The Carbon Fiber Tapes Market is forecasted to grow at a high rate owing rising product demand from several end-use industries
The Global Carbon Fiber Tapes Market was estimated at USD 2.30 Bn in 2020 and is expected to grow with CAGR of 14.5% during the forecast period.
The global carbon fiber tapes market is majorly growing owing to the rising demand for carbon fiber tapes from the aerospace industry. This is due to the rising requirement for flexible materials in the aerospace industry that is stiffer, stronger, and lighter. The use of carbon fiber tapes aircraft helps in providing more aerodynamically and structurally effective designs. Owing to this, the product has wide applications in both primary and secondary structures in the aerospace industry, which is pegged to proliferate high growth in the carbon fiber tapes industry. Therefore, the expansion of the aerospace industry is expected to boost the carbon fiber tape market’s growth. Additionally, the quality standards of the components that are used in the aviation industry are high. Carbon fiber tape is suitable for making durable, robust components for usage as primary structural parts which can resist the toughest conditions. Due to this, the carbon fiber tapes industry experiences high product demand from the aviation industry.
Moreover, carbon fiber tapes are identified as clean energy technologies as they act as a facilitating material for various initiatives of the Office of Energy and Renewable Energy (EERE) and the U.S. Department of Energy. Incorporation of this product helps in reducing the weight of vehicles in transportation applications, which leads to energy reduction and thereby helps in saving fuel. Therefore, rising product demand from the automotive sector is another major factor influencing the carbon fiber tapes industry growth. Furthermore, the increasing adoption of electric vehicles (EVs) is further expected to provide growth opportunities in the market. Almost all the major countries across the globe except the U.S. have come together under the Paris Climate Agreement of 2015, to try to keep the overall rise in global temperature to below 2°C. Major countries such as Iceland, Norway, China, and the Netherlands, are offering subsidies to increase electric vehicles production and sales to lower carbon emissions. All these aforementioned factors in turn are projected to increase the product demand from the automotive sector and positively impact the global carbon fiber market growth.
Global Carbon Fiber Tapes Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, the Europe region is expected to show significant growth trends during the forecast period. The carbon fiber tapes market is experiencing high growth in this region owing to the well-established automotive industry. The major automotive OEM players in the region are putting efforts to replace conventional metal parts with advanced materials that have high strength and lower weight. This shift is expected to create ample growth opportunities in the carbon fiber tapes market. Further, the presence of key carbon fiber tapes industry players including Victrex (UK), Cristex (U.K.), SGL Group (Germany), and Solvay (Belgium) among many others are also majorly driving the market in the region.
The Global Carbon Fiber Tapes Industry Segmentation:
Global Carbon Fiber Tapes Market by Manufacturing Process Outlook (Revenue, USD Million, 2021-2027)
Global Carbon Fiber Tapes Market by End-Use Industry Outlook (Revenue, USD Million, 2021-2027)
Global Carbon Fiber Tapes Market by Form Outlook (Revenue, USD Million, 2021-2027)
Global Carbon Fiber Tapes Market by Resin Outlook (Revenue, USD Million, 2021-2027)
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the carbon fiber tapes industry are:
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