The Global Carbon Fiber Tapes Market was valued at USD 2.30 Bn in 2020 and is expected to reach USD 5.93 Bn by 2027, with a growing CAGR of 14.5% during the forecast period.
Carbon fiber tapes are reinforcement tapes that are created by binding together thousands of parallel layers of carbon fibers. Carbon fiber is created from strong, thin crystalline carbon filaments, to improve strength and can be created in any size including as thin as a human hair strand. Carbon fiber tapes is characterized by durability and is extensively used in many industries such as aerospace, sporting goods, wind energy, automotive, and medical among others. Such wide application is driving the carbon fiber tapes market across the globe.
The carbon fiber tapes market is majorly experiencing traction owing to the increasing demand for lightweight vehicles. Various nations across the globe have implemented stringent policies regarding fuel emissions further increasing the demand for lightweight vehicles. For instance, the Corporate Average Fuel Economy, which is the governing body that regulates the average fuel economy of vehicles in the USA has made it mandatory for all vehicles to maintain a 54.5 miles per gallon average mileage. Additionally, the US department of energy revealed in their recent report that it is possible to improve the fuel economy of vehicles by 6-8% through a 10% reduction in vehicle weight. Vehicle components created using carbon fiber are 60% lighter than the traditional steel components and as a result, usage of carbon fiber parts can reduce the overall weight of vehicles, leading to fuel savings and reduced energy consumption. Therefore, an increasing number of automotive manufacturers are prominently switching to lightweight carbon fiber components which are thereby projected to proliferate the carbon fiber market growth.
Moreover, carbon fiber tapes are also gaining popularity as it offers several benefits over conventional materials such as steel, aluminum, wood, and plastics. The major advantage of carbon fiber tapes is their high strength-to-weight ratio. Carbon fiber materials are extremely durable without the added weight compared to other typical materials. In addition, carbon fiber tapes provides corrosion resistance, Low CTE (Coefficient of Thermal Expansion), X-ray transparency, chemical resistivity, electrical and thermal conductivity, and is lightweight. Owing to these advantages, the product faces high demand in the carbon fiber tapes market across the globe.
By Manufacturing Process
By End-Use Industry
The unique insights provided by this report also include the following:
Based on form, prepreg tapes held a major share in the global carbon tapes market in terms of the global revenue owing to its high product demand for several end-use industries.
Based on the form, the carbon fiber tapes industry is segmented as prepreg tapes and dry tapes. Out of these the prepreg tapes held the major carbon fiber tapes market share in terms of global revenue and are projected to continue to dominate the market during the forecast period. The major end-use industries of prepreg tapes are aerospace, sporting goods, and automotive industries require reliable raw materials for their products. Prepreg tapes offer properties such as exceptional strength, repeatability, and uniformity, in addition to being more efficient in the production process as it bleeds a lesser amount of resin during the curing process. As a result, prepreg tapes have high applicability in infrastructure, medical, industrial, and sports among other sectors, thereby fuelling the demand for prepreg tapes further.
Based on resin, the epoxy resin segment is pegged to garner significant demand in the carbon fiber tapes market over the forecast period due to its superior properties over other resin types
Based on resin, the carbon fiber tapes market is fragmented into thermoplastic, epoxy, polyamide, bismaleimide, and others. Among these segments, the epoxy resin segment is pegged to garner significant demand over the forecast period. Epoxy resin is faster curing than other resin types and is characterized by superior properties like, high adaptability, fatigue resistance, chemical resistance, elasticity, toughness, and insulation, as a result of which the carbon fiber tapes market is experiencing high demand. A challenge faced by the market is the high processing and production cost of carbon fiber. However, with technological advancements, such as automation of fiber placement and tapes laying, manufacturers have been able to cut down on costs as well as improve efficiency and accuracy during production. As a result, the demand for the epoxy resin segment is expected to grow even further.
Based on region, the North America region led the carbon fiber tapes industry across the globe due to rapidly growing end-use industries in the region
Based on region, the carbon fiber tapes industry is divided into Asia-Pacific, North America, Latin America, the Middle East and Africa, and Europe. Among these, the North American region led the carbon fiber tapes industry across the globe and is anticipated to show a significant growth trend during the forecast period. This share is majorly attributed to the rapidly growing demand for premium performance materials in the aerospace industry. The U.S. experiences a high product demand which is backed by the long-term production schedules of the Airbus and Boeing aircraft programs. Investors in the aerospace industry in the U.S. are motivated by the "gold standard" for aviation safety set by the Federal Aviation Administration (FAA), which improves trust across the globe in the safety of aircraft and aircraft parts manufactured in the U.S. Further, the undergoing research on improvising the production of composite parts in the U.S. is also projected to offer growth opportunities for the carbon fiber tapes industry in the region.
The report also provides an in-depth analysis of the market dynamics such as drivers, restraints opportunities, and challenges
Note: Challenges along with in-depth carbon fiber tapes market dynamics analysis is mentioned in the report.
The coronavirus pandemic has affected economies and industries around the world and in particular the aerospace industry. It has severely impacted the aerospace industry on a global level, affecting the operation of supply chains, which facilitate the movement of components and materials rapidly across borders and facilities. As a result, there have been widespread delays and non-delivery of raw materials, disruption of financial cycles, and a decreasing trend in the number of production line workers, contributing to even the largest aircraft manufacturers such as Boeing and Airbus suffering from operational disruption and loss of market. For instance, Boeing did not receive a single order in January 2020 while reporting a USD 641 Million loss in 2020 Q1 alone, and Airbus also did not have any orders in February 2020. As a result of the disruption in the aerospace industry, the carbon fiber tapes market, which is a major supplier to the aerospace industry, has also been severely impacted.
The report also provides an in-depth analysis of key trends in the carbon fiber tapes market
The report also provides an in-depth analysis of recent news developments and investments in the carbon fiber tapes market
The key players operating in the carbon fiber tapes industry are:
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.