The global market for carbon fiber tape is expected to register a CAGR of over 6% during the forecast period. The major factor driving the market studied is the rapidly increasing demand from the aerospace industry. On the flip side, high processing and manufacturing cost of carbon fiber and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
-The aerospace and defense industry is expected to dominate the global carbon fiber tape market over the forecast period.
-North America is expected to dominate the global carbon fiber tape market during the forecast period owing to the increasing consumption from countries, such as the United States and Canada.
Key Market Trends
Increasing demand from Aerospace & Defense Industry
-Carbon fiber tape owing to their properties, such as high strength, stiffness, heat and chemical resistivity, and various other thermal and chemical properties, is used in aerospace and defense applications.
-The demand for aircraft is increasing across the world, and the aerospace industry is aiming to introduce innovative solutions to improve manufacturing time and save costs.
-Lightweight materials and composites are being employed largely to reduce the usage of traditional aluminum. Each kilogram saved reduces fuel consumption and lowers the operating cost and aircraft’s ecological footprint.
-Therefore, manufacturers are focusing on composite solutions to meet the need to reduce weight and increase fuel efficiency. Additionally, the growth in the commercial aerospace market is likely to lead to the development of new aircraft production programs in emerging countries, especially in China.
-Furthermore, owing to the rising air traffic across the world, the production of aircraft by major manufacturers has been increasing since the past decade.
-Carbon fiber tapes are used in defense for aircraft applications, owing to their properties, such as toughness and recyclability advantage.
-This, in turn, is expected to increase the demand for carbon fiber tape from the aerospace and defense industry in recent times.
North America Region to Dominate the Market
- North America region is expected to represent the largest market for carbon fiber tape over the forecast period.
- The United States aerospace sector represents the largest aerospace sector in the world. According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037 from 7,039 in 2016, owing to the growth in air cargo. Additionally, the United States mainliner carrier fleet is expected to grow at a rate of 54 aircraft per year, with the existing fleet getting older.
- The construction industry in the United States witnessed a rapid growth over the past few years, as a result of increased private sector spending on residential construction. Furthermore, about 20 million households are projected to be constructed over the next decade.
- The increasing aircraft and helicopter manufacturing activities in Canada from major players, such as Bombardier, Pratt & Whitney Canada, Bell Helicopter Textron Canada Limited, and ExelTech Aerospace, are augmenting the growth of revenues from the aerospace manufacturing sector, in turn, supporting the growth of the carbon fiber tape market.
- The Canadian construction industry is the second largest in North America; and is expected to improve and grow at a decent pace, until 2024.
- In Mexico, aerospace companies are growing at a rapid rate, and even the government has been providing incentives and support programs for international players entering the country.
- Around 80% of the firms in the aerospace sector in Mexico deal with the manufacturing of products while the remaining 20% deal with MRO services. Despite the absence of large aircraft production activities in Mexico, the production of aircraft components and R&D is prevalent in the country.
- Hence, the growing end-user industries are expected to boost the demand for Carbon fiber tape in the North American region over the forecast period.
The global carbon fiber tape market is partially consolidated in nature. The major companies are Evonik Industries AG, Solvay, Hexcel Corporation, TORAY INDUSTRIES INC., and Cevotec GmbH, among others.
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