Carbon Fiber Tapes Market Growth, Size, Share, Demand, Trends and Forecasts to 2027
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 & COVID-19 Impact 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 coronavirus outbreak has affected numerous industries across
the globe. The governments of several countries 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 back to normality. Our well-revised reports
will help companies to receive in-depth information about the present scenario
of 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 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.
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.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/carbon-fiber-tapes-market-104055
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