Carbon & Graphite Felt Market worth $871 million by 2029 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 12, 2024 /PRNewswire/ -- The report "Carbon & Graphite Felt Market by Product Type (Soft Felt and Rigid Felt), Raw Material type (PAN, Rayon, and Pitch), Type (Carbon Felt and Graphite Felt), Application (Furnace, Batteries, and Filters), and Region - Global Forecast 2029", Carbon & Graphite Felt Market is estimated at USD 551 million in 2024 and is projected to reach USD 871 million by 2029, at a CAGR of 9.6% from 2024 to 2029.

Carbon felts and graphite felts are non-woven fabric that has been made from PAN, pitch and rayong type raw material. These non-woven fabric gets passed through various processes such as graphitizing, carbonizing, pressing, mixing in order to form carbon & graphite felts.

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"The PAN raw material segment accounted for the largest market share in 2023, in terms of value."

Based on the raw material, the carbon & graphite felt market has been segmented into rayon, PAN, and pitch type segment. Carbon & graphite felt gets manufactured using these materials either by using graphitization or carbonization process high temperature generally ranging from 3,632°F to 6,322°F. During the forecast years, the demand for PAN-based as well as rayon-based carbon & graphite felt is expected to grow with a significant growth rate due to high usage in various applications across the globe.

"Based on the product type, soft felt segment held the largest market share in 2023."

Based on the product type segment, the global carbon & graphite felt market has been segmented into soft felt and rigid felt. In 2023, soft felt segment of carbon & graphite felt accounted for the largest market share in terms of volume and value. This high market share is attributed to high usage of soft carbon & graphite felt into multiple end-use areas such as vacuum furnaces, annealing furnaces, and graphitizing furnaces.

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"Asia Pacific region accounted for the largest share in 2023, in terms of value."

The global market for carbon & graphite felt has been studied in Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. In Asia Pacific, the high usage of carbon & graphite felt is driven by high usage in filters, batteries, furnaces, and many other applications. Growing renewable energy sector is driving the demand for carbon & graphite felt in Asia Pacific region. The growing focus on emission control, and energy saving policies is further driving the growth of carbon & graphite felt market in the region.

The key players in the Carbon & Graphite Felt Market include SGL Group (Germany), Toray Industries, Inc. (Japan), Kureha Corporation (Japan), Nippon Carbon Co., Ltd. (Japan), Morgan Advanced Materials Plc (UK), Beijing Great Wall Co., Ltd. (China), Mersen (France), Chemshine Carbon Co., Ltd. (China), CM Carbon Co., Ltd. (China), and Gansu Haoshi Carbon Fiber Co., Ltd (China).

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