Carbon Fiber Tape Market Research Report with Opportunities and Strategies| Teijin Ltd., Toray Industries, Inc, Hexcel Corporation, Mitsubishi Chemical Holdings, SGL Group and Others
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.
Carbon fiber tape is segmented based on forms, namely, prepreg tape and dry tape. Prepreg tapes are mainly used in aerospace and sporting goods industries for manufacturing wing spars, fuselage skins, bicycle frames, golf shafts, and others. They are also used in wind energy, automotive, and pipe & tank industries for turbine blades, cosmetic components, prosthetics, and other applications.
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The hot melt manufacturing process dominates the carbon fiber prepreg tape market. The global carbon fiber prepreg tape market is categorized into two segments based on the manufacturing process, namely, hot melt and solvent dip. In the hot melt 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.
Over the past few years, companies have strengthened their positions in the global carbon fiber tape market by adopting strategies such as new product launch/new product development, name change, expansion, and partnership. From 2015 to 2020, agreement and new product development have been the key strategies adopted by market players. For instance, in April 2018, Solvay launched Evolite F1050, a high-performance PVDF carbon fiber composite tape for demanding oil & gas applications.
Major market players profiled in this report include Toray Industries, Inc. (Japan), Mitsubishi Chemical Holdings (Japan), Evonik Industries (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.
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.
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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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