New York, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The global carbon fiber tape market size is projected to expand at ~ 7 % CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 23 billion by the end of 2035, up from a revenue of ~USD 15 billion in the year 2022. The growth of the market revenue is projected to be influenced by the growing demand for luxury cars. For instance, BMW was the most popular luxury automobile brand globally with about 3 million vehicle sales. Volkswagen delivered approximately 2 million automobiles under the Audi brand in 2021. Further, the focus to make these vehicles lighter is growing. This is why the deployment of carbon fiber products in the manufacturing of luxury vehicles is on the rise.
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Moreover, there has been a growing trend in luxury cars which is set to influence its growth in coming years and therefore, the market demand for carbon fiber tape. All luxury cars are estimated to be electrified owing to the rising concern for global warming. For instance, more than 69% of existing costly and premium internal-combustion-engine (ICE) car owners worldwide are ready to undertake the transition to EVs when they decide on their next auto purchase. However, when installing the EV batteries the weight of the vehicle does increase. Therefore, they are focusing more on utilizing carbon fiber in their cars. As a consequence, the market revenue is anticipated to surge.
Carbon Fiber Tape Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- The Automotive segment to garner the highest growth
- Market in North America to grow at a tremendous rate
Growth in the Number of People Playing Sports to Boost the Growth of the Global Carbon Fiber Tape Market
A large number of them are involved in some sort of sports or physical activity. For instance, in 2021, physical activity was practiced by about 231 million Americans. The equipment or instrument used for playing sports such as hockey sticks, bicycle, or more all consists of carbon fiber tape. This is because this material is considered to be the hardest but also the light in weight which makes it easy to operate or use the equipment efficiently.
Carbon Fiber Tape Market: Regional Overview
The global carbon fiber tape market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Demand for Wind Energy to Drive the Market Growth in Asia Pacific
The market in Asia Pacific for carbon fiber tape market is set to grow at the highest share of 38% over the forecast period. The growth of the market in this region could be attributed to the growing demand for wind energy in this region. China became the world's top country in terms of capacity in 2022 when onshore wind energy there reached a capacity of about 334 gigawatts. As wind turbine blades are assembled out of carbon fiber tapes, the increasing acceptance of alternative energy sources such as wind energy is driving market share expansion. Additionally, the growing urban population in this region further encouraging construction activities is also estimated to boost the market growth in this region. Since, they make structural repairs quicker and less expensive, carbon fiber tapes are becoming more and more used in the building sector.
Surging Manufacturing of Aircraft to Influence the Expansion of the Market in the North America Region
The North America carbon fiber tape is also estimated to have significant growth in the market over the forecast period. This could be owing to the rising manufacturing of aircraft. The general aviation fleet was estimated to have about 204,404 aircraft in the United States in 2021, a rise from the previous year. Due to its excellent toughness and stiffness-to-weight ratio, carbon fiber tape is ideal to be utilized in the wings, fuselages, and propulsion systems of aircraft and spacecraft.
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Carbon Fiber Tape, Segmentation by Type
- Unidirectional
- Bidirectional
The bidirectional segment is anticipated to capture the share of 60% over the forecast period. The growth of the segment can be dominated by growing demand for electric vehicles. In 2022, there were more than 9 million electric vehicle sales worldwide, and it is anticipated that this year's sales will increase by another about 34% to a total of approximately 13 million.
Carbon Fiber Tape, Segmentation by End User
- Automotive
- Construction
- Wind Energy
The automotive segment is set to have the notable growth by the end of 2035. This growth is attributed to by growing production of automotive. About 84 million automobiles were manufactured globally in 2022, an approximately 4% increase from 2021. Carbon fiber tape is utilized in the automotive sector to manufacture strong components including as body panels, chassis, and suspension components.
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A few of the well-known market leaders in the global carbon fiber tape market that are profiled by Research Nester are Hexcel Corporation, Toray Industries, Inc., Teijin Limited, SGL Carbon SE, Mitsubishi Chemical Carbon, Fiber and Composites, Inc., Solvay S.A., Gurit Holding AG, Axiom Material, SGL Composites, LLC, Evonik Industries AG, and others.
Recent Development in the Market
- One of the top producers of carbon fiber in the world, Toray Industries, Inc., has made plans to increase the amount of carbon fiber composite materials it can produce. For the purpose of constructing a new production plant in Hungary, the corporation spent over USD 470 million.
- Hexcel Corporation, a significant participant in the field of innovative composite materials, recently announced a partnership with Northrop Grumman, a preeminent provider of aerospace and defense technology. The partnership's main objective was to create cutting-edge carbon fiber composite technology for upcoming aerospace programmes.
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