New York, United States , Nov. 30, 2023 (GLOBE NEWSWIRE) -- The Global Carbon Fiber Tapes Market Size to Grow from USD 2.1 Billion in 2022 to USD 5.3 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 13.9% during the forecast period.
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Carbon fibre tapes are flexible, thin sheets or strips made of polymers that include carbon fibre reinforcement. They contain high-strength carbon fibres that are combined with a polymer matrix, typically epoxy resin. Carbon fibres' outstanding strength-to-weight and stiffness are well known. When used in tapes, they provide reinforcement to various materials, enhancing the structural integrity of those materials. Carbon fibre tapes are used in aerospace and spacecraft parts to save weight and enhance structural performance. They are used in medical devices and equipment like X-ray tables and patient positioning systems due to their robustness and light weight.
COVID 19 Impact
Aerospace and automotive industries, two major consumers of carbon fibre tapes, were severely disrupted by the epidemic. The market for carbon fibre products was impacted by lockdowns and travel restrictions that reduced the demand for automobiles and air travel. The epidemic disrupted global supply networks, which affected the cost and supply of raw materials including carbon fibres and resins. The production and price of carbon fibre tapes were subsequently impacted by this. Businesses in the aerospace and automotive industries, among others, temporarily shifted their attention away from carbon fibre tape-related initiatives and onto manufacturing essentials like personal protective equipment (PPE) and medical technology.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on “Global Carbon Fiber Tapes Market Size, Share, and COVID-19 Impact, By Form (Dry Tapes, Prepreg Tapes), By End Use (Aerospace & Defense, Automotive), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032
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Form Type Insights
Prepreg Tapes segment is dominating the market over the forecast period
On the basis of form type, the global carbon fiber tapes market is segmented into Dry Tapes, Prepreg Tapes. Among these, the prepreg tapes segment is dominating the market with the largest market share over the forecast period. The aerospace industry has been a significant source of prepreg tape demand because of the tight requirements for lightweight, high-strength materials in aircraft construction. Prepreg tapes are used in a variety of sections, including wing, interior, and fuselage, of aircraft. Prepreg tapes are increasingly being used in the automotive industry for items like carbon fibre reinforced plastic (CFRP) body panels, chassis parts, and interior components. These usage support the industry's efforts to make automobiles lighter and more fuel-efficient. The manufacture of composite wind turbine blades, a component of the wind energy sector, also employs prepreg tapes. These tapes improve the functionality and endurance of blades, aiding in the development of renewable energy sources.
End Use Insights
Aerospace and defence segment holds the highest market share over the forecast period
Based on the end use, the global carbon fiber tapes market is segmented into Aerospace & Defense, Automotive. Among these, aerospace and defence holds the highest market share over the forecast period. Many structural components of aircraft, spacecraft, and military hardware use carbon fibre tapes. These are only a few examples of the places where the tapes are employed to increase rigidity and strength while reducing weight, such as fuselages, wings, tail sections, interior components, and radomes. Modern manufacturing techniques, such as automated tape laying (ATL) and automated fibre placement (AFP), have been employed by the aerospace and defence industries in order to efficiently build intricate forms and structures out of carbon fibre tapes. As space exploration programs—led by both public and private sector space agencies—have grown, so has the demand for lightweight and high-strength materials. Carbon fibre tapes are used to make parts for satellites and spacecraft.
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North America is dominating the market over the forecast period
North America is dominating the market with the largest market share over the forecast period. One of the biggest industries in North America, particularly in the United States, is aerospace. The demand for lightweight and high-strength materials in the production of aircraft has led to the use of carbon fibre tapes in aerospace applications, including airframes, wings, and interior components. The North American automotive industry has been increasingly using carbon fibre composites, including tapes, to achieve lightweighting goals. High-performance vehicles, electric vehicles, and sports car components all use carbon fibre films to improve fuel economy and reduce emissions. The region has a well-established supply chain for carbon fibre materials and composites as well as tape production. This infrastructure supports the growth of the market.
Europe is witnessing the fastest market growth over the forecast period. With companies like Airbus based there, Europe has a thriving aircraft industry. The need for lightweight materials to decrease aircraft weight and improve fuel efficiency has driven the use of carbon fibre tapes in aerospace applications. The European automotive industry has employed carbon fibre composites, including tapes, more frequently in order to reduce vehicle weight and meet strict emissions rules. Large amounts of carbon fibre have been employed by manufacturers of luxury and high-performance vehicles.
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, Some of the Companies Covered: Evonik Industries, SABIC, Solvay, Hexcel Corporation, Royal Tencate, Teijin Limited, BASF SE, Celanese Corporation, SGL Group, Victrex, Cristex, Eurocarbon, PRF Composite Materials, TCR Composites, Sigmatex, and other key vendors.
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Recent Market Developments
- In February 2019, Renegade Materials Corporation, a provider of extremely heat-resistant thermoset prepreg for the aerospace sector, was bought by Teijin Limited.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Carbon Fiber Tapes Market based on the below-mentioned segments:
Carbon Fiber Tapes Market, Form Type Analysis
- Dry Tapes
- Prepreg Tapes
Carbon Fiber Tapes Market, End Use Analysis
- Aerospace & Defense
- Automotive
Carbon Fiber Tapes 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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