Carbon Fiber Tape Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, Germany, Russia, Japan - Size and Forecast 2024-2028

Carbon Fiber Tape Market Size 2024-2028 

The carbon fiber tape market size is forecast to increase by USD 1.74 billion, at a CAGR of 12.02% between 2023 and 2028. Carbon fiber tape is gaining significant traction in the aerospace industry due to its lightweight and high-strength properties, leading to increased fuel efficiency and reduced emissions. This trend is further accentuated by the growth of wind power capacities, which rely heavily on carbon fiber composites for their turbine blades. Additionally, the increasing demand for fuel-efficient vehicles, both in the automotive and aviation sectors, is driving the market for carbon fiber tape. Manufacturers are increasingly turning to this advanced material to reduce vehicle weight and improve performance, making it an essential component in the shift towards sustainable and eco-friendly transportation solutions.

What will be the Size of the Market During the Forecast Period?

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Market Dynamic

Carbon fiber is a versatile material widely used across various industries, including the medical and construction & infrastructure sectors, due to its exceptional properties. Composed of thermosetting and thermoplastic resins such as epoxy resin, carbon fiber is manufactured through processes like hot melt manufacturing to achieve lightweight construction in automotive and aerospace components. The recycling process for carbon fiber materials is crucial for sustainability, especially with prepreg tapes and unidirectional prepreg carbon fiber tapes used extensively in sports equipment and wind energy applications. Compared to traditional materials like steel and aluminum, raw carbon fibers offer superior strength-to-weight ratios, supporting lightweighting initiatives in production. Industries benefit from both epoxy-based and thermoplastic-based carbon fiber solutions, including innovative applications like dry tape technology. As demand grows, advancements in production capacity drive the adoption of carbon fiber across diverse sectors, promising continued innovation and efficiency improvements.

Key Market Driver

The increasing use of carbon fiber tape in aerospace is one of the key drivers supporting the carbon fiber tape market growth. Major aircraft manufacturers such as Boeing and Airbus use carbon fiber tape for manufacturing aircraft components, which reduces aircraft weight. The excellent strength-to-weight ratio of carbon fiber reinforced polymers makes it suitable for aerospace applications, as aircraft engineers concentrate on producing efficient and light aircraft structures. Furthermore, automated fiber placement (AFP) of carbon fiber tape followed by liquid resin infusion or resin transfer molding (RTM) is used to improve cost, efficiency, and sustainability in the next generation of aircraft. These factors will increase the use of carbon fiber tape for aircraft manufacturing, which will have a positive impact on the market growth during the forecast period.

Key Market Trends

Development in carbon fiber tape is one of the key carbon fiber tape market trends that is positively impacting the market growth. With the increasing penetration of carbon fiber tape in major end-use applications, including aerospace, wind energy, and automotive industry, major key manufacturers in the global carbon fiber tape are introducing new products with specific functionalities. For instance, in January 2022, Strohm and Evonik Industries AG got certification from DNV attesting that the unidirectional Carbon Fibre PA12 tape used for Strohm's Thermoplastic Composite Pipe (TCP) is suitable to use for dynamic sweet and sour hydrocarbons, water, and gas injection applications. The companies, in partnership with the Netherlands Aerospace Centre (NLR), helped in the development, qualification, and supply of PA12 for TCP applications following an investment and testing program over the past five years. Such instances are driving the carbon fiber tape market growth.

Major Market Challenge

The high cost of carbon fiber is one of the factors hindering the carbon fiber tape market growth. Primarily, R&D and manufacturing costs of carbon fiber tape are higher than those of their substitutes. As the automotive industry is price sensitive, the high costs of carbon fiber tape limit its use in manufacturing lightweight, fuel-efficient vehicles. Though carbon fiber tape is used in the automotive industry in passenger vehicles, the ever-rising cost has restricted its use in luxury cars. Moreover, the industry is facing challenges in terms of automation, cost-cutting, and the development of a low-cost manufacturing process suitable for mass production. Thus, with the increasing demand for carbon fiber tape in aerospace, automotive, and pressure vessel applications, the large-scale production of cost-effective carbon fiber tape can be a challenge to the global carbon fiber tape market. This, in turn, will hinder the carbon fiber tape market growth during the forecast period.

