The global carbon fiber tapes market sizeis expected to reach USD 4,855.6 million by 2027, exhibiting a CAGR of 13.4%during the forecast period. The growing utilization of carbon fiber in variousindustries due to its high tensile strength and electrical conductivity willspur opportunities for the market, states Fortune Business Insights, in areport, titled “Carbon Fiber Tapes Market Size, Share & Industry Analysis,By Form (Dry Tapes, and Prepreg Tapes), By Resin (Epoxy, Polyamide,Bismaleimide, Thermoplastic, and Others), By End-use (Aerospace & Defense,Automotive, Sports/Leisure, Building & Construction, and Others), andRegional Forecast, 2020-2027.” The market size stood at USD 1,918.6 million in2019.
The coronavirus outbreak hasaffectednumerous industries across the globe. The governments of severalcountries have instigated lockdown to thwart the spread of this deadly virus.Such plans have caused disturbances in the production and supply chain. But,with time and resolution, we will be able to combat this stern time and get backto normality. Our well-revised reports will help companies to receive in-depthinformation about the present scenario of every market so that you can adoptthe necessary strategies accordingly.
Thereport on carbon fiber tapesmarket encompasses:
· Thoroughstudyof all the segments
· Presentand Future projections
· Latestmarket trends
· Notableindustry development
· CompetitiveLandscape
· COVID-19Impact
Market Driver:
Heavy Demand for Carbon Fiber from AutomotiveIndustry to Facilitate Growth
The growing use of carbon fiber (CF) in structural and semi-structuralcomponents of vehicles during automobile production will foster the healthygrowth of the market. The increasing adoption ofcarbon fiber in automobilemanufacturing will have a tremendous impact on the market. For instance, theBMW i3is produced using carbon-fiber-reinforced plastic. The ongoing researchand development for efficient component production with carbon fiber will spuropportunities for the market. The cognizance about renewable carbon fiber andcomposites will escalate its adoption in the automotive industry. For instance,the lightweight property of carbon fiber leads to energy reductions and fuelsavings. Besides, the increasing application of CF in hybrid vehicles will spurbusiness opportunities for the global market.
DevastatingImpact on Aviation Industry to Thwart Market During COVID-19
The aviationindustry has witnessed a disturbing effect because of the coronavirus. Therestriction in import and export activities has resulted in huge losses for theindustry. The sudden drop in revenue and minimal production will limit carbonfiber supply across countries. However, the implementation of damage controlstrategies by major companies will help to curb the effects of coronavirus inthe coming days.
RegionalAnalysis:
FlourishingAerospace industry to Bolster Growth in North America
The marketsize in North America stood at USD 690.7 million in 2019 and is expected togrow rapidly during the forecast period owing to the presence of major playersin the region. The booming aerospace & defense industry is expected to spuropportunities for the market in the region. The growing demand for carbon fiberin various end-use industries will further aid the expansionof the market in the region. Europe is expected to experiencea rapid growthrate during the forecast period owing to the well-established automotiveindustry. The growing shift from conventional metal parts to lower weight andhigh strength carbon fiber materials will create opportunities for the marketin Europe.
Significant Development:
August 26, 2020: TrueTemper Sports, a leading manufacturer of golf shafts announced to sign apartnership agreement with Hexcel on its latest product line, the HZRDUS SmokeBlack RDX. The HZRDUS Smoke Black RDX is the first golf shaft to use Hexcel’snew HexTow® HM54 carbon fiber, which is ideal forrecreational applications.
The Report Lists the Key Companies inthe global market:
· Hexcel Corporation(U.S.)
· SABIC (SaudiArabia)
· TEIJIN LIMITED(Japan)
· SGL Carbon(Germany)
· Royal DSM(Netherlands)
· Evonik (Germany)
· Solvay (Belgium)
· TORAY INDUSTRIES, INC.(Japan)
· CelaneseCorporation (U.S.)
· Victrex plc. (UK)
· Cristex (UK)
· Eurocarbon(Netherlands)
· Other Key Players
Information Source:
https://www.fortunebusinessinsights.com/carbon-fiber-tapes-market-104055
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