Carbon Fiber Tape Market is forecast to reach $3.48 billion by 2025, after growing at a CAGR of 11.4% during 2020-2025. The carbon fiber tape is expected to grow at a significant rate due to its utilization in aircraft components owing to its superior properties such as high stiffness, abrasion, and strength. The rising demand for the carbon fiber tape in the manufacturing of aircraft structures including wing skins, wing spars, and access panels are likely to upsurge the market growth over the forecast period.
- North America dominates the Carbon Fiber Tape market owing to presence of major aircraft manufacturers as well as well-established aerospace industry.
- Trend in automotive industry to reduce the weight of vehicle is boosting the growth of carbon fiber tape.
- The presence of established players, low cost, and stringent environmental regulations emphasizing on the use of lightweight composite materials are expected to drive the market.
Form- Segment Analysis
Prepreg held the largest share in the Carbon Fiber Tape market in 2019. Prepreg is the reinforcing fabric which has been pre-impregnated with a resin system.This resin system already includes the proper curing agent. The numerous advantages of prepreg such as its mechanical properties makes it more beneficial than using traditional hand layup. Nevertheless, to prevent being poisoned at room temperature, these tapes must be kept at about minus 20-degree Celsius.
Resin – Segment Analysis
Epoxy resin based tapes are likely to gain high market demand owing to its properties including high heat resistance, excellent electrical and mechanical properties.Epoxy offers improved adhesion, physical properties and high thickness.Also, it has fast curing time compared to other thermoset resins, which makes it the preferred choice among the end-use industries.
End Use- Segment Analysis
Aerospace Industryaccounts for the highest market share in the global market. The growth of carbon fiber tape in aerospace industry is anticipated due to trend of lightweight, strong and stiff materials in the aerospace industry. Currently, almost every aircraft is utilizing carbon reinforced materials including tapes in order to gain high strength and light weight which helps in operational activities. Rising investments in the aerospace and defense industry is expected to propel the industry growth. The evolving production technologies in the aerospace industry will further enhance the carbon fiber tape market.
Geography- Segment Analysis
North America dominated the Carbon Fiber Tape market with a share of more than 40%, followed by Europe and Asia Pacific.Increasing utilization of high strength lightweight materials from the aerospace industry and presence of major players in North America is augmenting the market. According to International Trade Administration, in 2018, the industry contributed $151 billion in export sales to the U.S. economy.Investors in the U.S. aerospace industry are encouraged by the “gold standard” for aviation safety from the Federal Aviation Administration (FAA), which raises worldwide trust in the safety of aircraft and aircraft parts manufactured in the U.S.
Drivers – Carbon Fiber Tape Market
- The growing Aerospace industry will fuel the Carbon Fiber Tape market.
The aerospace industry is expected to be the worldwide carbon fiber tape market’s fastest growing segment. This can be due to the increasing need for flexible materials that are stronger, stiffer, lighter, and damaging. The use of carbon fiber tapes is structurally and aerodynamically effective designs. Significant growth in R&D and increased production of commercial aircraft. Further, Significant growth in R&D and increased production of commercial aircraft.
Challenges – Carbon Fiber Tape Market
- The alternative material canrestrict the market growth
Steel Reinforced Polymer tapes used to strengthen externally bonded composite reinforcement are a relatively new material that is compatible with common organic fibers. SRP tapes are made from ultra-high strength steel wires that are embedded in cords and mounted into a fabric. The mechanical properties of SRP steel are comparable to those of other high carbon cold drawn steel by advanced processing.
Technology launches,acquisitions and R&D activities are key strategies adopted by players in the Carbon Fiber Tape market. In 2019, the market of Carbon Fiber Tape has been consolidated by the top five players accounting for xx% of the share. Major players in the Carbon Fiber Tape Market are Zoltek Corporation, Royal TenCate, SGL Group, Hexcel Corporation, Mitsubishi Rayon Carbon Fibers and Composites, and Royal DSM, among others.
- In February 2019,Teijin Limited acquired Renegade Materials Corporation, supplier of highly heat-resistant thermoset prepreg for the aerospace industry. The acquisition will help Teijin Limited to reach wider markets. The acquisition will boost carbon fibers and intermediate materials large product lineup and global sales network.
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