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The global carbon fiber tapes market size was USD 1,918.6 million in 2019 and is projected to reach USD 4,855.6 million by 2027, exhibiting a CAGR of 13.4% during the forecast period.
The global market is likely to expand at a rapid pace as rising demand for high-performance materials with properties, such as good tensile strength, high strength-to-weight ratio, and electrical conductivity increases. Their role as supporting materials in the Department of Energy and Office of Energy and Renewable Energy, these tapes are known as clean energy technologies. Researchers concentrate on advancing the recycling process for long recycled CF, which was supposed to maintain the length of the fiber as well as allow the orientation of the load-related fiber. This initiative is projected to promote the development of the maximum carbon potential by industry players thereby positively impacting the product demand during the forecast period.
Carbon fiber tapes are one of the common materials used for automotive and aerospace composite parts manufacturing. The demand for carbon fiber tape in aircraft structure manufacturing, including wing spars, wing skins, and access panels, is projected to boost the market growth. Carbon fiber prepreg tapes have a higher strength to weight capabilities than other conventional aerospace materials and thus promote structurally and aerodynamically more effective designs. The carbon fiber tapes allow automotive manufacturers to design and produce customized components quickly at a lower cost. Carbon fiber tapes allow the manufacture of more effective, multifunctional parts in fewer steps and with less labor compared to more conventional methods.
COVID-19 and its Adverse Impact on the Aerospace Industry
Carbon fiber tapes because of its excellent set of properties, such as good strength at high temperatures and fatigue resistance, high strength to weight ratio, is a significant raw material used in the manufacture of wing spars and fuselage & military airframes. OEMs are expected to experience inconvenience in procuring raw materials because of the severe impact of coronavirus on logistics and transportation. Moreover, the producers are expected to shift away from China aiming to reduce the future risks that would affect the business and reduce the manufacturers' cluster in a single country to smoothen the supply chain.
The effect of the COVID-19 pandemic is spreading to the upper levels of the supply chain of the air transport industry, aircraft producers, and suppliers, which are now facing significant risks. Boeing, a US-based aerospace firm, posted a loss of US$ 641 million in Q1 2020 because of the lockdown. The company will reduce its production of 787 and 777 large jets and progressively restart grounded 737 Max production at low rates by 2020. The current suspension ratio of the wide-body aircraft of the A330, A340, and B787 series has reached 90 percent, while the B777 is marginally lower at about 75 percent due to the demand for cargo flights. More than half of the narrow-body planes A320 and B737 still are not flying. It has contributed to delays or non-arrivals of raw materials, interrupted financial flows, and increased absenteeism among workers on the production line. Such trends have impacted the world's largest suppliers of commercial aircraft, Boeing and Airbus, and their manufacturer constellations. As of January 2020, Boeing had no orders. Airbus also had zero orders in February 2020. The loss of the aerospace & defense industry has directly affected the market.
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Increasing Use of Carbon Tapes in The Construction Industry to Push Business
Within the building industry, two types of carbon fibers are commonly used: PAN-based fibers and resin-based ones. Based on its characteristics, cellulose-based fibers are inferior to the two forms, whereas carbon vapor-created fibers exhibit impressive characteristics and are very costly to manufacture. Carbon strips and fabric are used to repair and strengthen brickwork, woodwork, whereas metal structures are the most common in concrete structures. A combination of carbon fibers in pre-stressed concrete is the key application of carbon fibers in the construction industry. For example, researchers at the Institute for Computational Design and Construction (ICD) at the University of Stuttgart and the Institute for Building Structures and Structural Design (ITKE) use carbon fiber as a prominent building material in their latest work, the 2019 BUGA Fiber Pavilion at Bundesgartenschau Heilbronn in Germany.
Some of the most popular materials for replacing steel reinforcement in concrete structures are based on carbon fiber. The use of carbon tapes prevents concrete from being damaged as they are corrosion resistant, whereas steel accumulates rust on the surface. The use of these tapes in buildings minimizes the time and cost of fixing structures. Carbon plastic reinforcement based on carbon tapes is used in housing design, bridge building, treatment facilities design, and utility construction.
Light-weight Property and Fuel-Saving Capacity to Spur Demand
Producing low-emission and fuel-efficient cars is a big task for the automotive industry. To manufacture such vehicles, carbon fibers are used in structural parts of automobiles to provide robustness and save costs. The automotive industry is projected to expand rapidly, in turn boosting the market. However, OEMs use a mix of steel, aluminum, and composites based on technical requirements and cost demands.
