Carbon Fiber Tape Market Size Journey Growing at CAGR of 7.15% Propels it to USD 4.15 Billion by 2030 | Global Advancing with Resilience
NEW YORK, June 13, 2023 /PRNewswire/ -- As per Zion Market Research study, The global carbon fiber tape market size was worth around USD 2.39 billion in 2022 and is predicted to grow to around USD 4.15 billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.15% between 2023 and 2030.
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Carbon Fiber Tape Market: Overview
Carbon fiber tape is a reinforcement material. It is made from carbon fiber fabric and is woven into a tape-like or narrow strip form. The raw material used, which is carbon fiber, is a strong and lightweight material that consists of thin strands of carbon atoms bonded together in a crystalline structure. The product is known for its excellent strength-to-weight ratio along with other factors such as stiffness, and resistance to corrosion and fatigue. Furthermore, carbon fiber tape has several end-vertical applications in some of the fastest-growing industries such as aerospace, automotive, marine, sports equipment, and construction. All of these sectors are seeking products that are lightweight but exhibit high strength as these two conditions are expected to drive the commercial industry in the future. The carbon fiber tape industry, over the years, has undergone tremendous growth due to the versatile nature of the product being distributed. The same trend can be expected in the coming years.
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Key Industry Insights & Findings of the Carbon Fiber Tape Market Reports:
- As per the analysis shared by our research analyst, the global carbon fiber tape market is estimated to grow annually at a CAGR of around 7.15% over the forecast period (2023-2030)
- In terms of revenue, the global carbon fiber tape market size was valued at around USD 2.39 billion in 2022 and is projected to reach USD 4.15 billion, by 2030.
- The carbon fiber tape market is projected to grow at a significant rate due to the growing demand in the aerospace and defense sector
- Based on resin segmentation, epoxy was predicted to show maximum market share in the year 2022
- Based on end-user segmentation, aerospace was the leading user in 2022
- On the basis of region, North America was the leading revenue generator in 2022.
Zion Market Research published the latest report titled "Carbon Fiber Tape Market By Resin (Thermoplastic, Epoxy, And Polyamide), By Form (Dry Tape And Prepreg Tape), By End-User (Pipe & Tank, Aerospace, Sporting Goods, And Marine), By Manufacturing Process (Solvent Dip And Hot Melt), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" into their research database.
Industry Dynamics:
Carbon Fiber Tape Market: Growth Drivers
- Growing demand in the aerospace and defense sector to propel market growth.
The global carbon fiber market is projected to grow owing to the increasing demand and application of the product in the aerospace segment along with the defense industry. These sectors are in dire need of materials that are lightweight but without compromising on the strength or the final performance output. Carbon fiber tape exceeds these expectations given the in-build nature of carbon fiber. This has led to the higher application of the corresponding tape in building aircraft, military equipment, and spacecraft. Most of the nations have increased their spending on ensuring that the defense sector of the region remains one of the best in the world. This trend has been pushed further in the backdrop of the ongoing Russia-Ukraine war along with growing turmoil between Asian countries such as North America and Japan. Al Jazeera reported that the latter is projected to increase the defense budget by USD 830 million in 2023. Such investments can be observed worldwide and this is projected to increase the consumption and subsequent demand for carbon fiber tape.
Carbon Fiber Tape Market: Restraints
- High cost to restrict market expansion.
The carbon fiber tape industry is expected to come across growth restrictions owing to the high cost of carbon fiber as compared to other alternatives such as steel and metal which are more commonly available and are used at a higher frequency. Carbon fiber tape is produced with the aid of complex manufacturing processes and specialized equipment. Additionally, it also requires assistance from an expert or skilled professional. These factors directly influence the cost-efficiency of the products.
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Carbon Fiber Tape Market: Opportunities
- Increasing demand for lightweight public transport systems to provide growth opportunities.
With the increasing population and the subsequent impact on the ecosystems such as increased traffic rates, rise in pollution, and other reasons, the state governments are laying greater emphasis on developing public transport systems, especially in developing nations such as India and China. However, one crucial factor is the weight of the vehicles used in such an infrastructure and more inclination is toward lightweight vehicles. This could create greater opportunities for the growth of the carbon fiber tape industry during the forecast period.
Carbon Fiber Tape Market: Challenges
- Limited production capacity to challenge the market expansion.
One of the key challenges faced by the global carbon fiber tape market players is in terms of limited production capacity when compared to the actual demand in the commercial industry. Since the process of manufacturing is resource intensive in terms of monetary and non-monetary resources such as time, the industry players have not been able to fill the gap existing between supply and demand. This could greatly impede the sales volume during the forecast period.
Global Carbon Fiber Tape Market: Segmentation
- The global carbon fiber tape market is segmented based on resin, form, end-user, manufacturing process, and region.
