According to forecasts, the carbon tapes market is expected to be valued at US$ 3.7 billion in 2023 and US$ 5.8 billion by 2033.
Carbon tapes are increasingly being used in the medical sector to create prosthetic parts such as artificial limbs and exoskeletons for limbs. Its application is also expanding quickly in the construction sector for substantial portions that need localized strengthening, repairs, and seam taping. In the pipe tank sector, these tapes are also used in filament-wrapping to create tubular goods.
The market is now dominated by thermosetting resin, although they are not environmentally friendly. The market is dominated by thermosetting resins owing to their simplicity in production, even though thermoplastic resins are recyclable and batch processing costs are cheap.
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Switching to a more environmentally friendly choice, such as thermoplastic resins, is difficult given the rising costs of carbon fiber and other raw materials due to inflation.
Future Opportunities
To retain the length of the fiber and enable load-related fiber orientation, researchers are concentrating on improving the recycling process for long recycled CF. As mentioned above, the initiative is anticipated to make it easier for industry participants to fully utilize carbon, favorably impacting the demand for carbon tapes in the future.
A significant market for carbon tapes exists in the United States, supported by the lengthy production plans of the Boeing and Airbus aircraft programs. Moreover, it is anticipated that ongoing research into enhancing the nation’s manufacture of composite components are likely to create new growth potential for the American market.
Key Takeaways
- By 2033, the carbon tapes market in the United Kingdom is likely to expand, with a CAGR of 2.8%.
- In 2022, the United States developed the carbon tapes business with a share of 24%.
- The carbon tapes market grew considerably to US$ 3.6 billion in 2022.
- The carbon tapes sector expanded at a CAGR of 3.4% from 2018 to 2022.
- By 2033, China’s carbon tapes market is projected to develop with a CAGR of 7.7%.
- By 2033, India’s carbon tapes industry is projected to develop with a CAGR of 7.2%.
- Japan’s carbon tapes industry expanded significantly, with a 3.9% share in 2022.
- Australia’s carbon tapes sector grew with a share of 2.9% in 2022.
- In 2022, the epoxy segment dominated the market, with a share of 48%, based on resin.
- In 2022, the aerospace and defense segment dominated the market, with a share of 41.3%, based on end users.
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Competitors Winning Strategies
Important industry companies are working to increase their manufacturing capacity. The expanded manufacturing capacity is complemented by the fast-expanding range of applications for carbon tapes in the different end-use industries, increasing overall sales income.
Recent Developments:
- Hexcel joined forces with cross-country skiing industry pioneer Madshus in January 2020. Three different Hi Tape products are given to Madshus by the manufacturer based on the specific design requirements of several cross-country ski varieties. The performance, manufacturing effectiveness, and surface polish of Madshus’ skis is all improved by Hexcel’s new HiTape dry carbon tapes.
- Using unidirectional sticky tape, TORAY INDUSTRIES INC. created a novel analytical method for multi-material constructions in January 2022.
Key Segments
By Resin:
- Epoxy
- Thermoplastic
- Polyamide
By Form:
- Prepreg Tapes
- Dry Tapes
By End Use:
- Aerospace & Defence
- Automotive
- Marine
- Building & Construction
- Sporting Goods
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
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