Dublin, March 26, 2024 (GLOBE NEWSWIRE) -- The "Global Carbon Fibre Tape Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
Expansion in Aviation and Automotive Sectors Spurs Growth
The Global Carbon Fiber Tape Market has experienced significant growth with an impressive Compound Annual Growth Rate (CAGR) of 10.78%, culminating in a valuation of USD 2.83 billion in 2022. Projections suggest a continuous upward trajectory, with expectations to reach a market size of USD 5.22 billion by 2028. Carbon fiber tape's unique lightweight and high-strength attributes have notably increased its usage across a spectrum of industries including aviation, automotive, sports, and medical sectors. Its versatility in forms such as flat, round, and tapered has proven instrumental in driving market demand.
Technological Innovations Pave Way for Multifunctional Use
Advancements in carbon fiber tape technologies encompass properties like de-icing, insulation, and energy storage, expanding the tape's multifunctional applications. In the United States, the extensive use of such tapes in prolonged Boeing and Airbus aircraft programs has resulted in considerable market demand. With research into composite part construction gaining momentum, the future market expectations remain positive. As carbon fiber tapes are considered clean energy technologies, their use in initiatives by the U.S. Department of Energy aids in energy conservation through weight reduction in transport applications. Furthermore, innovative recycling methods are being developed for carbon fiber, which could bolster the market's progression.
Escalating Demand Across Key Sectors Fortifies Market Position
The burgeoning requirement for carbon fiber tape in aerospace structures for primary and secondary airframe components is supporting market expansion. The aviation sector's focus on fuel efficiency and emission reduction further underscores the importance of carbon fiber tape in aircraft design. Meanwhile, the construction industry benefits from carbon fiber tape's high strength-to-weight ratio and corrosion resistance, making it a preferred reinforcing material. The defense sector also showcases a growing demand with carbon fiber tape increasingly becoming integral in military equipment, body armor, and aerospace defense applications.
Challenges: High Carbon Fiber Processing Costs Present Obstacles
Despite significant market drivers, certain factors such as the intensive processing and manufacturing costs associated with carbon fiber production present challenges to the market growth. The complex processes involving high-temperature steps and stringent quality control inflate the production costs, impacting the competitive pricing against conventional materials like steel and aluminum.
Trend Analysis: Shift Towards Sustainable Manufacturing
A notable trend in the carbon fiber tape market is the shift toward sustainable manufacturing practices. Manufacturers are focusing on minimizing environmental impact by exploring bio-based precursors and implementing lean manufacturing principles. Certification standards such as ISO 14001 highlight a commitment among players towards environmental sustainability.
Market Segmentation Dominance and Regional Leadership
Market segmentation analysis reveals the prepreg tape's dominance due to its favorable properties for various applications. The aerospace sector commands the end-user industry segment with its extensive use of carbon-reinforced materials, promoting the market's health. Geographically, North America leads the global market, especially in the United States, fostering innovation and adoption of carbon fiber tapes in high-performance sectors.
Comprehensive insights into the market's dynamics underscore the significance of carbon fiber tape across various applications and predict a sustained growth pattern over the coming years. The adaptable nature of carbon fiber tape, coupled with ongoing research and technological advancements, are central to meeting the evolving demands of multiple sectors, with a positive impact on the overall market valuation expected by 2028.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 174 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $2.83 Billion |
| Forecasted Market Value (USD) by 2028 | $5.22 Billion |
| Compound Annual Growth Rate | 10.7% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Evonik Industries AG
- SGL Carbon SE
- 3M Co.
- Toray Composite Materials America, Inc.
- Arrow Technical Textiles Pvt. Ltd.
- Teijin Carbon Europe GmbH
- Zoltek Corporation
- Hexcel Corporation
- Mitsubishi Chemical Corporation
- SABIC
For more information about this report visit https://www.researchandmarkets.com/r/2gdxwr
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
