“Increasing demand for advanced materials such as carbon fiber tapes from the aerospace industry is expected to drive the carbon fiber tape market”
The global carbon fiber tape market is projected to reach USD 2.52 billion by 2022, at a CAGR of 11.95% from 2017 to 2022. The main driver fueling the growth of the carbon fiber tape market is its increasing use in primary and secondary aircraft structures. The increasing use of multifunctional carbon fiber tapes in the automotive industry is also driving the carbon fiber tape market. High processing and manufacturing cost of carbon fiber is the major restraint of the market.
“Aerospace is the fastest-growing segment of the carbon fiber tape market”
Carbon fiber tapes are being used to manufacture aircraft of reduced weight for better performance and to reduce the fuel consumption. Most common aircraft parts where carbon fiber tape is used are wing spars, wing skins, fuselage skin, access panels, rib stiffeners, brackets, conduit, and flooring. The use of these tapes is heavily increasing in the aircraft wings. For instance, MS-21 single aisle aircraft domestically build by Russian aircraft manufacturer, Irkut Corporation has its wings and wing box completely build of carbon fiber tapes. The superior properties provided by the carbon fiber tapes such as high strength, high stiffness, and high abrasion are increasing its use in aircraft. Many of the key market players are responding to the needs and expectations of the aircraft Original Equipment Manufacturers (OEMs), system suppliers, and customers. The use of carbon fiber tape is also increasing in the repairing purposes of the aircraft.
“North America is the largest and fastest-growing market for carbon fiber tape”
North America is the fastest-growing market for carbon fiber tape, in terms of value. High economic growth rate, growing manufacturing industries, increasing carbon fiber tape patents, new product developments, and presence of large number of major carbon fiber tape manufacturers are few factors leading to the growth of the carbon fiber tape market in this region.
The US leads the market for carbon fiber tape in North America. Its consumption of carbon fiber tapes has grown exceptionally in aerospace, marine, pipe & tank, and sporting goods industries and is expected to witness rapid growth in the near future.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided in three categories: by company type, by designation, and by region.
• By company type- Tier 1- 35%, Tier 2- 25%, and Tier 3- 40%
• By designation- C Level- 30%, Director Level- 25%, and Others- 35%
• By region- North America- 30%, Asia Pacific- 30%, Europe- 25%, ME&A - 10%, and South America - 5%
The report also provides company profiles and competitive strategies adopted by the major market players which are listed below:
• Zoltek Corporation(Japan)
• Teijin Limited (Japan)
• Mitsubishi Rayon Carbon Fiber and Composites (Japan)
• SGL-Group (Germany)
• Royal DSM (Netherlands)
• Hexcel Corporation (US)
• 3M (Germany)
• Royal TenCate (Netherlands)
• Evonik Industries (Germany)
• Solvay (Belgium)
• Saudi Basic Industries Corporation (Saudi Arabia)
This report covers the carbon fiber tape market on the basis of end-use industry, form type, and region. It aims at estimating the market size and future growth potential across the above-mentioned segments. Furthermore, the report also includes an in-depth competitive analysis of key players in the market, along with company profiles, DIVE analysis, recent developments, and key growth strategies.
Reasons to buy the Report
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the carbon fiber tape market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub-segments across the different verticals and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, and new product developments.