Based on resin, the global market segments are thermoplastic, epoxy, and polyamide. The carbon fiber tape industry witnessed the highest growth in the epoxy segment since it offers several advantages such as high strength, durability, and excellent adhesion to carbon fibers. Additionally, epoxy resin provides excellent chemical and moisture resistance and hence is compatible with a large variety of curing agents and additives. This allows manufacturers to tailor the resin to specific performance requirements. Other resins such as thermoplastic and polyamide may also have registered steady growth but not as high as epoxy. The three main weights of carbon fiber are 3k, 6k, and 12k.
Based on form, the global market divisions are dry tape and prepreg tape.
Based on end-user, the global market segments are pipe & tank, aerospace, sporting goods, and marine. The highest CAGR was observed in the aerospace segment in 2022 since the industry used carbon fiber tape for several aircraft components along with applications in the defense and space segments. The tape is used for repair and reinforcement purposes due to its high strength, stiffness, and lightweight properties. Sporting goods is another segment that may witness high growth during the forecast period. The product is extensively used in the production of sporting goods such as tennis rackets, golf clubs, hockey sticks, and bicycle frames. The tape's high strength-to-weight ratio provides enhanced performance, durability, and improved control in sports equipment. The US sports industry is worth over USD 39 billion.
Based on manufacturing process, the global market segments are solvent dip and hot melt.
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List of Key Players in Carbon Fiber Tape Market:
- Hexcel Corporation
- Toray Industries Inc.
- SGL Carbon SE
- Teijin Limited
- Mitsubishi Chemical Carbon Fiber and Composites Inc.
- Gurit Holding AG
- Solvay SA
- Axiom Materials Inc.
- Cytec Solvay Group
- Mitsubishi Rayon Co. Ltd.
- Zoltek Companies Inc.
- Park Aerospace Corp.
- Carbon Fibre Preforms Limited
- Vectorply Corporation
- Sigmatex Limited
- TenCate Advanced Composites (now part of Toray Industries)
- Barrday Composite Solutions
- Eurocarbon B.V.
- PRF Composite Materials
- Toho Tenax Co. Ltd.
- CHOMARAT Textiles Industries
- Composites Evolution Ltd.
- Sika AG
- Porcher Industries
- Advanced Composites Group Ltd.
- Others.
Key questions answered in this report:
- What are the growth rate forecast and market size for Carbon Fiber Tape Market?
- What are the key driving factors propelling the Carbon Fiber Tape Market forward?
- What are the most important companies in the Carbon Fiber Tape Market Industry?
- What segments does the Carbon Fiber Tape Market cover?
- How can I receive a free copy of the Carbon Fiber Tape Market sample report and company profiles?
Report Scope:
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Recent Developments
- In February 2023, the Japan Aerospace Exploration Agency (JAXA) announced its plans to launch the company's first H3 Launch Vehicle which will be the successor of the H-IIA rocket. JAXA uses TORAYCA™ carbon fiber in its H-IIA rocket to produce the motor case of the rocket. TORAYCA is produced by Toray Industries, Inc. and the same will be used for the H3 Launch Vehicle.
- In February 2023, Asahi Kasei, a Japanese multinational company in collaboration with the National Institute of Technology, Tokyo University of Science, and Kitakyushu College announced the development of a new and advanced technology that can effectively recycle carbon fiber plastic compounds. The company is also working toward developing a carbon fiber-reinforced thermoplastic unidirectional tape (CFRTP-UD tape) that can be made with recycled carbon fiber and the company's Leona™ polyamide resin.
Regional Dominance:
- North America to witness the highest growth.
The global carbon fiber tape market is projected to witness the highest growth in North America with the United States acting as a major revenue generator. One of the primary reasons for higher growth is the presence of an existing robust aerospace and defense infrastructure which has been undergoing consistent innovation and is currently deemed as one of the most advanced defense systems across the globe. The US is also one of the largest exporters of military equipment and these systems or devices are known for higher performance while being lightweight. This has been possible owing to the high consumption of materials such as carbon fiber tape. In addition to this, the increasing number of players entering the production segment could also contribute significantly during the forecast period. The regional government is focusing on improving fuel efficiency which can be achieved by using advanced materials such as carbon fiber tape during the production process.
Global Carbon Fiber Tape Market is segmented as follows:
Carbon Fiber Tape Market: By Resin Outlook (2022-2030)
- Thermoplastic
- Epoxy
- Polyamide
Carbon Fiber Tape Market: By Form Outlook (2022-2030)
- Dry Tape
- Prepreg Tape
Carbon Fiber Tape Market: By End-User Outlook (2022-2030)
- Pipe & Tank
- Aerospace
- Sporting Goods
- Marine
Carbon Fiber Tape Market: By Manufacturing Process Outlook (2022-2030)
- Solvent Dip
- Hot Melt
Carbon Fiber Tape Market: By Region Outlook (2022-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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