CAGR: 10%Current Market Size: USD 1.7 BillionFastest Growing Region: Europe
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The Global Carbon Fiber Tape market is expected to grow from USD 1.7 billion in 2022 to USD 3.64 billion by 2030, at a CAGR of 10% during the Projection period 2023-2030. The growth of this market is mainly driven owing to increasing development in the Automotive industry around the world.
Carbon-fibre tape is a flat carbon-fiber product. For a particular strength, it weighs one-seventh as much as steel. Compared to standard steel wire, the carbon fiber core is more durable. Unlike steel, the material does not flex or densify and is resistant to wear and abrasion. KONE Elevator Company announced the usage of Ultrarope as a steel cable substitute in elevators in June 2013. The carbon fibers are sealed in the high-friction polymer. Ultrarope, instead of steel cable, was created for structures requiring lifts of up to 1,000 meters. The highest steel elevators can go to is 500 meters. According to the business, an elevator made of carbon fibre would consume 15% less electricity than a steel-cabled one in a structure 500 meters high. The product passed each US and European Union certification test as of June 2013. Graphite fibers, also known as carbon fibers, are fibers with a diameter of 5 to 10 micrometres (0.00020–0.00039 in) and are primarily made of carbon atoms.
High stiffness, high tensile strength, good strength-to-weight ratio, high chemical resistance, high temperature tolerance, and minimal thermal expansion are only a few benefits of carbon fibers. Due to these qualities, carbon fibre is widely used in the military, motorsports, aerospace, and other competitive sports. However, they are relatively pricey when compared to fibers that are similar, like glass, basalt, or plastic. When steel and carbon fiber are compared in price for automobile materials, carbon fiber maybe 10–12 times more expensive. However, during the past ten years, this cost premium has decreased from early 2000s predictions of it being 35 times more expensive than steel.
Sample Request: - Global Carbon Fiber Tape Market
Market Dynamics:
Drivers:
Because of their many useful qualities, including lightweight, high rigidity, high tensile strength, and absolute residue removal, carbon fiber tapes are in high demand in the aviation industry. These tapes are also considered industrial since they can withstand heavy weight, particularly in the logistics and construction sectors, which boosts the acceptance of carbon fibre tape among end users. With their remarkable strength-to-weight ratio and high impact resistance, carbon fiber tapes enable the production of composite parts for the aircraft's major and secondary structures. Additionally, automated tape laying up is used to make composite parts, resulting in the cost-effective production of aircraft parts with higher aesthetics. The aviation sector's rising need for carbon fiber tape is anticipated to fuel market expansion.
Restraints:
Carbon fibre manufacturing generates ample waste, hindering the market’s growth. The high-performance non-crimp fabrics, scale, patch shape, and orientation were altered at the previous stage of development, thus the unimpregnated waste piece cannot be used again. The fiber industry is producing increasing carbon waste due to the rising demand for carbon fiber. Approximately 30% of the carbon fiber that is produced is thought to end up as waste. The largest producer of carbon fiber waste is the aerospace sector, which is also a source of recycled material for commercial RCF producers.
Opportunities:
One of the key causes propelling the sales of carbon fiber tape is the rise in demand for lightweight vehicles. According to U.S. Department of Energy research that was recently published, a 10% decrease in vehicle weight can lead to an improvement in fuel efficiency of 6% to 8%. Composites made from carbon fiber tape are practical, lightweight alternatives to metals. The automotive industry uses tapes made of thermoplastic with indefinite carbon fiber reinforcing for both external and interior purposes. Typically, carbon fiber tapes are 60% lighter than conventional tapes. This material also makes cars lighter in transportation, saving energy through fuel savings. During the Projection period, the increasing demand for carbon fibre tapes in the production of lightweight vehicles is expected to provide growth opportunities for the market.
Challenges
The market's growth pace will be slowed down by the high cost of research and development as well as the high price of carbon fiber tapes. The market for carbon fiber tape will experience slower as the overall cost of the end product is high owing to the addition of cost at various stages. In addition, the lockdown's impact on demand and supply for raw materials will make it difficult for the carbon fiber tape market to expand. Additionally, the market for carbon fiber tapes is now being constrained by a restricted production capacity.
Segmentation Analysis:
The global Carbon Fiber Tape market has been segmented based on form, end-user, and region.
