Carbon Fiber Tape Market Demand, Size, Share, PESTEL Analysis, Forecast to 2033

Description

The global Carbon Fiber Tape market size generated approximately $2.6 Billion in revenue in 2023 and is projected to reach $4.95 million by 2033, reflecting a forecasted compound annual growth rate (CAGR) of 6.64%.

Global Carbon Fiber Tape Market Overview

In recent years, the demand for carbon fiber tape, especially in developing countries, has been a significant driver of market growth. The epoxy resin segment is experiencing the highest growth due to its superior properties such as insulation, elasticity, transmissivity, chemical resistance, fatigue resistance, and toughness. Additionally, the rapidly expanding construction sector has contributed to the increased sales of carbon fiber tape.

What is Carbon Fiber Tape?

Carbon fiber tape is a flat material composed of carbon fiber, weighing approximately one-seventh that of steel for a given strength. It serves as a reinforcement tape, containing numerous parallel carbon fibers loosely bound together. This tape is lightweight yet exhibits high stiffness and strength, making it an ideal reinforcement material. Made from carbon fiber fabric, it is woven into a tape-like or narrow strip form. The carbon fiber used is a strong, lightweight material consisting of thin strands of carbon atoms bonded in a crystalline structure. The tape is renowned for its excellent strength-to-weight ratio, stiffness, and resistance to corrosion and fatigue.

Carbon fiber tape finds applications in various industries, including aerospace, automotive, marine, sports equipment, and construction. These sectors demand lightweight yet strong materials, and carbon fiber tape meets these requirements. Over the years, the carbon fiber tape industry has experienced significant growth due to the product’s versatility, a trend expected to continue.

Carbon Fiber Tape Market Growth Dynamics

Drivers

1. Increase in Demand Due to Unique Features:
   Carbon fiber tape is in high demand because of its versatile features, including lightweight, high stiffness, high tensile strength, and excellent residue removal. These tapes can withstand outdoor applications, making them popular in industries such as logistics and construction, further driving adoption among end users.
2. Growing Demand in the Aviation Industry:
   Carbon fiber tapes offer exceptional properties, such as high impact resistance and a superior strength-to-weight ratio, making them ideal for manufacturing composite parts for both primary and secondary aircraft structures. The automated laying of tapes for composite parts production enhances the cost-effectiveness and aesthetics of aircraft components. As a result, the increasing demand for carbon fiber tape in aviation is expected to fuel market growth.

Opportunities

1. Rising Demand for Lightweight Vehicles:
   The growing demand for lightweight automobiles is a key factor driving carbon fiber tape sales. According to the U.S. Department of Energy, a 10% reduction in vehicle weight can lead to a 6% to 8% improvement in fuel economy. Carbon fiber tape-based composites are viable lightweight alternatives to metals in automotive applications, reducing vehicle weight and leading to energy savings. This trend is expected to boost the demand for carbon fiber tapes.
2. Expanding Application Scope:
   The increasing application of carbon fiber tape in industries such as aerospace, marine, construction, wind energy, and sporting goods presents numerous growth opportunities for the market.

Challenges

1. Limited Production Capacity:
   One of the major challenges facing the global carbon fiber tape market is the limited production capacity compared to the actual demand. The resource-intensive manufacturing process, both in terms of time and cost, has created a gap between supply and demand, potentially hindering market expansion during the forecast period.

Carbon Fiber Tape Market Segmentation Analysis

1. By Resin:
   The global market is segmented into thermoplastic, epoxy, and polyamide. The epoxy segment has witnessed the highest growth due to its advantages, such as high strength, durability, and excellent adhesion to carbon fibers. Epoxy resin is also resistant to chemicals and moisture, making it compatible with various curing agents and additives. While thermoplastic and polyamide resins have shown steady growth, they lag behind epoxy in market share.
2. By Form:
   The market is divided into dry tape and prepreg tape.
3. By End-User:
   Key end-user segments include pipe & tank, aerospace, sporting goods, and marine. The aerospace segment experienced the highest compound annual growth rate (CAGR) in 2022, as carbon fiber tape is used in several aircraft components and defense applications. Sporting goods is another segment expected to grow significantly during the forecast period, as the product is widely used in manufacturing tennis rackets, golf clubs, hockey sticks, and bicycle frames.

Carbon Fiber Tape Market: Regional Analysis

North America:
North America is expected to witness the highest growth in the global carbon fiber tape market, with the United States being a major revenue contributor. The region’s robust aerospace and defense infrastructure, known for its continuous innovation, drives the demand for advanced materials like carbon fiber tape. The U.S. is also a leading exporter of military equipment, further boosting market growth. Additionally, regional governments are focusing on improving fuel efficiency, which can be achieved through the use of advanced materials like carbon fiber tape.

Report Scope:

Carbon Fiber Tape Market: Competitive Landscape and Segments

Leading players in the global carbon fiber tape market include

• Hexcel Corporation
• Toray Industries, Inc.
• SGL Carbon SE
• Teijin Limited
• Mitsubishi Chemical Carbon Fiber and Composites, Inc.
• Gurit Holding AG
• Solvay SA
• Axiom Materials, Inc.
• Cytec Solvay Group
• Mitsubishi Rayon Co., Ltd.
• Zoltek Companies, Inc.
• Park Aerospace Corp.
• Carbon Fibre Preforms Limited
• Vectorply Corporation
• Sigmatex Limited
• TenCate Advanced Composites (now part of Toray Industries)
• Barrday Composite Solutions
• Eurocarbon B.V.
• PRF Composite Materials
• Toho Tenax Co., Ltd.
• CHOMARAT Textiles Industries
• Composites Evolution Ltd.
• Sika AG
• Porcher Industries
• Advanced Composites Group Ltd.

Segments:

By Resin

• Thermoplastic
• Epoxy
• Polyamide

By Form

• Dry Tape
• Prepreg Tape

By End-User

• Pipe & Tank
• Aerospace
• Sporting Goods
• Marine

By Manufacturing Process

• Solvent Dip
• Hot Melt

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

• Hexcel Corporation
• Toray Industries, Inc.
• SGL Carbon SE
• Teijin Limited
• Mitsubishi Chemical Carbon Fiber and Composites, Inc.
• Gurit Holding AG
• Solvay SA
• Axiom Materials, Inc.
• Cytec Solvay Group
• Mitsubishi Rayon Co., Ltd.
• Zoltek Companies, Inc.
• Park Aerospace Corp.
• Carbon Fibre Preforms Limited
• Vectorply Corporation
• Sigmatex Limited
• TenCate Advanced Composites (now part of Toray Industries)
• Barrday Composite Solutions
• Eurocarbon B.V.
• PRF Composite Materials
• Toho Tenax Co., Ltd.
• CHOMARAT Textiles Industries
• Composites Evolution Ltd.
• Sika AG
• Porcher Industries
• Advanced Composites Group Ltd