Carbon and Graphite felt Market
Carbon and Graphite felt Market - Global Industry Assessment & Forecast
- By Raw Material Type PAN, Rayon, Pitch
- By Type Carbon Felt, Graphite Felt
- By Application Furnace, Batteries, Filters, Other Applications
- By Product Type Soft Felt, Rigid Felt
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 451.6 Million|
|Revenue 2030:||USD 868.9 Million|
|Revenue CAGR (2023 - 2030):||9.8%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||Asia Pacific|
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- Region Level Market Share
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The global Carbon and Graphite Felt Market was valued at USD 451.6 Million in 2022 and is projected to reach a value of USD 868.9 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 9.8% between 2023 and 2030.
Electrodes are the primary component of constructing batteries since they allow for the most effective energy storage. The performance of a battery is somewhat determined by the material used for the electrodes. Electrodes are utilized in various electrochemical energy storage applications, including but not limited to vanadium redox flow batteries, sodium flow batteries, and zinc-bromine flow batteries. Because these batteries can store energy more effectively, there has been an increase in the demand for them. The Carbon and Graphite Felts that make up the electrodes of these batteries are what make these batteries work. These batteries can provide off-grid power for mobile radio transmitters and remote households. They are also well-suited for temporary storage for grid stability, industrial backup power, integration of renewable energy sources such as wind and photovoltaics, and industrial backup power.
Carbon and Graphite Felt Market Size, 2022 To 2030 (USD Million)
Because of this, more Carbon and Graphite Felts are being used in these batteries due to the high conductivity, excellent electrochemical stability, longer lives, reduced fire danger, and recyclability of these materials. Batteries that can store a significant quantity of the energy generated are in high demand because of the expanding wind and solar energy industries. Large-scale renewable energy projects use flow batteries and a solar panel or wind energy system to store electricity. Because of their extended lifespan, lower risk of fire, and capacity to be recycled, these batteries are slowly but surely gaining popularity in the field that deals with renewable energy.
In addition, flow batteries constructed out of Carbon and Graphite Felts can also store energy generated from renewable sources for either a long or a short period, depending on the application's requirements. Wind and solar energy production are growing in many developing nations, including China and India, to lessen reliance on energy derived from nonrenewable sources. At the moment, Asia is the most important market for the generation of renewable energy. There is a good chance that the need for flow batteries will rise as the number of renewable energy projects grows. It is also anticipated that this will affect the demand for Carbon and Graphite Felts due to the increased application of these materials in battery production.
The space environment is affected by the Ukraine crisis, U.S. and allied economic sanctions on Russia, and Russia's response. The Russo-Ukrainian war's impact on Russia-West civil space relations also harms industry growth. War affects more than civil collaboration. The war affects space and technology imports and exports, affecting the economy and national security. Most frighteningly, the Russia-Ukraine conflict has shown the military advantages of commercial space systems, making them likely targets for belligerents and possibly requiring private corporations that manage them to take countermeasures.
Top Market Trends
- Increasing Demand for Heat Insulation Applications: Carbon and Graphite Felts flexible and utilized in high-temperature refractory insulation. These felt are mostly employed in a vacuum and protected atmospheric settings at C. Heat insulation materials like Carbon and Graphite Felt are easy to cut and install and have low densities, thermal masses, ash, and sulfur content. Process furnaces heat fluids, vacuum distills, and make gases like ethylene, vinyl chloride monomer, and synthetic gas. Steel manufacturers use furnaces most. Energy efficiency and cost reductions have changed the furnace market in recent years. Carbon and Graphite Felts are used. Carbon or graphite felt insulates the furnace's inner chamber, saving capital on temperature maintenance and energy efficiency.
- Increasing Production of Steel: China, India, Japan, and the US have led global steel production increases in the past decade. Global steel demand will rise 1.0% to 1,814.7 million tons by 2023, according to the World Steel Association. 1,796.7 million tons of steel will be needed in 2022. The world produced 1,878.5 million tons of crude steel in 2022, down 4.2% from 2022. However, it's projected to improve. Over the next few years, thermal insulation will likely lead the Carbon and Graphite Felt market.
The global Carbon and Graphite Felt market can be categorized on the following: Raw Material, Type, Application, Product Type, and Region. Based on Raw Material, the market can be categorized into PAN, Rayon, and Pitch. Additionally, based on Type, the market can be segmented further into Carbon Felt and Graphite Felt. Moreover, based on Application, the market can be categorized into Batteries, Filters, and Other Applications. Additionally, based on Product Type, the market can be segmented across Soft Felt and Rigid Felt. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Below tree is interactive. You can click the nodes to get more information.
Based on Raw Material
PAN-Based Products to Account for the Largest Market Share Due to Their Cost-Effective Nature
It is anticipated that the Carbon and Graphite Felt based on PAN will continue to have a substantial value and level of appeal in the market. The primary reason is that they offer excellent value for the money. Carbon and graphite based on PAN are processed efficiently and have good insulating qualities, further increasing their marketability and profitability. Because of their great purity and resilience to chemicals, felts made with PAN are frequently utilized as electrode backings in various battery designs. These elements contribute to the general growth of the market, which in turn contributes to the increasing value of this particular segment.