The significant rise in the use of carbon fiber in structural and semi-structural components of vehicles will accelerate the business in the forthcoming years. Likewise, the rising demand for carbon fiber in vehicles will boost the production and adoption of carbon fibers. For example, the BMW i3 car consists of carbon-fiber-reinforced plastic. For both price and scale purposes, small-market cars were the priority for the application. Research on process improvement is rigorous for this industry, and breakthroughs in speed processing can have a major effect on component cost, thus, aiding the adoption of CF in the automotive sector. Carbon fiber and composites are considered clean energy technologies. For example, lightweight automobiles are manufactured through the use of CF components, hence resulting in energy and cost savings. This factor is expected to spur product demand in the automotive industry during the forecast period.
Rising Use of Carbon Fiber in Aircraft Structures to Promote Product Adoption
Carbon fiber tape is currently used in aerospace & aviation structures, such as civil & military aviation, space technology rockets and artificial satellites, etc. For much of their history, aerospace programs have been the main producers of carbon fibers and composites.
Some of the first uses of CF in structural applications of aerospace came from the U.S. Department of Defense and the National Aeronautics and Space Administration (NASA), where the exceptional mechanical properties of the material were valuable enough to justify its high price. Commercial aircraft is a driver for the rising demand within the aerospace industry. A substantial part of the demand comes from premium wide-body jets such as the Airbus A380, Boeing 787, and Airbus A350 XWB. Commercial aviation can be described as the most significant growth factor in the age of consistently low airfares. Present flagship models Boeing B787 and Airbus A350XWB primarily use carbon fiber. In the defense section, the aircraft programs F-35, Airbus A400M, Boeing KC46, and Embraer KC-390 and the helicopter programs Black Hawk, V-22 Osprey, Sikorsky CH-53 K, and Airbus H160 are primarily responsible for stable product demand. Consequently, growing environmental constraints along with inclination for efficient propulsion systems has led to higher exchange rates for older aircraft structures. Besides, upgrading programs in older aircraft structures is also expected to drive the market.
Surging Manufacturing Waste to Dampen Growth
The global demand for carbon fibers has been more than doubled, resulting in the high production of carbon fiber. But not all carbon fiber ends up with final parts. Along with the multiple steps in the carbon fiber supply chain, 30% – 40% of the input material is lost as waste from processing. This leads to a rise in the amount of production waste directly linked to carbon fiber demand and is the first of two major carbon fiber waste sources. The second, as critical as the first waste stream in the near future as the at least, would be the end of life bits. During production, a high percentage of carbon fiber waste is produced. The unimpregnated waste portion cannot be reused as high-performance non-crimp fabrics, scale, patch shape, and orientation were modified during the previous phase of development. The increased demand for carbon fiber is causing more carbon waste to be produced by the fiber industry. It is generally estimated that about 30% of the carbon fiber produced ends up as waste. The aerospace industry produces the most carbon fiber waste and commercial RCF suppliers also look to the aerospace industry as a recyclate source.
Prepreg Segment to Hold a Significant Share of the Global Market
Based on form, the market is segmented into dry tapes, and prepreg tapes. The prepreg segment held the major share of the market. Prepreg tapes are mainly used in the aerospace and sporting goods industries for manufacturing bicycle frames, wing spars, golf shafts, fuselage skins, and others. They are also used in automotive, wind energy, pipe & tank, and medical industries for cosmetic components, turbine blades, prosthetics, and other applications. Using prepreg tapes for component manufacturing provides exceptional strength properties and allows for uniformity and repeatability of the product. However, the use of carbon fiber during the healing process bleeds less resin, takes less healing time, and provides superior aesthetics which is expected to drive the market. The manufacturing process for melt is majorly used for producing carbon fiber. Hot melt is a two-stage process, involving fiber impregnation and a substrate paper pre-lamination. Heat and pressure are used in this process for the impregnation of resin fibers.
Dry carbon fiber provides customized taping solutions with mechanical properties comparable to prepreg tapes without an autoclave for cost and production volume. As a result, these tapes are well adapted for automated development in a broader variety of applications in winter sports, automotive, and aerospace.
Epoxy Segment to Emerge as Leading Owing to Excellent Mechanical Properties
Based on resin, the market is bifurcated into epoxy, polyamide, bismaleimide, thermoplastic, and others. The epoxy segment accounted for the prime share of the market. Epoxy resins are in high demand, as they have superior properties and the potential to adapt to various production techniques. Important properties include resistance to fatigue, chemical resistance, insulation, transmissivity, elasticity, and toughness.
Epoxy is the material most widely found in the preparation of carbon fiber. It is a thermoset resin known for its excellent properties of mechanical, electrical, and heat-resistance. This is also used in a wide variety of combinations in curing-agents. Compared to other resins it has excellent physical, mechanical, and adhesion properties and low shrinkage.
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Aerospace & Defense Segment is Expected to Generate the Highest Revenue During the Forecast Period
Based on end-use, the market is classified into aerospace & defense, automotive, sports/leisure, building & construction, and others. Aerospace industry growth is powered by the need for fuel-efficient and technologically advanced aircraft. This will increase the global aircraft fleet size in the next two decades. The carbon fiber’s strength to weight ratio is higher than that of steel and aluminum. Carbon fiber prepreg tapes have a higher strength to weight capabilities than other conventional aerospace materials and thus promote structurally and aerodynamically more effective designs. Also, aircraft carbon fiber achieves high stiffness, high strength, and high abrasion resistance. They are particularly found in aircraft in both the main and secondary systems. The rising use of carbon fiber materials in Boeing Dreamliner and Airbus 350 is expected to have a positive effect on the product, thereby driving the overall market growth during the forecast period.
Carbon fiber materials have found applications to boost handling capacity, minimize weight, and enhance fuel efficiency in virtually every supercar, hypercar, and luxury sports car in history. These are used in high-end vehicles where efficiency is the key factor driven by a lower center of gravity, driving experience, and aesthetics. Besides, these bands are experiencing growing penetration in the manufacture of components for smaller cars.
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In sporting goods, the product is used in golf shafts, fishing rods, bicycles, tennis rackets, and in marine sports fields such as cruisers, yachts, canoes, racing boats, and masts. It can be used for various composite applications in marine to achieve outstanding physical-mechanical properties. The product is an ideal material for pipe & tanks which have to withstand the high pressure whilst being as light as possible.
North America Carbon Fiber Tapes Market Size, 2019 (USD Million)
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The market size in North America stood at USD 690.7 million in 2019. North America dominated the market and is likely to maintain the trend during the forecast period due to the rise in U.S. economies, the involvement of top players, and the growth of the aerospace & defense industry. Aerospace & defense, and other end-use industries are growing rapidly, thus increasing the regional demand. Demand growth in the region is further driven by improved solutions to carbon fiber tape composite manufacturing, superior properties, and increased penetration in various end-use industries.
In Europe top automotive OEM brands employ efforts to replace conventional metal parts with lower weight and high strength using advanced materials. Consequently, leading to controlled emissions and high vehicle fuel efficiency.
In Asia Pacific growing adoption of carbon fiber in aerospace, marine, and pipe and tank sectors is expected to drive the market. Growing the adoption of carbon fiber bands in the automotive and wind industries in Asia Pacific are among some of the key factors projected to fuel the market
Toray Industries, Inc. To Hold the Major Share
Toray Industries, Inc., Teijin Limited, Hexcel Corporation, and SGL Group are some of the key players in the industry. These companies are interested in the implementation of various inorganic and organic approaches to improve their footing in the market for carbon fiber tape.
At present, the industry is experiencing restricted production capacity. Major players in the industry are making efforts to increase their production capacity. The rapidly expanding area for applying carbon fiber in the different end-use industries will be complemented by increased production efficiency, thereby growing the overall sales revenue. The report provides an in-depth competitive overview of their business profiles, key market strategies, and recent innovations of these key players in the global market.
An Infographic Representation of Carbon Fiber Tapes Market
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The carbon fiber tapes market report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, products, and applications. Also, the report offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.
Value (USD Million)
Form; Resin; End-use; and Geography
Fortune Business Insights says that the global market size was USD 1,918.6 million in 2019 and is projected to reach USD 4,855.6 million by 2027.
In 2019, the market value stood at USD 1,918.6 million.
Growing at a CAGR of 13.4%, the market will exhibit steady growth in the forecast period (2020-2027).
The aerospace & defense segment is the leading segment based on end-use.
The lightweight property of CF is expected to drive the market.
Toray Industries, Inc., Teijin Limited, Hexcel Corporation, SGL Group, and others are a few of the leading players in the global market.
North America dominated the global market in 2019.
Increase in the use of carbon fiber tapes in aircraft structures is driving the market.
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