of the strong aerospace and automotive sectors in the area, which made extensive use of carbon fiber tapes for structural reinforcement and lightweight componentry. Furthermore, North America's considerable market share was aided by its emphasis on research and development as well as the strong presence of important market players.
In the global carbon fiber tape market, the Asia-Pacific area is expected to have the highest CAGR. The region's growing industrialization, the development of its infrastructure, and the expansion of the automotive and aerospace industries were all credited with this remarkable growth. Moreover, the Asia-Pacific market also showed a great deal of potential for the use of carbon fiber tapes as emerging economies kept embracing advanced materials for high-performance, lightweight solutions.
Some of the key players in Carbon Fiber Tape market include PRF Composite Materials, TCR Composites, 3M Company, Evonik Industries, Solvay S.A., Mitsubishi Chemical Holdings, Victrex, BASF SE, Teijin Limited, Hexcel Corporation, Saudi Basic Industries Corporation (SABIC), Koninklijke DSM N.V., Celanese Corporation, Toray Industries, Inc. and SGL Group.
In September 2023, Toray Industries, Inc., has signed an agreement with Honda Motor Co., Ltd., to jointly develop a chemical recycling technology for glass-fiber reinforced nylon 6 parts recovered from end-of-life vehicles. The two have begun verifying this technology, which entails depolymerizing with subcritical water (see note) and regenerating the materials as caprolactam, a raw monomer.
In May 2023, 3M today announced it has entered into agreements to sell certain assets associated with its dental local anesthetic portfolio, based in Seefeld, Germany, to Pierrel S.p.A., a global provider of services for the pharmaceutical industry, for a purchase price of $70 million, subject to closing and other adjustments.
In May 2023, BASF Environmental Catalyst and Metal Solutions, a global leader in precious metals and catalysis, and Advent Technologies Holdings, Inc., an innovation-driven leader in the fuel cell and hydrogen technology sectors, have concluded the terms of a new agreement to join efforts in building a full loop component supply chain for fuel cells and enter discussions to extend the partnership into the field of water electrolysis.