The global carbon tapes market is set to reach USD 3.7 billion in 2023. Sales are projected to increase at a CAGR of 4.6% over the assessment period, to total USD 5.8 billion by 2033.
The carbon tapes sales are projected to increase with the top 5 companies and held around 25-30% of the global market in 2022.
According to the FMI analysis, the carbon tapes market revenue totalled USD 3.43 billion in 2021. The sales of prepreg tapes accelerate with the top 3 countries holding 35-40% of the carbon tapes sector in 2022.
The carbon tapes sector is estimated to experience a constructive growth outlook during the forecast period. A new forecast by FMI estimates that the carbon tapes revenue is likely to rise during 2023 to 2033 and is projected to create an incremental growth opportunity of USD 2.1 billion.
Expansion in the aerospace & defense and automotive sector is anticipated to grow 1.6 times the current market value during 2023 to 2033.
| Attribute | Details |
|---|---|
| Carbon Tapes Market CAGR (2023 to 2033) | 4.6% |
| Carbon Tapes Market Size (2023) | USD 3.7 billion |
| Carbon Tapes Market Size (2033) | USD 5.8 billion |
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Sales of carbon tapes are slated to increase at a 4.6% CAGR over the forecast period, in comparison to the CAGR of 3.4% registered during 2015 to 2021. The global carbon tapes industry reached USD 3.6 billion in 2022 from USD 3.1 billion in 2018.
The carbon tape made from carbon fiber offers high strength and durability. It offers high-temperature tolerance and low thermal expansion property, making it a preferred choice among end use industries for reinforcement.
Carbon tape is the perfect solution for firmly connecting two components and ensuring optimal electrical conductivity between them. Therefore, it is also called carbon conductive tape. Carbon tapes are available in different resins such as epoxy carbon tapes, thermoplastic carbon tapes, and polyamide carbon tapes.
Increasing demand for these carbon tapes are attributed to several end-user industries, including aerospace & defense, automotive, building & construction, and others. In addition, new technologies such as automated tape laying and automatic fiber insertion have made it possible to produce composite parts with cost-effective, quick, and accurate composite layups.
The carbon tapes help the end use industries to manufacture multifunctional parts in less time and cost. Thus, the demand for carbon tapes is anticipated to grow at a faster pace during the forecast period.
End use industries use most common materials to replace the rebar in carbon tape-based concrete structures. Using carbon tape prevents damage or concrete as iron tends to accumulate rust on the surface.
Using these tapes during construction reduces time and cost required to install the structure. Carbon plastic reinforcements based on carbon tapes are used in home construction, bridge construction, processing plant design, and utility construction. Metal structures are the most common concrete structures, but carbon tape is used to repair and reinforce stone and woodwork.
Carbon tape is used in sports equipment, from ice hockey sticks to jogging shoes, golf clubs, and tennis rackets. Also, it is used in horse riding, motorcycles, and mountaineer crash helmets. All sports containing a high risk of head injuries use carbon tapes. Increasing participation in a variety of sports results in high demand for various sporting equipment which bolster the demand for carbon tapes in the sporting industry.
| Country | Market Share (2023) |
|---|---|
| United States | 24% |
| Germany | 5.3% |
| Japan | 3.9% |
| Australia | 2.9% |
Manufacturers in Japan are Preferring Carbon Fiber Tapes
Sales in the Japan carbon tapes sector are anticipated to increase at a CAGR of 5.4% during 2023 to 2033. As per the statistics published by the Japan Automobile Manufacturer Association (JAMA), Japan is the third manufacturer in the automobile industry which has a total export of around 3.7 million units in the year 2021.
Also, the key players operating in the automotive industry have their presence in Japan due to technological advancements. The number of vehicles exported witnessed a meteoric rise in 2021, which has also resulted in increased use of carbon tapes across the automobile sector.
high Demand for High Fiber Woven Carbon Tapes in India Boost Sales
Total demand for carbon tapes in India is likely to create an incremental opportunity of USD 2.6 billion during the forecast period, with a CAGR of 7.2%. According to the All India Association of Industries (AIAI), India has increased its military and defense expenditure by announcing a defense budget of around USD 67.4 billion for the years 2020 to 2021.
India has allotted more than 10% compared to the previous years. The government is spending a high amount on the military defense system for the future. India has also shown a positive graph in the aerospace industry after the impact of a pandemic.
| Segment | Resin |
|---|---|
| Top-segment | Epoxy |
| Market Share (2022) | 48% |
| Segment | End Use |
|---|---|
| Top-segment | Aerospace and defense |
| Market Share (2022) | 41.3% |
Demand for Epoxy Carbon Tapes is likely to Continue Gaining Traction
By resin, the epoxy segment is projected to expand 1.6x the current value during the forecast period. Epoxy resin exhibits low shrinkage when cured and adheres well to all types of fibers. In addition to this, epoxy resin is highly corrosion resistant and is less susceptible to water and heat than other polymer matrices.
Sales in the Aerospace and Defense Sector to Remain High
The aerospace & defense segment accounted for around 41% of the total market share in 2022. Carbon tapes are one of the most common materials used in manufacturing composite aerospace parts. Demand for carbon tapes in aircraft structural manufacturing such as wing spars, wing skins, and access panels is expected to drive the market
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The key players operating in the carbon tapes business are focusing on introducing advanced products to cater to the growing demand. Also, key players are trying to expand their resources through mergers & acquisitions. For instance:
The carbon tapes sector is estimated to be worth USD 3.7 billion in 2023.
The carbon tapes industry is expected to have a CAGR of 4.6% by 2033.
The carbon tapes industry expanded at a share of USD 3.6 billion in 2022.
North America expanded in the carbon tapes business, with a share of 26.4% in 2022.
The carbon tapes sector is expected to have a valuation of USD 5.8 billion by 2033.
| Estimated Market Size (2024E) | USD 5,651.7 million |
|---|---|
| Projected Market Value (2034F) | USD 8,800.8 million |
| Value-based CAGR (2024 to 2034) | 4.5% |
| Market Estimated Size (2023) | USD 78.5 billion |
|---|---|
| Market Forecasted Size (2033) | USD 126.6 billion |
| Market CAGR (2023 to 2033) | 4.9% |
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