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Carbon Felt and Graphite Felt Market Forecast to Reach $660 Million by 2027

(Publishing-NewsWire.com, April 12, 2022 ) The carbon felt and graphite felt market globally is forecast to reach US$ 660 million by 2027 growing at a CAGR of 8.3% during 2022-2027. Owing to the high heat resistance and lightweight property of carbon felt, the material is used extensively in the automotive exhaust lining application in cars, two-wheelers, and trucks. The global automotive sector is booming with the increase in production and sales and this increasing demand will catapult the requirement of carbon felt in automotive exhaust lining application which will drive the growth of the market. For instance, as per the data by the European Automobile Manufacturers Association, new registration in the petrol cars in 2019 accounted for 57.8% of all new cars registered in the European region compared to 55.6% in the previous year. Furthermore, carbon and graphite felt is used in huge quantities inside vacuum furnaces for heat insulation application. The implementation of thermal insulation applications is increasing inside the furnaces owing to the increasing production of steel globally and this will drive the growth of the market in the forecast period. For instance, as per the data by World Steel Association 2021 Stainless Steel Figures report, crude steel produced in 2020 globally amounted to 1878 million which was 1869 million tons in 2019. Polyacrylonitrile raw material is projected to witness the highest demand in the forecast period followed by rayon. The high cost associated with carbon melt manufacturing might hamper the growth of the market.



COVID-19 Impact



The carbon felt and graphite felt market was hit by the COVID-19 pandemic with challenges in the form of supply chain disruption, the temporary factory shut down and raw material procurement impacted the marketís growth. The demand in the market reduced with the reduction in the manufacturing activity in many key application sectors such as the automobile and steel industry amid the pandemic. Market players amplified their service process but still incurred losses. As per the March 2021 news report by SGL Carbon, the company was able to avoid the complete shutdown of its plants but faced a substantial reduction in demand. The market is recovering rapidly with an increase in the production of automobiles, steel, and other application segments. Going forward, the market is anticipated to witness robust growth in the forecast period.



Carbon Felt and Graphite Felt Market Ė By Type



The carbon felt dominated the type segment in the carbon felt and graphite felt market in 2021 and is growing at a CAGR of 8.8% in the forecast period. The carbon felt possess superior qualities such as lightweight, chemical resistance, and durability. This type of material is used hugely for furnace insulation, automotive exhaust lines, heat shields, battery application, and many more. Owing to this wide range of applications and excellent properties, market players and research organizations are actively implementing carbon felt. For instance, as per the October 2019 journal by SAGE Publishing, lightweight carbon felt was prepared for insulation in a high-temperature furnace. Such increasing manufacturing of carbon felt will increase its usage and demand in the carbon felt and graphite felt market in the forecast period. Graphite felt is projected to witness significant demand in the forecast period.



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Carbon Felt and Graphite Felt Market Ė By Product Type



Soft felt dominated the carbon felt and graphite felt market in 2021. This product type comes with flexible insulation properties suitable for high-temperature applications in the furnace. Owing to such high qualities, market players are indulging in the expansion of the soft felt portfolio. For instance, in September 2021, Germany-based company SGL Carbon which is a leading manufacturer of products from carbon started the operation of its new state-of-the-art soft felt production line. This investment enabled the company to expand its soft felt production capacity. Such development in the soft felt product segment will increase its demand for use in various applications in the forecast period. The rigid felt is projected to have significant demand in the forecast period.



Carbon Felt and Graphite Felt Market Ė By Raw Material



Pan-based dominated the raw material segment in the carbon felt and graphite felt market in 2021. Pan, also known as polyacrylonitrile, comes with robust heat resistance properties and offers easy cutting and installation. Pan-based carbon felt and graphite felt are extensively used for heat insulation and battery applications. Accordingly, market players and research organizations are involved in the higher implementation of this raw material. For instance, as per the August 2019 journal by Beilstein Journal of Nanotechnology, the performance of vanadium redox flow batteries increased with the help of pan-based carbon felt. The study concluded that the result was highly significant as pan-based carbon felt tuned the optimum performance of vanadium redox flow batteries (VRFBs). Such robust usage of pan-based material will increase its demand in the carbon felt and graphite felt market in the forecast period. Rayon segment is anticipated to witness significant demand in the forecast period.



Carbon Felt and Graphite Felt Market Ė By Application



Automotive exhaust lining application dominated the carbon felt and graphite felt market in 2021 and is growing at a CAGR of 9.1% in the forecast period. Carbon felt is massively used in the automotive exhaust lining application of various automobiles such as cars, two-wheelers, and trucks due to its excellent heat resistance capacity. The demand for these automobiles is increasing globally and this will require higher carbon felt material which will drive the growth of the market in the forecast period. For instance, the number of diesel trucks registered in the European region in 2019 increased to 361,135 units compared to the previous year with the United Kingdom (+10.2%), Germany (+3.0%), and France (+0.8%) witnessing the highest demand for diesel trucks. Similarly, as per the October 2021 data by Maruti Suzuki, the mini and compact segment registered 400568 units sold between April-September in 2021-22 compared to 307,322 units in the same period in 2020-21. Such massive development in the automotive sector will increase the demand for automotive exhaust lining application, ultimately increasing the high requirement of carbon felt and this will drive the growth of the market in the forecast period. The heat insulation application will drive the growth of the market significantly in the forecast period.



Carbon Felt and Graphite Felt Market Ė By Geography



The Asia Pacific region held the largest market share in the carbon felt and graphite felt market in 2021 with a market share of up to 34% in the forecast period. The high demand for carbon felt and graphite felt in this region is attributed to the boost in automobile production and sale which is requiring a high quantity of carbon felt in automotive exhaust lining application. As per the data by October 2021 data by Maruti Suzuki, 479,253 units sold in the passenger cars segment between April-October in 2021-22 compared to 437,078 units between April-October in 2020-21. Similarly, as per the CEIC data report, 3481193 units of diesel vehicles were sold in China in 2020 which was 2,805,966 units in 2019. Such high demand for automobiles in this region will increase the requirement of carbon felt in automotive exhaust lining applications. The European region is expected to witness significant demand for carbon felt and graphite felt in the forecast period owing to increase heat insulation application in the steel production process in the region.



Carbon Felt and Graphite Felt Market Drivers



Expanding automotive exhaust lining application will drive the marketís growth



Carbon felt is extensively used in automotive exhaust lining applications. The automotive sector globally is expanding with the boost in production and sales which is increasing the requirement of exhaust lining application and this will drive the growth of the market in the forecast period. For instance, as per the September 2020 report by the International Energy Agency, the production and sales of diesel vehicles in China were 368,000 units and 366,000 units respectively, surging 13% year-on-year. Similarly, as per the data by European Automobile Manufacturers Association, sales in the petrol car segment increased by 11.9% in 2019 compared to the fourth quarter in the previous year. Such increasing demand in the automobiles sector will increase the utilization of carbon felt in the automotive exhaust lining application, ultimately driving the marketís growth in the forecast period.



Increasing application of heat insulation will drive the marketís growth



Carbon and graphite felt are associated with the heat insulation application inside vacuum furnaces. The thermal insulation application is extensively being used due to the global rise in steel production and this will drive the marketís growth in the forecast period. For instance, as per the World Steel Association 2021 Stainless Steel Figures report, in 2020, crude steel production stood at 1878 million tons globally and the Asia-Pacific region was the largest region with a production of 1388.7 million tons. Similarly, the European region and the Middle East region registered a production of 139.2 million tons and 45.4 million tons of crude oil in 2020. Such massive demand for steel production will amplify the thermal insulation application inside the furnaces and this will drive the marketís growth in the forecast period.



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Carbon Felt and Graphite Felt Market Challenges



High manufacturing cost of carbon felt might hamper the marketís growth



Carbon felt or carbon fiber felt which offers a great many performances and light-weighting benefits, is prepared from carbon fiber. Despite the multiple advantages of carbon fiber felt, its use has been a key challenge owing to its high cost of manufacturing. The production of low-cost carbon fiber for large volume applications needs more research and development. Accordingly, market players and many research organizations are focusing on developing production methods to reduce the manufacturing cost of carbon fiber. As per the 2019 journal by Multidisciplinary Digital Publishing Institute, many research programs globally are involved in the production of more cost-effective carbon fiber. This high cost associated with carbon felt might create a dent in the growth of the carbon felt and graphite felt market in the forecast period.



Carbon Felt and Graphite Felt Industry Outlook



Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the carbon felt and graphite felt market. Major players in the carbon felt and graphite felt market are:



SGL Carbon



Kureha Corporation



Beijing Great Wall Co., Ltd.



Nippon Carbon Co., Ltd.



CM Carbon



CFC Carbon Co. LTD.



Sinotek Materials Co.



Olmec Advanced Materials



Mersen Graphite



Others



Recent Developments



In July 2020, France-based Mersen Graphite which provides carbon felt and graphite felt solutions, acquired felt insulation assets of US-based company Americarb that deals with graphite and carbon fiber insulation. This acquisition will strengthen Mersen Graphiteís felt business which will contribute to the expansion of the market in the forecast period.



Key Takeaways:



Soft felt is leading the carbon felt and graphite felt market. This product type offers superior heat resistance and uniform structure, making it suitable for use in high-temperature furnaces.



Automotive exhaust lining application will drive the marketís demand owing to the increasing demand for automobiles globally. As per the data by the European Automobile Manufacturers Association, in 2019, diesel trucks registered in the European region increased by 3.5% compared to the previous year.



The Asia-Pacific region will witness the highest demand for carbon felt and graphite felt in the forecast period owing to the boost in the regionís automobile industry. As per the October 2021 data by Maruti Suzuki, total sales in the mini and compact segment stood at 471,089 units between April-October in 2021-22 compared to 430,851 units between April-October in 2020-21.



Relevant Reports



A. Carbon Graphite Market

https://www.industryarc.com/Research/Carbon-Graphite-Market-Research-501527



B. Graphite Market

https://www.industryarc.com/Research/Graphite-Market-Research-507281



For more Chemicals and Materials Market reports, please click here



About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

IndustryARC

Venkat Reddy

(+1) 970-236-3677

venkat@industryarc.com

Source: EmailWire.Com

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