April 18, 2024
Carbon strips market

Carbon Strips Market Proves Promising Due To Growing Demand In Aerospace And Automotive Sectors

Carbon strips are thin plates made of carbon fiber composite material. They find extensive usage as reinforcement in various structural components owing to their high strength-to-weight ratio and excellent resistance to corrosion. Carbon strips are used to manufacture components for the aerospace, automotive, wind energy, and sport goods industries. In the automotive sector, they are utilized to develop lightweight vehicles which enhances fuel efficiency. In the aerospace industry, carbon strips help reduce the overall weight of aircraft thereby allowing for greater payloads.

The Global Carbon Strips Market Size Is Estimated To Be Valued At US$ 2.66 Bn In 2024 And Is Expected To Exhibit A CAGR Of 7.1% Over The Forecast Period 2024 To 2031.

Key Takeaways

Key Players – Key players operating in the carbon strips market include Toray Industries, Inc., Teijin Limited, Hexcel Corporation, SGL Carbon SE, Mitsubishi Chemical Corporation, Zoltek Companies, Inc. (a Toray Group Company), Hyosung Advanced Materials, Formosa Plastics Corporation, Mitsubishi Rayon Co., Ltd., and Toho Tenax Co., Ltd. (a Teijin Group Company).

Key Opportunities – Growing demand for fuel-efficient and lightweight vehicles from the automotive industry as well as emphasis on reducing aircraft weight from the aerospace sector will offer lucrative opportunities for carbon strip manufacturers.

Global Expansion – Leading market players are investing heavily in expanding their production capacities and exploring opportunities in emerging economies of Asia Pacific and Latin America to cater to the rising local demand.

Market Drivers – One of the key drivers for the carbon strips market is the increasing use of composites for various structural applications owing to benefits like higher strength, stiffness, corrosion resistance, and lighter weight. Use of carbon fiber composites helps reduce overall vehicle and aircraft weight, thereby improving performance.

Market Drivers – Another key driver is the stringent regulations regarding vehicle emission norms which is propelling automakers to increasingly adopt lightweight materials like carbon fiber composites to improve fuel efficiency. The growing demand from industries like aerospace, automotive and wind energy will continue pushing the growth of the carbon strips market over the forecast period.

Pest Analysis

Political: Carbon strips market is influenced by environmental regulations related to emissions and carbon footprint. Stringent norms to curb carbon emissions will drive demand for carbon strips.

Economic: Growth in end use industries like aerospace & defence will promote investments in carbon strips. Market is also affected by economic cycles and investment trends in manufacturing sector.

Social: Increasing consumer awareness about green materials and sustainability is positively impacting the market. Lightweight carbon composites help reduce fuel consumption and emissions.

Technological: Advancements in materials technology allow production of carbon strips with enhanced strength, stiffness and thermal resistance. Developments in 3D printing and additive manufacturing present new opportunities.

The Asia Pacific region accounts for majority value share in the global carbon strips market led by countries like China, Japan and India. Growth in the aviation, automotive and wind energy sectors supports demand.

North America is the fastest growing regional market owing to rising aerospace activities and investments in renewable energy generation. Countries like the US and Canada are key markets whereas recovery in the aerospace industry post pandemic is driving new opportunities.

What are the key data covered in this CARBON STRIPS Market report?

-: Market CAGR throughout the predicted period

-: Comprehensive information on the aspects that will drive the Carbon Strips Market’s growth between 2024 and 2031.

-: Accurate calculation of the size of the Carbon Strips Market and its contribution to the market, with emphasis on the parent market

-: Realistic forecasts of future trends and changes in consumer behaviour

-: Carbon Strips Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

-: A complete examination of the market’s competitive landscape, as well as extensive information on vendors

-: Detailed examination of the factors that will impede the expansion of Carbon Strips Market vendors

FAQ’s

Q.1 What are the main factors influencing the Carbon Strips market?

Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Carbon Strips Market companies compare in terms of sales, revenue, and prices?

*Note:
1.       Source: CoherentMI, Public sources, Desk research
2.       We have leveraged AI tools to mine information and compile it