By Form
The Form segment is Prepreg Tapes and Dry Tapes. The prepreg tapes segment led the Carbon Fiber Tape market with a market share of around 63% in 2022. For the fabrication of composite products requiring thick laminate construction and extended layup times, unidirectional prepreg carbon fiber tapes are the best option. These tapes are, therefore, excellent choices for applications in infrastructure, industry, medicine, and sports & recreation. Prepreg tapes manufacture components because they have remarkable strength characteristics and enable part homogeneity and repeatability. Additionally, using prepreg carbon fiber tapes results in less resin bleeding during the curing process, requires less curing time, and provides greater aesthetics, all of which benefit the market's overall growth.
By End-User
The end-user includes aerospace & defence, automotive, sports & leisure, and others. The aerospace & defense segment led the Carbon Fiber Tape market with a market share of around 29% in 2022. Rising demand for carbon fiber tapes is anticipated to be positively impacted by the increasing use of CF materials in the Boeing Dreamliner and Airbus 350 throughout the Projection period. As a result of their remarkable strength-to-weight ratio and great impact resistance, carbon fiber tapes are used in the production of composite parts for the aircraft's major and secondary structures. Additionally, the automated tape-laying process used to create composite parts enables the cost-effective fabrication of parts with higher aesthetics.
Global Carbon Fiber Tape Market- Sales Analysis.
The sale of Carbon Fiber Tape expanded at a CAGR of 9.9% from 2016 to 2022.
Increasing demand from Aerospace & Defense Industry fuels market growth. Due to its great strength, stiffness, heat and chemical resistance, as well as other thermal and chemical characteristics, carbon fiber tape is employed in aerospace and defense applications. Worldwide demand for airplanes is rising, and the aerospace industry is working to provide cutting-edge solutions to speed up production and reduce prices. The use of lightweight materials and composites has significantly decreased the need for conventional aluminum. Every kilogramme that is saved lowers the fuel requirement, operating expenses, and environmental impact of the aircraft. To fulfill the demand to reduce weight and improve fuel efficiency, manufacturers are concentrating on composite alternatives. Additionally, the expansion of the commercial aerospace sector is probably going to spur the creation of new aircraft production initiatives in developing nations, particularly in China.
Additionally, major manufacturers have been producing more aircraft during the past ten years as a result of the increase in global air traffic. Due to its qualities, including hardness and advantage in recycling, carbon fiber tapes are employed in defense for aviation applications. The aerospace and defense industries' recent need for carbon fiber tape is anticipated to rise as a result. Due to their role as supporting materials for various projects of the U.S. Department of Energy and Office of Energy and Renewable Energy, carbon fiber tapes are recognised as clean energy technology. The inclusion of this material also makes it possible for vehicles used in transportation to be lighter, which reduces energy consumption through fuel savings. In order to preserve the length of the fiber and enable load-related fiber orientation, researchers are concentrating on improving the recycling process for long-recycled CF. The aforementioned initiative is anticipated to make it easier for industry participants to utilize carbon to its full capacity and thus positively impact the demand for carbon fiber tapes in the future.
Thus, owing to the aforementioned factors, the global carbon fibre tape market is expected to grow at a CAGR of 10% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the Carbon Fiber Tape market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North America region dominated the Carbon Fiber Tape market and held a 39% share of the market revenue in 2022.
Global Carbon Fiber Tape Market- Country Analysis:
Germany's Carbon Fiber Tape market size was valued at USD 0.14 billion in 2022 and is expected to reach USD 0.25 billion by 2030, at a CAGR of 8% from 2023 to 2030. The enormous increase in the aerospace and military industries and the country's high vehicle manufacturing considerably influence the carbon fiber tape market in Germany. The European aerospace and defence sector had a revenue of over $291.7 billion in 2019, according to the Aerospace and Defense Industries Association of Europe (ASD). The employment of carbon fiber tape is being prompted by this.
China Carbon Fiber Tape’ market size was valued at USD 0.1 billion in 2022 and is expected to reach USD 0.17 billion by 2030, at a CAGR of 7.5% from 2023 to 2030. The demand for carbon fiber tape is increasing in China due to its great strength, stiffness, heat and chemical resistance, and other thermal and chemical characteristics, carbon fiber tape is employed in aerospace and defence applications. Worldwide demand for aeroplanes is rising, and the aerospace industry is working to provide cutting-edge solutions to speed up production and reduce prices.
India's Carbon Fiber Tape market size was valued at USD 0.06 billion in 2022 and is expected to reach USD 0.10 billion by 2030, at a CAGR of 7% from 2023 to 2030. Due to the increase in global air travel, which has resulted in major manufacturers' increased aircraft production over the past ten years, the market in India is growing. Due to its qualities, including hardness and advantage in recycling, carbon fiber tapes are employed in defence for aviation applications. The aerospace and defence industries' recent need for carbon fiber tape is anticipated to rise.
