Carbon Fiber Tape Market | Key players operating in the market include Teijin, Toray Industries, Hexcel Corp, Mitsubishi Chemical Holdings, SGL Group

According to recent market research "Carbon Fiber Tape Market by form (Prepreg Tape, Carbon Tape), Resin (Epoxy, Thermoplastic, Polyamide), Manufacturing Process (Hot Melt, Solvent Dip), End-use Industry (Aerospace, Marine, Pipe & Tank, Sporting Goods), and Region - Global Forecast to 2025", The global carbon fiber tape market size is expected to grow from USD 1.5 billion in 2020 to USD 2.6 billion by 2025, at a CAGR of 12.0%, during the forecast period. Owing to an increase in the demand for high-performance materials with properties, such as high strength-to-weight ratio, good tensile strength, and electrical conductivity, the global carbon fiber tape market is expected to witness significant growth during the forecast period.

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Epoxy is the most widely used resin for carbon fiber prepreg tapes. It is a thermoset resin known for its excellent mechanical, electrical, and high heat resistance properties. It is also available in a wide variety of curing-agent variations. It has better physical, mechanical, and adhesion properties and low shrinkage compared to other resins. Carbon fiber prepreg tapes formulated using epoxy resin as a matrix have improved toughness, impact strength, and resistance to moisture and corrosion.

In the hot melt manufacturing process, heat and pressure are used to impregnate fibers with resin. It is also an environment-friendly process due to the use of water-based and solvent-free adhesives. In the hot melt process, resins with a very low percentage of solvents are used for the manufacturing of carbon fiber prepreg tapes. This process requires less coating, and high-speed production is possible with no thermal stress of the substrate. This process is used for manufacturing carbon fiber prepreg tapes for aerospace, sporting goods, marine, wind energy, medical, and other industries.

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The global carbon fiber tape market size is expected to grow from USD 1.5 billion in 2020 to USD 2.6 billion by 2025, at a compound annual growth rate (CAGR) of 12.0% during the forecast period. Carbon fiber tape is used in a variety of end-use industries, including aerospace & defense, marine, pipe & tank, construction & infrastructure, and sporting goods. Increasing demand from these end-use industries is driving the market. However, the outbreak of COVID-19 pandemic and its impact on the aerospace industry has affected the carbon fiber tape market in 2020.

Major market players profiled in this report include Toray Industries, Inc. (Japan), Mitsubishi Chemical Holdings (Japan), EvonikIndustries (Germany), Zoltek (US), Hexcel Corporation (US), Teijin Limited (Japan), SGL Group (Germany), SABIC (Saudi Arabia), Royal DSM (Netherlands), and Solvay (Belgium). These companies adopted various organic and inorganic growth strategies in the past few years. For instance, in March 2018, Toray Industries, Inc. acquired TenCate Advanced Composites Holding B.V. (Netherlands), a manufacturer and distributor of carbon fiber composite materials. TenCate was named as Toray Advanced Composites after the acquisition. This helped Toray strengthen its position in the market at the global level.

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In February 2019, Teijin acquired Renegade Materials Corporation, a supplier of highly heat-resistant thermoset prepreg for the aerospace industry in North America. This helped the company solidify its position as a leading provider of solutions for aerospace applications.

In January 2020, Hexcel collaborated with Madshus, a leading innovator in the world of cross-country skiing. The company provides Madshus with three different Hi Tape products based on specific design parameters of different cross-country ski types. Hexcel’s new HiTape dry carbon tapes improve the performance, manufacturing efficiency, and surface finish of Madshus’ skis. This strategy has helped the company increase its revenue through carbon fiber tape products and sustain in the market.

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