Carbon Fiber Tape Market worth $4.4 billion by 2027 | Key players Teijin Ltd. (Japan), Toray Industries, Inc (Japan), Hexcel Corporation (US), Mitsubishi Chemical Holdings (Japan).

According to recent market research the "Carbon Fiber Tape Market by Form (Prepreg Tape, Dry 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 2027", size is expected to grow from USD 2.4 billion in 2022 to USD 4.4 billion by 2027, at a CAGR of 13.0%, 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 coming from aerospace and marine industries, the global carbon fiber tape market is expected to witness significant growth during the forecast period.

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Prepreg tapes are mainly being used in aerospace and sporting goods industries for different applications such as manufacturing of wing spars, fuselage skins, bicycle frames, golf shafts, and others. Prepreg tapes are good for rapidly building part thickness with higher manufacturing output at a lower cost. Prepreg tapes are also being used in different end-use industries like automotive and pipe & tanks. Adaptation of new technology viz. automated tape laying has proved to be a economical way of manufacturing prepreg carbon fiber tapes.

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. Epoxy resin with carbon fiber reinforcement is primarily used in applications in the transportation and aerospace & defense industries. It has a fast-curing time compared to other thermoset resins, which makes it a preferred choice across end-use industries. Carbon fiber prepreg tapes formulated using epoxy resin as a matrix have improved toughness, impact strength, and resistance to moisture and corrosion.

Heat and pressure are used to let the fibers absorb the resins in hot melt process. It is an eco-friendly way of manufacturing carbon fiber prepreg tapes because it requires a water based and solvent free adhesive. Hot melt manufacturing process results is a method commonly being used for the manufacturing of unidirectional carbon fiber tapes. A very less amount of solvent is required in this process along with-it high-speed production of carbon fiber tapes. Unidirectional carbon fiber tapes are being used in aerospace, sporting goods, marine, wind energy, medical, and other industries and with the growth of these end use industries, Hot melt process is expected to grow at a higher CAGR when compared to Solvent dip process.

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Demand of carbon fiber tapes coming from the aerospace industry is the largest among the demand coming from other end-use industries like pipe & tanks, marine, etc. This is because of the high strength-to-weight ratio of carbon fiber tapes if compared to steel and aluminium. Due to this property of carbon fiber tapes aircraft manufacturers can manufacture more efficient designs, structurally and aerodynamically. In addition, high strength to weight ratio, carbon fiber tapes exhibit high stiffness, and high abrasion resistance in aircraft. They are used in both primary and secondary structures in aircraft. It is mainly used applications, such as in wing spars, wing skins, fuselage skin, access panels, rib stiffeners, brackets, conduit, and flooring.

North America was the largest carbon fiber tape market in terms of value in 2021. The key reason for this growth includes the demand for carbon fiber tape in the aerospace, pipes & tanks and other end use industries in the region. US being the most dominant market in North America region has a huge demand for carbon fiber tapes coming from aerospace & defense sector. Low interest rates, the presence of established players, and stringent environmental regulations emphasizing the use of lightweight composite materials are also expected to drive the market in North American region.

The key players in the market include Teijin Ltd. (Japan), Toray Industries, Inc (Japan), Hexcel Corporation (US), Mitsubishi Chemical Holdings (Japan), and SGL Group (Germany). These companies have adopted various organic and inorganic growth strategies such as agreements, acquisitions, expansions, and joint ventures to increase their global presence and enhance their position in the carbon fiber tape market.

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Toray Industries Inc. and Hexcel Corporation are the major companies operating in the carbon fiber tape market, who have adopted the maximum number of growth strategies between 2018 and 2022. Toray Industries Inc. is one of the major manufacturers of carbon fiber tape for use in different end-use industries such as aerospace and marine, among others. The company accounted for a major share of all the developmental activities that took place in the carbon fiber tape market between 2018 and 2022. The company follows dynamic growth strategies, especially acquisitions, expansions, and joint ventures to strengthen its product portfolio and geographical presence. For instance, 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.

Hexcel Corporation is one of the prominent players in the carbon fiber tape market. It primarily serves various end-use industries such as aerospace and pipes & tanks, among others. The company has adopted the strategies of mergers and acquisition between 2018 and 2022 to enhance its position in the carbon fiber tape market. For instance, 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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