Based on Type
Carbon-Felt Applications to Dominate Market Sales Due to Excellent Structural Stability
The carbon felt sector is predicted to account for the biggest market share in terms of value and volume. During the period covered by this estimate, the market is anticipated to be propelled by the expanding use of carbon felt in applications, including batteries, filters, and electrodes. In the upcoming years, demand for Carbon and Graphite Felt is anticipated to increase significantly due to the excellent structural stability of both materials.
Based on Application
Furnaces to Account for Largest Market Revenue Due to Widening Applications
Carbon felt and graphite felt are separated into the categories of furnaces, batteries, filters, and other applications within the application category of the market. Among them, the furnaces category now accounts for the lion's market share and is anticipated to record the highest CAGR between 2032. The increased application of Carbon and Graphite Felt in casting, vacuum treatment, high-pressure sintering, and other processes that need high-temperature furnaces has contributed to the growing demand for these types of felt. Using carbon felt and graphite felt in the inner chambers of furnaces helps save a lot of capital expenditure on energy efficiency and temperature maintenance, leading to segmental expansion, which drives demand for its application in furnaces. This helps drive cost reductions.
Based on Region
Asia Pacific to Lead Global Sales Due to Increasing Manufacturing of Semiconductors
During the period covered by the forecast, it is anticipated that the Asia Pacific region would have the majority market share. Following the increased need for semiconductors, the market was presented with additional opportunities due to the growing demand for batteries and heat insulation in India, China, and Japan. The carbon felt, and graphite felt will be further propelled forward by increased production of steel and an increase in the manufacturing of electronic components. The semiconductor business in China is one of the most lucrative markets in the world and has experienced enormous expansion over the past several years in China. In 2022, China's investment in semiconductor equipment reportedly reached USD 40.82 billion, as reported by Semiconductor Equipment and Materials International. Because there is a growing demand for semiconductor chips and an increase in money spent on production facilities and equipment, the market is anticipated to be profitable during the period covered by the projection. The India Electronics and Semiconductor Association (IESA) reports that the manufacture of electronics contributed 3.4% to the economy in 2021 and is forecasted to contribute more than 6% in the next years. As a result of the growth of the electronics manufacturing base in the country, the Indian electronics industry is showing signs of expansion. It is anticipated that these industries will experience even more growth over the next few years, which should result in a greater demand for Carbon and Graphite Felt.
The market is comprised of a few well-established players and several medium-sized players. To acquire a competitive edge in the market, industry participants are implementing key strategic initiatives, such as product launches. Key competitors are concentrating on introducing new products to attract a large customer base. In addition to segment diversification, companies launch products to appeal to many consumers, likely increasing product demand.
The key players in the global Carbon and Graphite Felt market include - Mersen (France), HP Materials Solutions Inc. (U.S.), CGT Carbon Gab (Germany), Carbon Composites Inc. (U.S.), Kureha Corporation (Japan), Nano shell LLC (U.S.), Saginaw Carbon (U.S.), Allied Metallurgy Resources LLC (India), Beijing Great Wall Co. (China), Olmec Advance Materials Ltd. (UK), SGL Carbon SE (Germany), Caiden Graphite Products Ltd (UK), Bay Carbon Inc (U.S.) among others.
Recent Market Developments
- June 2022: Toray Industries, Inc. intends to establish the Environment and Mobility Development Center in Otsu, Shiga Prefecture, and Nagoya, Aichi Prefecture. The development center will assist the company in bolstering the Corporate Marketing Planning Division's capabilities to improve sales and marketing functions in these areas.
- August 2022: SGL Carbon Company announced its plan to expand capacities for graphite products at the Shanghai (China), St. Marys (USA), and Meitingen (Germany) sites for use in the semiconductor industry.
Segmentation of the Global Carbon and Graphite Felt Market
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
What is the global demand for Carbon and Graphite Felt in terms of revenue?
The global Carbon and Graphite Felt valued at USD 451.6 Million in 2022 and is expected to reach USD 868.9 Million in 2030 growing at a CAGR of 9.8%.
Which are the prominent players in the market?
The prominent players in the market are Mersen (France), HP Materials Solutions Inc. (U.S.), CGT Carbon Gab (Germany), Carbon Composites Inc. (U.S.), Kureha Corporation (Japan), Nano shell LLC (U.S.), Saginaw Carbon (U.S.), Allied Metallurgy Resources LLC (India), Beijing Great Wall Co. (China), Olmec Advance Materials Ltd. (UK), SGL Carbon SE (Germany), Caiden Graphite Products Ltd (UK), Bay Carbon Inc (U.S.).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 9.8% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the Carbon and Graphite Felt include
- Improved Performance of Carbon Fiber in High Temperature Applications
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Carbon and Graphite Felt in 2022.