Carbon Fiber Tape Market Size, Growth During Forecast Period 2023-2030 | Key Players are: Evonik Industries, SABIC, ZOLTEK Corporation, Teijin Limited, Hexcel Corporation
One of the main factors promoting the growth of the Carbon Fiber tape market is the growing aerospace industry.
Carbon Fiber tape is used in the fabrication of aircraft components by large aircraft manufacturers like Boeing and Airbus, which helps to lighten the aircraft. As aviation engineers focus on creating effective and lightweight aircraft structures, Carbon Fiber reinforced polymers are well suited for aerospace applications due to their exceptional strength-to-weight ratio.
Additionally, the next generation of aircraft uses automated fibre placement (AFP) of Carbon Fiber tape followed by liquid resin infusion or resin transfer moulding (RTM) to increase cost, efficiency, and sustainability. These elements will lead to a rise in the usage of Carbon Fiber tape in the production of aircraft, which will boost market expansion during the forecast period.
Carbon Fiber Tape Market size was valued at USD 1.68 billion in 2020, and projected to reach USD 5.75 billion by 2030, with a CAGR of 13.8% from 2023-2030.
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One of the things impeding the growth of the Carbon Fiber tape industry is the high cost of Carbon Fiber.
The main difference between Carbon Fiber tape and its alternatives is in the expense of R&D and manufacture. Due to the price sensitivity of the automobile industry, Carbon Fiber tape cannot be used to produce lightweight, fuel-efficient vehicles due to its high cost. Although Carbon Fiber tape is utilised in passenger automobiles, its application in premium vehicles has been constrained by its increasing cost.
In addition, the sector is struggling with issues including automation, cost-cutting, and the creation of a low-cost manufacturing method that can be used for mass production. As a result, the worldwide market for Carbon Fiber tape may face difficulties in producing cost-effective Carbon Fiber tape on a big scale given the growing demand for it in pressure vessel, aerospace, and automotive applications. In turn, this will prevent the Carbon Fiber tape market growth during the forecast period.
The global Carbon Fiber Tape Market is fragmented in nature with the presence of various key players such as Evonik Industries, SABIC, ZOLTEK Corporation, Teijin Limited, Hexcel Corporation, Toray Advanced Composites , SGL Carbon, Mitsubishi Chemical Corporation, Solvay, PRF Composite Materials, TCR Composites, Celanese Corporation, Eurocarbon, Sigmatex.
New Developments in the Carbon Fiber Tape Market
May 23, 2023 - Evonik and ProductionToGo announced a new non-exclusive distribution arrangement for the company's 3D printing supplies. With this agreement, ProductionToGo was taking a step towards strengthening its position as a distributor in the quickly increasing market for high-performance 3D printing materials.
April 12, 2023 - TenaxTM ThermoPlastic Woven Fabric (TPWF) and TenaxTM ThermoPlastic Consolidated Laminate (TPCL), both of which were based on PEEK and carbon fibre, have received qualification from NCAMP (National Centre for Advanced Materials Performance).
It was anticipated that the relevance of being able to tailor Carbon Fiber tapes to individual applications and requirements would increase.
The demand for enhanced performance and economical solutions has made customising Carbon Fiber tapes to specific applications and needs increasingly important. Manufacturers can provide customers with materials that precisely match their unique needs by offering a variety of options in tape widths, thicknesses, and fibre orientations.
This enables enhanced structural integrity, improved efficiency, and targeted reinforcement in a variety of industries, including automotive, aerospace, construction, and more. By allowing for personalization, Carbon Fiber tapes may be used effectively, maximising their advantages while reducing waste and unneeded costs.
North America will have a substantial market share for Carbon Fiber tape market.
Due to the expansion of U.S. economies, the participation of major players, and the expansion of the aerospace and defence sector, North America led the market with 44% market share and is projected to keep up the trend over the projection period. The aerospace and defence sectors as well as other end-use industries are expanding quickly, which raises regional demand.
Better production methods for Carbon Fiber tape composites, superior characteristics, and growing penetration in several end-use sectors are further factors driving demand development in the area.
Top automobile OEM firms in Europe work to replace conventional metal parts with lighter, stronger ones made of cutting-edge materials. resulting in regulated emissions and good fuel economy for vehicles. Growing use of Carbon Fiber in the aerospace, marine, pipe, and tank industries is anticipated to boost the market in Asia Pacific.
Some of the main drivers anticipated to drive the market include an increase in the use of Carbon Fiber bands in the Asia Pacific automobile and wind sectors.
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