Carbon Fiber Tape Market is expected to grow from USD 1.7 billion in 2022 to USD 3.64 billion by 2030 : GreyViews

Carbon Fiber Tape Market Size By Form (Prepreg Tapes and Dry Tapes), By End-user (Aerospace & Defense, Automotive, Sports & Leisure, and Others), Regions, Segmentation, and forecast till 2030.

Pune India, Dec. 30, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the carbon fiber tape market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the carbon fiber tape market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the form, end-user, and region. The key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the paragraphs below. 

The significant players operating in the global carbon fiber tape market are SABIC, Solvay, Evonik Industries, Hexcel Corporation, Royal Tencate, Teijin Limited, SGL Group, Victrex, BASF SE, and Others. To achieve a substantial market share in the worldwide carbon fiber tape market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

Carbon-fiber tape is a carbon fiber product. It weighs one-seventh as much as steel for a given strength. The carbon fiber core is tougher than regular steel wire. The material is resistant to wear and abrasion and does not flex or harden like steel. In June 2013, KONE Elevator Company stated that Ultrarope would replace steel cables in elevators. The high-friction polymer is used to seal the carbon fibers. Ultrarope was developed for structures requiring lifts of up to 1,000 meters, as opposed to steel cable. A steel elevator may reach no higher than 500 meters. The company claims that in a structure 500 meters high, an elevator would use 15% less electricity than one with steel cables. Carbon fibers have many advantages, including high stiffness, high tensile strength, a strong strength-to-weight ratio, high chemical resistance, high-temperature tolerance, and little thermal expansion. These characteristics make carbon fiber popular in the military, automotive, aerospace, and other competitive sports. Compared to comparable fibers, like glass, basalt, or plastic, they are, nonetheless, relatively expensive. The fact that carbon fiber can be more expensive than other materials is one of the obstacles to adoption. Carbon fiber maybe 10–12 times more expensive when compared to steel when used as an automotive material. However, compared to estimates made in the early 2000s that it would cost 35 times as much as steel, this cost premium has declined during the previous ten years.

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Scope of Carbon Fiber Tape Market Report

Report Metric Information
Study Period 2022-2030
Base Year           2022
Forecast Period 2023-2030
Market Share Unit USD Billion
Segments Covered Form, End-User, and Regions
Regions Covered North America, Europe, Asia-Pacific, South America, and Middle-East and Africa
Major Players SABIC, Solvay, Evonik Industries, Hexcel Corporation, Royal Tencate, Teijin Limited, SGL Group, Victrex, BASF SE, and Others.

Segmentation Analysis

The prepreg tapes segment is expected to be the fastest-growing segment in 2022. 

The form segment is prepreg tapes and dry tapes. The prepreg tapes segment is expected to witness the highest growth rate during the forecast period. Unidirectional prepreg carbon fiber tapes are the optimum choice for the fabrication of composite goods that demand dense laminate construction and prolonged layup durations. Therefore, these tapes are fantastic options for applications in infrastructure, business, healthcare, and sports & recreation.  In addition, Prepreg tapes are used in the production of components due to their exceptional strength properties, which also allow for part homogeneity and repeatability. Furthermore, Prepreg carbon fiber tapes are also more aesthetically pleasing, require less curing time, and cause less resin bleeding during the curing process, all of which contribute to the market’s overall growth.

The aerospace & defence segment is expected to be the fastest-growing segment in 2022. 

The end-user includes aerospace & defence, automotive, sports & leisure, and others. The aerospace & defence segment is expected to witness the highest growth rate during the forecast period. The increased use of CF materials in the Boeing Dreamliner and Airbus 350 is predicted to have a beneficial effect on the rising demand for carbon fiber tapes throughout the forecast period. Carbon fiber tapes are utilized to create composite parts for the primary and secondary structures of aircraft due to their exceptional strength-to-weight ratio and high impact resistance. Additionally, the automated tape-laying method used to make composite parts makes it possible to produce parts with better aesthetics at a lower cost.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the carbon fiber tape include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

  • The North American region witnessed a major share. Top aircraft manufacturers can be found in the US, which also has a considerable capability for making carbon fiber tape. As a result, the aerospace sector’s growth potential is expected to affect market expansion positively. Aerospace manufacturing, maintenance, repair, and service rapidly expand in Mexico due to the entry of significant foreign firms like Bombardier into the industry. Additionally, the economy is producing cars at a high rate, which offers opportunities for the sector to grow. The production of aircraft and helicopters is being ramped up in Canada by major companies like Bombardier, Pratt & Whitney Canada, Bell Helicopter Textron Canada Limited, and ExelTech Aerospace, which is helping the sector’s revenue growth.

Country Analysis

  • Germany

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 massive expansion of the aerospace and military sectors, along with Germany’s high level of vehicle production, significantly impacts the country’s carbon fiber tape market. According to the Aerospace and Defense Industries Association of Europe, the European aerospace and defense industry generated about $291.7 billion in revenue in 2019. (ASD). This is what motivates the use of carbon fiber tape.

  • China

China’s 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. China’s need for carbon fiber tape is rising owing to its increasing application in aerospace and defence because of its high strength, stiffness, heat, and chemical resistance, as well as other thermal and chemical properties. The aerospace industry is attempting to develop cutting-edge technologies to speed up production and lower prices as the demand for aeroplanes increases globally.

  • India

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. India’s market is expanding due to the rise in international air travel, which has led to major manufacturers producing more aircraft over the past ten years. Carbon fiber tapes are used in defense and aviation applications because of their properties, such as durability and advantage in recycling. The recent demand for carbon fiber tape in the aerospace and defense industries is predicted to increase as a result.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven owing to increasing development in the automotive industry around the world.

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