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

3M Co.: The company offers 3M Wrap Film 1080-CF12 that is manufactured with two color layers for dimensional stability and durability.

The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• ACP Composites Inc.
• Celanese Corp.
• Cevotec GmbH
• Compagnie Chomarat
• Cristex
• Easy Composites Ltd.
• Eurocarbon BV
• Evonik Industries AG
• Hexcel Corp.
• Koninklijke DSM NV
• Mitsubishi Chemical Corp.
• Saudi Arabian Oil Co.
• SGL Carbon SE
• Solvay SA
• Teijin Ltd.
• Toray Industries Inc.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Segmentation

By Resin Type 

The epoxy segments is estimated to witness significant growth during the forecast period.  Due to their high strength and light weight, carbon-fiber-based composite materials are replacing metals for advancing all kinds of products and applications, from airplanes, wind turbines, and others. Epoxy resins have replaced polyester resins in most wind turbine applications as it offer better fatigue properties and stronger and more durable blades in comparison with polyester resins.

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The epoxy segments accounted for USD 649.90 million in 2018 and showed a gradual increase during the forecast period. The use of carbon composites such as epoxy resin makes the plane lighter and fuel-efficient. This helps reduce fares and makes flying more accessible to flyers. In addition, carbon composites-based aircraft help maintain cabin pressure, thereby ensuring passenger safety. In July 2021, Toray Composite Materials America, Inc. announced the launch of Toray 2700. Epoxy-based 2700 is a high-performance resin technology for emerging aerospace programs. It satisfies stringent aerospace structural design drivers and enables the manufacture of high-quality, high-volume, cost-effective composite parts. Thus, the application of epoxy resin in aircraft manufacturing will propel the market in focus during the forecast period.

Regional Analysis

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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The US led the regional carbon fiber tape market in 2023. The region is home to major aircraft manufacturers such as Airbus and Boeing and manufacturers of critical defense instruments. The aerospace and defense segments are dominated by commercial aviation and the production of large passenger and cargo jets. Standards set by the US government for lightweight vehicles to achieve Corporate Average Fuel Efficiency (CAFE) of 36 mpg by 2017 and 55 mpg by 2025 are anticipated to increase the demand for lightweight vehicles, which will augment the application of carbon fiber tape. Stringent government norms to reduce vehicle weight and greenhouse gas emissions will increase the consumption of carbon fiber tape in the aerospace industry. Major automotive manufacturers in North America concentrate on manufacturing lightweight, high-performance vehicles and extensively use carbon fiber. 

Segment Overview

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Resin Type Outlook
  • Epoxy
  • Thermoplastic
  • Bismaleimide
  • Polyamide
  • Others

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

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Market Analyst Overview

Carbon fiber is increasingly vital across diverse sectors, from the medical industry to construction & infrastructure and aerospace and defense. Its strength and light weight, combined with thermosetting and thermoplastic resins in prepreg tape manufacturing, make it ideal for applications requiring durability and flexibility. The hot melt manufacturing process enhances its integration into various products, including steel reinforcements in construction and modulus of elasticity critical for automotive smart display panels. Suppliers of raw materials ensure consistent quality for applications in sports and recreation, particularly in the sporting goods industries. In defense sectors, carbon fiber contributes to lightweight military equipment, optimizing mobility and performance. Its isotropic properties support innovations in automotive and aerospace, fostering advancements in lightweight materials that improve fuel efficiency and durability. As demand grows, carbon fiber remains pivotal in advancing technology across global industries. The construction & infrastructure industry integrates carbon fiber extensively, reinforced with thermosetting and thermoplastic resins. Raw material suppliers ensure quality for applications in the automotive smart display industry, where lightweight carbon fiber content enhances efficiency and performance.

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What are the Key Data Covered in this Market Forecast Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2024 and 2028
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies