In terms of revenue, the Global Carbon and Graphite Felt Market is expected to reach USD 868.9 Million by 2028, growing at a CAGR (Compound Annual Growth Rate) of 9.8% from 2022 to 2030.
Carbon and Graphite Felt are used in various applications, such as fuel cells, batteries, and insulation. The increasing demand for fuel cells as a source of power in the transportation sector is likely to drive the growth of the Carbon and Graphite Felt market. Moreover, the increasing demand from the aerospace and defense sector, especially for thermal insulation in aircraft engines, is expected to fuel the growth of the market. Additionally, graphite felt is used in high-temperature applications that require durability and resistance to corrosion, making it an ideal material for various industries. The increasing demand for energy-efficient and sustainable products is expected to further drive the growth of the Carbon and Graphite Felt market. These materials are highly efficient in insulation and play a crucial role in reducing energy consumption. Furthermore, the growing demand for electrical and electronic products is likely to drive the growth of the market in the coming years. Carbon and Graphite Feltmaterials are used in electrical insulators, resistors, and other electronic components that require high-performance materials.
Key Highlights from the Report
· Based on Product Type, the carbon felt market segment is anticipated to dominate theCarbon and Graphite Felt market with the largest market share in the forecast period due to the increasing demand for carbon felt in applications such as batteries, filters, and electrodes.
· By Application, the solutions market segment accounted for the maximum CAGR during the forecast period due to the increasing demand for renewable energy sources and the need for efficient energy storage solutions.
· In terms of Region, Asia Pacific held a significant market share in 2022 and is likely to be the most gainful market in the future due to the increasing demand for Carbon and Graphite Feltin emerging economies such as China and India.
The worldwide Carbon and Graphite Felt market is expecting a push due to the growing call for from various end-use industries such as aerospace, automotive, energy and power, and chemical and petrochemical. The growth of the aerospace industry, particularly in the emerging economies of Asia-Pacific and Latin America, is anticipated to impact the market growth for carbon felt positive and graphite felt. Using these materials in aircraft manufacturing helps lightweight the aircraft, resulting in fuel efficiency and decreased emissions. In addition, the automotive sector is expected to contribute significantly to the global carbon felt, and graphite felt market growth. The increasing demand for electric vehicles (EVs) is a significant driving factor, as these materials are extensively utilized to manufacture EV batteries due to their excellent thermal management characteristics.
Moreover, these felt are increasingly used in the energy and power sector for thermal insulation applications in nuclear, alternative, and traditional energy generation technologies. Also, the growing usage of fuel cells for power generation is expected to drive the demand for Carbon and Graphite Felts. In conclusion, the global carbon felt, and graphite felt market is expected to grow significantly during the forecast period, driven by the demand from various end-use industries such as aerospace, automotive, energy and power, and chemical and petrochemicals. However, the high costs associated with these materials can be a restraining factor for market growth.
The high costs associated with Carbon and Graphite Felts can be a restraining factor for the market growth. Similarly, the availability of low-cost alternatives such as fiberglass and mineral wool may hinder market growth.
Asia Pacific Carbon and Graphite Felt market is expected to witness a noteworthy development with a significant growth rate over the analysis period. Notable industry participants like Zoltek Companies, Inc., Kureha Corporation, Mitsubishi Chemical Corporation, Nippon Carbon Company Ltd., are anticipated to accelerate market growth in the area. Additionally, the region has seen significant growth in recent years due to the increasing use of Carbon and Graphite Felts in energy storage systems, fuel cells, and other applications requiring high temperature and corrosion resistance. North America and Europe also have a significant presence in this market, with growing demand for these materials in the battery and renewable energy industries.
The Global Carbon and Graphite Felt Market is Segmented as follows
- Raw Material Type
- Carbon Felt
- Graphite Felt
- Other Applications
- Product Type
- Soft Felt
- Rigid Felt
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Carbon and Graphite Felt Market is
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.)
The Global Carbon and Graphite Felt Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties 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|