United States, Rockville MD, June 06, 2022 (GLOBE NEWSWIRE) -- : Fact.MR, a market research and competitive intelligence provider, reveals that the global carbon felt and graphite felt market is anticipated to expand at an impressive CAGR of 9.6% to reach a valuation of US$ 1.07 billion by the end of 2032. The market registered a CAGR of 7.6% during the period of 2017-2021.
Rise in demand for high-performance batteries in addition to superior conduct of carbon felt in high temperatures are factors that are augmenting market growth. Also, rapid growth in demand for renewable energy is creating new opportunities for carbon felt and graphite felt manufacturers in the global market.
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Carbon felt and graphite felt are used in high-temperature refractory insulations owing to their flexible properties and in high-performance batteries and furnaces for energy-saving purposes. These materials are produced by matting, condensing, and pressing fibers and possess structural stability, high insulating properties, and are cost-effective as well.
Europe follows with a 26.5% market share owing to moderate growth of the automotive and electrical component sectors. The Europe carbon felt and graphite felt market is projected to expand at 8.3% CAGR over the forecast years of 2022-2032.
How is the Asia Pacific Carbon Felt and Graphite Felt Market Faring?
“Asia Pacific Market Growth Led by India and China”
The Asia Pacific carbon felt and graphite felt market accounts for 29% of the global market share. The East Asia and South Asia & Oceania markets are predicted to register very high CAGRs of 15.6% and 13.4%, respectively, over the decade.
This high market growth is attributed to demand escalation for eco-friendly products such as batteries and enhanced focus on controlling emissions in these regions. Emerging economies such as India and China are poised to hold high market shares in these regions over the years to come.
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Key Segments Covered in the Carbon Felt and Graphite Felt Industry Survey
- Carbon Felt and Graphite Felt Market by Raw Material :
- PAN
- Pitch
- Rayon
- Carbon Felt and Graphite Felt Market by Type :
- Carbon Felt
- Graphite Felt
- Carbon Felt and Graphite Felt Market by Application :
- Furnaces
- Batteries
- Filters
- Other Applications
Competitive Landscape
Key players in the market are focusing on introducing lightweight products that have few impurities, excellent oxidation resistance, and also outstanding chemical & heat resistance.
- Toray Industries Inc. acquired SK Chemicals in 2021. This acquisition is likely to mark the entry of the company into the carbon fiber composite material market.
- Fiber Materials Inc. was acquired by Spirit AeroSystems in 2020. This acquisition is in line with the strategic growth objectives of the company and will lead to the diversification of its consumer base.
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Key players in the Carbon Felt and Graphite Felt Market
- SGL Carbon
- Toray Industries Inc.
- Kureha Corporation
- Nippon Carbon Co. Ltd.
- Beijing Great Wall Co. Ltd.
- Advanced Graphite Materials
- Anshan Sinocarb Carbon Fibers Co. Ltd.
- Anssen Metallurgy Group Co. Ltd.
Key Takeaways from Carbon Felt and Graphite Felt Market Study
- The global carbon felt and graphite felt market is currently valued at US$ 429.5 million, after having witnessed 7.6% CAGR over the period of 2017-2021.
- Under the raw material segment, PAN dominates the market with 46.9% market share, and is projected to rise at 9.6% CAGR during the forecast years.
- Under the type segment, carbon felt dominates the market and is projected to expand at a CAGR of 9.7% to exceed a valuation of US$ 686 million by the end of 2032.
- Under the application segment, furnaces lead the market, with demand projected to increase at a CAGR of 10.6% to reach a valuation of US$ 455.9 Million by 2032.
- Based on region, demand for carbon felt and graphite felt is expected to increase at higher CAGRs of 10.4% and 10.7% in East Asia and South Asia & Oceania, respectively, over the forecast period.
- Together, North America and Europe are likely to represent 59.5% of the overall market share in 2022.
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