Key Industry Players Analysis:
To increase their market position in the global Carbon Fiber Tape business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
10% |
Market Size |
1.7 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Form, By End-User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
SABIC, Solvay, Evonik Industries, Hexcel Corporation, Royal Tencate, Teijin Limited, SGL Group, Victrex, BASF SE, PRF Composite Materials, TCR Composites, Celanese Corporation, Cristex, Eurocarbon, and Sigmatex. |
By Form |
|
By End-User |
|
Regional scope |
|
Scope of the Report
Global Carbon Fiber Tape Market by Form:
Global Carbon Fiber Tape Market by End-user:
Global Carbon Fiber Tape Market by Region:
Global Carbon Fiber Tape market is expected to reach USD 3.64 billion by 2030, at a CAGR of 10% from 2023 to 2030.
High cost of manufacturing is primarily impeding the growth of the Carbon Fiber Tape market.
Development in the Automotive sector around the globe is projected to influence the market in the Projection years.
Leading market players active in the global Carbon Fiber Tape market are SABIC, Solvay, Evonik Industries, Hexcel Corporation, Royal Tencate, Teijin Limited, SGL Group, Victrex, BASF SE, among others.
Political Factors- The factors that can affect the long-term profitability of carbon fiber tapes in a given nation or market are heavily influenced by political issues. Industrial Equipment & Components, which includes carbon fiber tapes, are present in over a dozen nations and are under risk in a variety of political contexts. To succeed in such a fast-paced global Industrial Equipment & Components market, one must diversify their exposure to political environment systemic hazards. Before entering or making an investment in a certain market, the sector can carefully examine the following considerations. Political stability, the significance of the industrial equipment & components sector to the national economy, the threat of military invasion, the extent of corruption, particularly in industrial goods regulation, bureaucracy, and government meddling in the industrial equipment & components industry.
Economical Factors- The total supply and total investment in an economy are determined by macroenvironmental factors as the inflation rate, savings rate, interest rate, foreign exchange rate, and economic cycle. While microenvironmental elements like industry norms have an impact on the firm's competitive edge. Carbon fiber tapes can Projection the growth trajectory by using economic variables from the industry, such as the growth rate of the Industrial Equipment & Components industry and consumer spending. Additional economic factors that the carbon fiber tape industry should take into account include: the type of economic system in the countries where it operates, its stability, government intervention in the free market and related industrial goods, exchange rates, and the stability of the host country's currency.
Social Factor- The manner of life and culture of the society have an effect on the organizational culture in a given setting. When developing a marketing message for consumers in the Industrial Equipment & Components industry, marketers in the Carbon fiber tapes sectors must take into account the shared views and attitudes of the general populace. Demographics and skill levels of the population, class structure, hierarchy, and power structures in society, educational attainment, as well as industry-specific educational standards, are social issues that need to be examined.
Technological Factors- Technological features, including R&D effort, automation, technology incentives, and the pace of technological progress, are examples of technological factors. They can establish entry barriers and the minimum effective production level, and impact outsourcing choices. Additionally, changes in technology can have an impact on prices, quality, and innovation. A company should analyze the industry's technological state as well as how quickly it is being disrupted by technology. Slow technological disruption will allow more time, whereas rapid disruption may give a firm little time to adapt and be profitable.
Environmental Factors- Environmental considerations include ecological and environmental elements including weather, climate, and climate change, which may negatively impact some sectors of the economy like tourism, agriculture, and insurance. Additionally, as people become more aware of the possible effects of climate change, it changes how businesses run and the products they offer, creating new markets and eroding or eliminating existing ones. Climate changes such as climate change, greenhouse gas emissions, and growing pollution, are effectively by prominent market players. It should emphasise waste management, recycling, renewable energy sources, and oil spillage. It should also be aware of how its resources and waste are being used up, as this could negatively affect its brand reputation and consumer loyalty.
Legal Factors- Legal considerations include discrimination, consumers, antitrust, employment, and health and safety laws. These elements may impact a company's operations, expenses, and product demand. The industry is subject to very strict legislative requirements. Market players to gain consumer loyalty and faith in their brand products, it is crucial that it abide by all laws and binding rules and regulations. Nearly all nations now have laws that must be followed for consumer protection, data privacy, intellectual property rights (IPR), health and safety, employees and the workplace, and other topics. Therefore, it becomes essential for this business to conduct itself lawfully and ethically to prevent any legal proceedings or penalties or punishments from a court of law.
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