Product Code: 68302
The Global Carbon Felt and Graphite Felt Market is projected to register a CAGR of over 8% during the forecast period (2021-2026).
Due to COVID-19, the global economy has affected affecting the numerous industries across the world. The carbon felt and graphite felt market also witnessed its repercussion in terms of both productions, as well as demand from the end-user industries, such as iron and steel, batteries, electronics, and semiconductors, etc. In the annual industries survey conducted by JEITA, production by the global electronics and information technology industries was estimated an increase of 2% year on year in 2020 reaching USD2,972.7 billion, and 7% year on year in 2021 to record USD 3,175.6 billion. Despite considerable economic uncertainty around the spread of COVID-19, moves to secure social distancing and realize remote and contactless interaction with remote IT that utilizes the increasing sophistication of 5G and local 5G networks will boost demand for solution services thus boosting the demand for semiconductors and electronics.
- Over the medium term, the major factor driving the market studied is the improved performance of carbon fiber in high-temperature applications.
- On the flip side, the high cost associated with carbon felt manufacturing is expected to hinder the market growth.
- Asia-Pacific region dominated the market across the globe with the largest consumption from countries such as India and China.
Key Market Trends
Growing Demand from Heat Insulation Segment
- The carbon and graphite felts are used in high-temperature refractory insulations because of their flexible properties. These felts are majorly used in vacuum and protected atmospheric environments going up to approximately 30,000° C in temperature.
- Carbon and graphite felt are easy to cut and install; they have low density and thermal mass and have low ash and sulfur content, making them a good insulation material for heat insulation purposes.
- Several industrial activities, like heating fluids, vacuum distillation, or manufacturing of gases, such as ethylene, vinyl chloride monomer, and synthetic gas, have employed process furnaces. Other than these, steel manufacturing is the major industry where a furnace is used.
- Over the past few years, the market for furnaces has experienced lots of changes, primarily driven by energy efficiency and cost reductions. For this purpose, carbon and graphite felts are being applied. The furnaces' inner chamber is lined up of carbon or graphite felt, to insulate it, thereby saving a lot of capital expenditure in temperature maintenance and energy efficiency.
- According to the World Steel Association, the global steel demand reached about 1.76 million metric ton in 2019, and it was projected to reach 1.81 million tons by 2021, registering a growth of about 1.7%. This indicates the demand prospect prevailing in the global market, which serves instrumental in driving steel production activities.
- According to World Steel Association, global crude steel production in the year 2020 has reached 1,864 million tons, down by 0.9% compared to 2019 due to COVID-19.
- PAN type of felt has higher strength and is not soft. Thus, the demand for PAN type of Carbon and Graphite felt is much higher in heat insulation segments.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for carbon felt and graphite felt market, during the forecast period. In countries like China, India, and Japan because of growing demand from batteries, heat insulation, and the demand for carbon felt and graphite felt increased.
- This can be attributed to the fact that the region is observing increasing production of steel, along with the increasing manufacturing of semiconductors. The demand for carbon felt and graphite felt has been on the rise in the region lately.
- China has one of the largest markets for the semiconductor industry and registered huge growth over the years. In 2018 China produces just 16% of the semiconductors that they use, but it has plans to produce 70% of all semiconductors the nation uses by 2025.
- According to the India Electronics and Semiconductor Association (IESA), electronics production contributed 3.3% to the economy in 2020. It is estimated to grow to USD 320 billion by 2025. With additional measures, it has potential to reach USD 410 billion, which will be 8.2% of USD 5 trillion India's GDP target by 2025. The Indian electronics industry is increasing due to the expansion of the electronics-manufacturing base in the country. These industries are expected to witness further growth during the forecast period, which is expected to augment the market for carbon and graphite felt.
- Furthermore, PAN-based carbon and graphite felts are used as electrode backings in various battery designs, including vanadium redox flow batteries (VRB). The high conductivity, high purity, and chemical resistance of felts make them ideal for the demanding design criteria of flow battery developers.
- Owing to the encouraging government initiatives and a vast consumer base, the manufacturing sector of electronics, batteries, and semiconductors in Asia-Pacific region is expected to increase at a consistent rate during the forecast period.
The carbon felt and graphite felt market is fragmented in nature with the presence of a large number of companies eyeing for a share in the market. The major companies are SGL Carbon, TORAY INDUSTRIES, INC., KUREHA CORPORATION, Nippon Carbon Co., Ltd, and Beijing Great Wall Co., Ltd.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
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TABLE OF CONTENTS
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Improved Performance of Carbon Fiber in High Temperature Applications
- 4.1.2 Other Drivers
- 4.2 Restraints
- 4.2.1 High Cost Associated With Carbon Felt Manufacturing
- 4.2.2 Impact of COVID-19 Outbreak
- 4.3 Industry Value Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Degree of Competition
5 MARKET SEGMENTATION
- 5.1 Raw Material Type
- 5.1.1 Polyacrylonitrile (PAN)
- 5.1.2 Rayon
- 5.1.3 Other Raw Material Types
- 5.2 Type
- 5.2.1 Carbon Felt
- 5.2.2 Graphite Felt
- 5.3 Application
- 5.3.1 Heat Insulation
- 5.3.2 Batteries
- 5.3.3 Semiconductors
- 5.3.4 Absorptive Materials
- 5.3.5 Other Applications
- 5.4 Geography
- 5.4.1 Asia-Pacific
- 188.8.131.52 China
- 184.108.40.206 India
- 220.127.116.11 Japan
- 18.104.22.168 South Korea
- 22.214.171.124 Rest of Asia-Pacific
- 5.4.2 North America
- 126.96.36.199 United States
- 188.8.131.52 Canada
- 184.108.40.206 Mexico
- 5.4.3 Europe
- 220.127.116.11 Germany
- 18.104.22.168 United Kingdom
- 22.214.171.124 France
- 126.96.36.199 Italy
- 188.8.131.52 Rest of Europe
- 5.4.4 South America
- 184.108.40.206 Brazil
- 220.127.116.11 Argentina
- 18.104.22.168 Rest of South America
- 5.4.5 Middle-East and Africa
- 22.214.171.124 Saudi Arabia
- 126.96.36.199 South Africa
- 188.8.131.52 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share(%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 Advanced Graphite Materials
- 6.4.2 Anshan Sinocarb Carbon Fibers Co., Ltd
- 6.4.3 ANSSEN METALLURGY GROUP CO.,LTD
- 6.4.4 Beijing Great Wall Co.,Ltd.
- 6.4.5 CeraMaterials
- 6.4.6 CeTech Co. Ltd
- 6.4.7 CFCCARBON CO,. LTD
- 6.4.8 CGT Carbon GmbH
- 6.4.9 Chemshine Carbon Co.,Ltd.
- 6.4.10 Fiber Materials Inc.
- 6.4.11 Gansu Haoshi Carbon Fiber Co.,Ltd
- 6.4.12 KUREHA CORPORATION
- 6.4.13 Nippon Carbon Co Ltd
- 6.4.14 SGL Carbon
- 6.4.15 Sinotek Materials Co., Ltd
- 6.4.16 TORAY INDUSTRIES, INC.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Growing Demand for the Electric vehicles
- 7.2 Other Opportunities