New York, United States, Nov. 14, 2023 (GLOBE NEWSWIRE) -- The Global Carbon & Graphite Felt Market Size is to grow from USD 457 Million in 2022 to USD 996 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 8.1% during the projected period. The global market is expanding rapidly, and this trend is expected to continue throughout the forecast period. Rising demand for high-performance batteries and improved carbon fiber performance in high-temperature applications are driving this expansion.
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Rising demand from critical industrial applications such as gas generation, liquid heating, and vacuum distillation is propelling the global carbon felt and graphite felt market forward. When fibers are pressed, tangled, and condensed together, carbon felt and graphite felt are formed. Carbon and graphite felt are frequently utilized as electrodes and cathodes, with a wide range of applications and techniques, and are also used as furnace insulation. One of the most important factors in the transfer of energy from one location to another or from one process to another is efficiency. Insulation is a material that is used to protect a product or piece of equipment from the loss or effect of factors such as heat or electricity. Energy manufacturers are focusing on using insulators to improve process efficiencies. Carbon-based insulators are commonly used for electrical and thermal insulation. Carbon felt and graphite felt insulators are carbon-based insulators used in a variety of thermal insulation applications. Carbon and graphite felt are lightweight materials with high thermal resistance, little outgassing, and low density. However, carbon fiber is much more expensive than other raw materials such as glass fiber and ceramic fiber.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Carbon & Graphite Felt Market Size, Share, and COVID-19 Impact Analysis, By Raw Material Type (PAN, Rayon, and Pitch), Product Type (Soft Felt and Rigid Felt), Type (Carbon Felt and Graphite Felt), Application (Furnace, Batteries, and Filters), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The PAN segment is expected to hold the largest share of the global carbon & graphite felt market during the forecast period.
The global carbon and graphite felt market is divided into three segments based on raw material type: PAN, rayon, and pitch. Among these, the PAN segment is projected to dominate the global carbon & graphite felt market throughout the forecast period. PAN-based carbon and graphite felt are projected to be popular and in high demand.
The soft felt segment is expected to hold the largest share of the global carbon & graphite felt market during the forecast period.
The global carbon & graphite felt market is classified into two types: soft felt and rigid felt. Soft felt will likely account for the largest share of the global carbon & graphite felt market throughout the forecast period. Soft felt is lightweight, has superior structural flexibility, and provides excellent thermal insulation, making it ideal for furnace and battery applications.
The carbon felt segment accounted for the largest revenue share of the global carbon & graphite felt market in 2022.
The global carbon & graphite felt market is classified into carbon felt and graphite felt. In 2022, the carbon felt segment had the highest revenue share of the global carbon & graphite felt market. The growing adoption of carbon felt in applications such as batteries, filters, and electrodes is expected to have an impact on the market during the forecast period.
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Asia Pacific accounted for the largest share of the global carbon & graphite felt market in 2022.
Asia Pacific accounts for more than 30% of global demand for carbon and graphite felts used in batteries and more than 50% of global demand for filters. The region's dominance in the global carbon and graphite felt market has been aided by the rapid expansion of end-use applications such as furnaces, batteries, and filters, as well as the presence of a large number of organized and unorganized manufacturers.
During the forecast period, North America is projected to expand at the fastest rate in the global carbon & graphite felt market. North America's aerospace and defense industries are thriving, driving up demand for carbon and graphite felt in applications such as aircraft components, thermal protection systems, and rocket motor insulation.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Carbon & Graphite Felt Market include SGL Group, Toray Industries, Inc., Kureha Corporation, Nippon Carbon Co., Ltd., Beijing Great Wall Co., Ltd., Chemshine Carbon Co., Ltd., CM Carbon Co., Ltd., Gansu Haoshi Carbon Fiber Co., Ltd., CFC Carbon Co., Ltd., Sinotek Materials, and Others.
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Recent Developments
- In August 2022, SGL Carbon Company disclosed strategies to increase capacity for graphite products used in the semiconductor industry at its Shanghai (China), St. Marys (USA), and Meitingen (Germany) sites.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Carbon & Graphite Felt Market based on the below-mentioned segments:
Global Carbon & Graphite Felt Market, By Raw Material Type
- PAN
- Rayon
- Pitch
Global Carbon & Graphite Felt Market, By Product Type
- Soft Felt
- Rigid Felt
Global Carbon & Graphite Felt Market, By Type
- Carbon Felt
- Graphite Felt
Global Carbon & Graphite Felt Market, By Application
- Furnace
- Batteries
- Filters
Global Carbon & Graphite Felt Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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