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 & COVID-19Impact 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, andOthers), and Regional Forecast, 2020-2027.” The market size stoodat USD 1,918.6 million in 2019.
The coronavirus outbreak has affected numerous industries acrossthe globe. The governments of several countries have instigated lockdown tothwart the spread of this deadly virus. Such plans have caused disturbances inthe production and supply chain. But, with time and resolution, we will be ableto combat this stern time and get back to normality. Our well-revised reportswill help companies to receive in-depth information about the present scenarioof every market so that you can adopt the necessary strategies accordingly.
The report on the carbon fiber tapes market encompasses:
- A thorough study of all the segments
- Present and Future projections
- Latest market trends
- Notable industry development
- Competitive Landscape
- COVID-19 Impact
Market Driver
Heavy Demand for Carbon Fiber from Automotive Industry toFacilitate Growth
The growing use of carbon fiber (CF) in structural andsemi-structural components of vehicles during automobile production will fosterthe healthy growth of the market. The increasing adoption of carbon fiber inautomobile manufacturing will have a tremendous impact on the market. Forinstance, the BMW i3 is produced using carbon-fiber-reinforced plastic. Theongoing research and development for efficient component production with carbonfiber will spur opportunities for the market.
The cognizance about renewable carbon fiber and composites willescalate its adoption in the automotive industry. For instance, the lightweightproperty of carbon fiber leads to energy reductions and fuel savings. Besides,the increasing application of CF in hybrid vehicles will spur businessopportunities for the global market.
Devastating Impact on Aviation Industry to Thwart Market DuringCOVID-19
The aviation industry has witnessed a disturbing effect because ofthe coronavirus. The restriction in import and export activities has resultedin huge losses for the industry. The sudden drop in revenue and minimalproduction will limit carbon fiber supply across countries. However, theimplementation of damage control strategies by major companies will help tocurb the effects of coronavirus in the coming days.
Regional Analysis:
Flourishing Aerospace industry to Bolster Growth in NorthAmerica
The market size in North America stood at USD 690.7 million in2019 and is expected to grow rapidly during the forecast period owing to thepresence of major players in the region. The booming aerospace & defenseindustry is expected to spur opportunities for the market in the region. Thegrowing demand for carbon fiber in various end-use industries will further aidthe expansion of the market in the region. Europe is expected to experience arapid growth rate during the forecast period owing to the well-establishedautomotive industry. The growing shift from conventional metal parts to lowerweight and high strength carbon fiber materials will create opportunities forthe market in Europe.
Significant Development:
August 26, 2020: True Temper Sports, a leading manufacturer ofgolf shafts announced to sign a partnership agreement with Hexcel on its latestproduct line, the HZRDUS Smoke Black RDX. The HZRDUS Smoke Black RDX is thefirst golf shaft to use Hexcel’s new HexTow® HM54 carbonfiber, which is ideal for recreational applications.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/carbon-fiber-tapes-market-104055
