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The carbon fiber tape market share is expected to increase by USD 1.59 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 11.19%.
The carbon fiber tape market has been broadly categorized into the following demographic segmentations:
This carbon fiber tape market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The carbon fiber tape market report offers information on several market vendors, including 3M Co., ACP Composites Inc., Celanese Corp., Cevotec GmbH, Compagnie Chomarat, Cristex, Easy Composites Ltd., Eurocarbon BV, Evonik Industries AG, Gernitex, Hexcel Corp., Koninklijke DSM NV, Mitsubishi Chemical Corp., Saudi Arabian Oil Co., SGL Carbon SE, Teijin Ltd., and Toray Industries Inc. among others.
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The increasing use of carbon fiber tape in aerospace is notably driving the carbon fiber tape market growth, although factors such as the high cost of carbon fiber may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the carbon fiber tape industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Carbon Fiber Tape 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 Carbon Fiber Tape Market Trend
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.
Key Carbon Fiber Tape 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.
This carbon fiber tape market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the carbon fiber tape market encompasses successful business strategies deployed by the key vendors. The carbon fiber tape market is fragmented and the vendors are deploying growth strategies such as price, quality, brand identity, and distribution channels to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The carbon fiber tape market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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36% of the market's growth will originate from North America during the forecast period. The US is the key market for carbon fiber tape market in North America. Market growth in this region will be slower than the growth of the market in other regions.
The high consumption of carbon fiber in industries such as aerospace, automotive, wind energy, and others. will facilitate the carbon fiber tape market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic severely affected the regional market. However, with the reopening of industrial activities due to the easing of lockdowns from 2021 onward, the regional carbon fiber tape market in focus is expected to regain momentum during the forecast period.
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The carbon fiber tape market share growth by the epoxy segment will be significant during the forecast period. Epoxy resins have replaced polyester resins in most wind turbine applications as it offers better fatigue properties and stronger and more durable blades in comparison with polyester resins. 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. These factors of epoxy resins will drive the carbon fiber tape market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the carbon fiber tape market size and actionable market insights on post COVID-19 impact on each segment.
Technavio categorizes the global carbon fiber tape market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the carbon fiber tape market during the forecast period.
Our report provides extensive information on the value chain analysis for the carbon fiber tape market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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Carbon Fiber Tape Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 11.19% |
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Market growth 2022-2026 |
$ 1.59 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
10.78 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 36% |
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Key consumer countries |
US, China, Japan, Germany, and Russia |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
3M Co., ACP Composites Inc., Celanese Corp., Cevotec GmbH, Compagnie Chomarat, Cristex, Easy Composites Ltd., Eurocarbon BV, Evonik Industries AG, Gernitex, Hexcel Corp., Koninklijke DSM NV, Mitsubishi Chemical Corp., Saudi Arabian Oil Co., SGL Carbon SE, Teijin Ltd., and Toray Industries Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Resin Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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