The global carbon fiber tapes market size is 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 various industries due to its high tensile strength and electrical conductivity will spur opportunities for the market, states Fortune Business Insights, in a report, 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), and Regional Forecast, 2020-2027.” The market size stood at USD 1,918.6 million in 2019.

The report on the carbon fiber tapes market encompasses:

• 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 to Facilitate Growth

The growing use of carbon fiber (CF) in structural and semi-structural components of vehicles during automobile production will foster the healthy growth of the market. The increasing adoption of carbon fiber in automobile manufacturing will have a tremendous impact on the market. For instance, the BMW i3 is produced using carbon-fiber-reinforced plastic. The ongoing research and development for efficient component production with carbon fiber will spur opportunities for the market. The cognizance about renewable carbon fiber and composites will escalate its adoption in the automotive industry. For instance, the lightweight property of carbon fiber leads to energy reductions and fuel savings. Besides, the increasing application of CF in hybrid vehicles will spur business opportunities for the global market.

Devastating Impact on Aviation Industry to Thwart Market During COVID-19

The aviation industry has witnessed a disturbing effect because of the coronavirus. The restriction in import and export activities has resulted in huge losses for the industry. The sudden drop in revenue and minimal production will limit carbon fiber supply across countries. However, the implementation of damage control strategies by major companies will help to curb the effects of coronavirus in the coming days.

Regional Analysis:

Flourishing Aerospace industry to Bolster Growth in North America

The market size in North America stood at USD 690.7 million in 2019 and is expected to grow rapidly during the forecast period owing to the presence of major players in the region. The booming aerospace & defense industry is expected to spur opportunities for the market in the region. The growing demand for carbon fiber in various end-use industries will further aid the expansion of the market in the region. Europe is expected to experience a rapid growth rate during the forecast period owing to the well-established automotive industry. The growing shift from conventional metal parts to lower weight and high strength carbon fiber materials will create opportunities for the market in Europe.

Source- https://www.fortunebusinessinsights.com/carbon-fiber-tapes-market-104055 

Significant Development:

August 26, 2020: True Temper Sports, a leading manufacturer of golf shafts announced to sign a partnership agreement with Hexcel on its latest product line, the HZRDUS Smoke Black RDX. The HZRDUS Smoke Black RDX is the first golf shaft to use Hexcel’s new HexTow® HM54 carbon fiber, which is ideal for recreational applications.

The Report Lists the Key Companies in the global market:

• Hexcel Corporation (U.S.)
• SABIC (Saudi Arabia)
• TEIJIN LIMITED (Japan)
• SGL Carbon (Germany)
• Royal DSM (Netherlands)
• Evonik (Germany)
• Solvay (Belgium)
• TORAY INDUSTRIES, INC. (Japan)
• Celanese Corporation (U.S.)
• Victrex plc. (UK)
• Cristex (UK)
• Eurocarbon (Netherlands)
• Other Key Players