The key development strategies, namely new product launch/new product development, acquisition, collaboration, and agreement, are adopted by leading players for boosting the Carbon Fiber Tape Market
The global carbon fiber tape market size is expected to reach USD 4.4 billion by 2027, at a compound annual growth rate (CAGR) of 13.0% during the forecast period. Carbon fiber tape is flat material made by carbon fiber and for a given strength it weighs about one-seventh of the steel. Carbon fiber tape is used for sleeve winding, lap joining, repairs of cracks and selective reinforcement of carbon fiber fabrication 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.
Companies operating in the carbon fiber tape market have strengthened their position in the global carbon fiber tape market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2018-2022. For instance, in April 2018, Solvay launched Evolite F1050, a high-performance PVDF carbon fiber composite tape for demanding oil & gas applications. However, the novel coronavirus pandemic has created ripples across the global aerospace, marine, pipe & tanks, and many other sectors, affecting the global supply chains. This factor have affected the demand for carbon fiber tape. The demand is expected to recover bounce and picking up momentum by 2022.
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Major market players in carbon fiber tape market are 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).
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.
Related Reports:
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
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