The global carbon fiber tape market size is expected to grow from USD 1.5 billion in 2020 to USD 2.6 billion by 2025, at a CAGR of 12.0%, during the forecast period. Owing to an increase in the demand for high-performance materials with properties, such as high strength-to-weight ratio, good tensile strength, and electrical conductivity, the global carbon fiber tape market is expected to witness significant growth during the forecast period.
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The growth of the aerospace industry is driven by the need for fuel-efficient and technologically advanced aircraft and the appreciation of the US currency that is affecting aircraft purchases. The global fleet size of aircraft is projected to double over the next two decades. The strength-to-weight ratio of carbon fiber tapes is higher than that of steel and aluminum. Carbon fiber tapes are used on a large scale in the aerospace industry in the form of prepreg tapes. Carbon fiber prepreg tapes have higher strength-to-weight capability than other traditional aerospace materials, and hence, facilitate more efficient designs, structurally and aerodynamically. In addition, high strength, high stiffness, and high abrasion resistance are achieved with carbon fiber tapes in aircraft. They are used in both primary and secondary structures in aircraft.
Epoxy is the most widely used resin for carbon fiber prepreg tapes. It is a thermoset resin known for its excellent mechanical, electrical, and high heat resistance properties. It is also available in a wide variety of curing-agent variations. It has better physical, mechanical, and adhesion properties and low shrinkage compared to other resins. Carbon fiber prepreg tapes formulated using epoxy resin as a matrix have improved toughness, impact strength, and resistance to moisture and corrosion.
North America was the largest carbon fiber tape market in terms of value in 2019. The key reason for this growth includes the demand for carbon fiber tape in the aerospace & defense industry in the region. The demand for carbon fiber tape in aerospace & defense, sporting goods, marine, and other industries is projected to grow due to product innovation and technological advancements. The growth of the market in this region is further boosted by improved carbon fiber tape composite technology solutions, superior properties, and increasing penetration in various end-use industries. In 2020, the global carbon fiber tape market is estimated to decline due to the COVID-19 impact. The pandemic has affected more than 5 billion people around the world. More than 100 countries are under complete or partial lockdown. Supply chain disruption and lockdown due to the COVID-19 pandemic is expected to affect the GDP of all major economies, such as China, Germany, Japan, the UK, and France. COVID-19 has brought the production of non-essential goods to almost a halt in most of the major economies. The automobile manufacturing in Italy, France, Germany, and the UK, among other countries, is halted, which has adversely influenced the demand for composites in these industries.
The key players in the market include Teijin Ltd. (Japan), Toray Industries, Inc (Japan), Hexcel Corporation (US), Mitsubishi Chemical Holdings (Japan), and SGL Group (Germany). These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the carbon fiber tape market.
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