Carbon Fiber Tapes Market to Reach $4,855.6 Million by 2027; Surging Aerospace Industry to Augment Growth

The global carbon fiber tapes market size is expected to reach USD 4,855.6 million by 2027. The growing application of carbon fiber in building and construction industry owing to its extraordinary characteristic will have an excellent effect on the market, mentioned in a report, titled “Carbon Fiber Tapes Market Size, Share & COVID-19 Impact Analysis, By Form (Dry Tapes, and Prepreg Tapes), By Resin (Epoxy, Polyamide, Bismaleimide, Thermoplastic, and Others), By End-use (Aerospace & Defense, Automotive, Sports/Leisure, Building & Construction, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 1,918.6 million in 2019 and is expected to exhibit a CAGR of 13.4% between 2020 and 2027.

Supply of Tenax Carbon Fiber by Teijin to Propel Market

Teijin Limited, a Japanese chemical, pharmaceutical, and information technology company announced that its Tenax carbon fiber and carbon fiber thermoplastic unidirectional pre-impregnated tape (Tenax TPUD) were authorized by Boeing and listed as qualified. Teijin has received approval for the supply of Tenax TPUD as an intermediate-advanced composite material for primary structural parts for Boeing. The two companies have been working on material qualification testing and application study of carbon fiber reinforced thermoplastics (CFRTP) for primary structure parts and this Qualification Agreement will facilitate the production and supply of CF. The utilization of Tenax TPUD will reduce production costs and improve component manufacturing efficiency owing to its high heat, impact, and fatigue resistance, and thermoplastic resin. The shipment of Tenax TPUD will be fully accomplished within the next two years.

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Growing Demand for Carbon Fiber in Military Applications to Favor Growth

The growing use of CF in civil & military aviation, space technology, and artificial satellites will stimulate the growth of the market. The increasing utilization of carbon fibers and composites in structural applications of commercial aircraft will spur opportunities for the market.  For instance, premium wide-body jets such as the Airbus A380, Boeing 787, Airbus A350 XWB use carbon fiber in production. Similarly, flagship models Boeing B787 and Airbus A350XWB predominantly utilize carbon fiber in manufacturing. Furthermore, the increasing military aircraft programs such as F-35, Airbus A400 M, Boeing KC46, and Embraer KC-390 and helicopter programs Black Hawk, V-22 Osprey, Sikorsky CH-53 K, and Airbus H160 will create golden opportunities for the market. Also, the increasing environmental concerns and rising need for efficient propulsion systems can fuel the demand for carbon fiber in the near future.

Implementation of Growth Strategies by Companies to Incite Business

The major companies such as Toray Industries, Inc., Teijin Limited, Hexcel Corporation, and SGL Group are implementing various inorganic and organic growth strategies to establish a strong footprint in the market. Moreover, the prominent players are focused on increasing their production capacity the better serve the customers. The ongoing collaborations and agreements among CF manufacturers and automobile companies will augur well for the market.

The Report Lists the Important Companies in the Carbon Fiber Tapes Market:

• Hexcel Corporation (U.S.)
• SABIC (Saudi Arabia)
• TEIJIN LIMITED (Japan)
• SGL Carbon (Germany)
• Royal DSM (Netherlands)
• Evonik (Germany)
• Solvay (Belgium)
• TORAY INDUSTRIES, INC. (Japan)
• Celanese Corporation (U.S.)
• Victrex plc. (UK)
• Cristex (UK)
• Eurocarbon (Netherlands)
• Other Key Players

Further Report Findings:

Regional Analysis: Asia Pacific is expected to witness a substantial growth rate during the forecast period owing to the rising adoption of carbon fiber in aerospace, marine, and pipe and tank sectors. Moreover, the growing demand for carbon fiber in the automotive and wind industry will further boost the market in Asia Pacific.

Leading Segment: The aerospace and defense sector is expected to account for the largest share in the global market owing to the rising need for fuel-efficient and technologically advanced aircraft. The growing use of carbon fiber materials instead of steel and aluminum owing to its higher strength and weight capabilities will aid the expansion of the industry.

The Carbon Fiber Tapes Market is Segmented into: