The current global consumption of carbon felt and graphite felt is valued at US$ 429.5 million. According to Fact.MR, the global carbon felt and graphite felt market is expected to grow at a rapid pace, with a projected CAGR of 9.6%, reaching a valuation of US$ 1.07 billion by 2032.
The increasing demand for high-performance batteries, coupled with the excellent thermal conductivity of carbon felt at high temperatures, is driving market growth. Additionally, the rapid expansion of renewable energy sectors is opening up new opportunities for carbon felt and graphite felt manufacturers globally.
Carbon felt and graphite felt are widely used in high-temperature refractory insulation due to their flexibility, as well as in high-performance batteries and furnaces for energy efficiency. These materials are produced through processes such as matting, condensing, and pressing fibers, offering structural stability, superior insulation, and cost-effectiveness.
Key Insights from the Carbon Felt and Graphite Felt Market Analysis:
- The global carbon felt and graphite felt market is currently valued at US$ 429.5 million, after achieving a CAGR of 7.6% between 2017 and 2021.
- In the raw material category, PAN (polyacrylonitrile) leads the market with a 46.9% share and is expected to grow at a 9.6% CAGR over the forecast period.
- In terms of type, carbon felt dominates and is projected to expand at a CAGR of 9.7%, surpassing a valuation of US$ 686 million by 2032.
- In the application segment, furnaces hold the largest market share, with demand anticipated to rise at a 10.6% CAGR, reaching US$ 455.9 million by 2032.
- Regionally, demand for carbon felt and graphite felt is forecasted to grow at CAGRs of 10.4% in East Asia and 10.7% in South Asia & Oceania during the forecast period.
- North America and Europe together are expected to account for 59.5% of the total market share in 2022.
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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