June 13, 2024
Carbon Strips Market

Carbon Strips Market is Estimated to Witness High Growth Owing to Increasing Adoption from Aerospace Industry

Carbon strips refer to thin laminates strips of carbon fiber composites that possess properties like high stiffness-to-weight ratio, dimensional stability, durability and resistance to chemicals and heat. Carbon strips find widespread application in the aerospace and defense industry owing to their ability to significantly reduce the overall weight of an aircraft while maintaining high structural strength. The increasing production of commercial as well as military aircraft to cater to the growing air passenger traffic has propelled the demand for lightweight structural components like carbon strips globally.

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 2024-2031.

Key players operating in the carbon strips are Toray Industries, Inc., Teijin Limited, Hexcel Corporation, SGL Carbon SE, Mitsubishi Chemical Corporation and among others.

Key Takeaways

Key players operating in the carbon strips market are Toray Industries, Inc., Teijin Limited, Hexcel Corporation, SGL Carbon SE, Mitsubishi Chemical Corporation. These players are focusing on new product development and expansion strategies to gain competitive advantage.

The market is expected to witness significant growth opportunities due to increasing R&D towards development of advanced carbon fiber composites with enhanced properties. Growing demand for lightweight composites from industries like automotive is further expanding the application scope of carbon strips.

The global demand for carbon strips is expected to grow tremendously with the aerospace industry accounting for the largest share. Moreover, regions like North America, Europe and Asia Pacific are expected to drive the global carbon strips consumption over the forecast period.

Market Drivers

One of the key drivers for the carbon strips market is the growing aircraft fleet. The commercial aviation industry has witnessed substantial growth over the past few years. According to Airbus, the worldwide fleet is expected to double its size over the next 20 years. This massive increase in commercial aircraft order book is propelling the demand for advanced lightweight composites like carbon strips from aircraft manufacturers. Moreover, the increasing military expenditure of nations worldwide on development and procurement of new generation fighter jets and aircraft is further catalyzing the market growth.

PEST Analysis

Political: Changes in environmental regulations regarding levels of carbon emissions can impact demand for carbon strips which are used as substitutes for other materials with higher carbon footprints.

Economic: Economic growth and demand from end-use industries like aerospace influences spending on carbon composites and thus carbon strips. Recessions may negatively impact the market.

Social: Growing environmental awareness drives the use of carbon strips as a green alternative to heavier and less eco-friendly materials. Safety regulations in automotive and aviation favor carbon composite materials.

Technological: Advancements in carbon fiber technology allow for stronger yet lighter carbon strips. 3D printing techniques enable more complex strip geometries. New resin systems improve performance characteristics.

Geographical Concentration

In terms of value, the market is currently concentrated in North America and Europe due to stringent emissions norms and presence of major aerospace OEMs in these regions. The United States and Germany consume the largest volumes of carbon strips currently.

Fastest Growing Region

However, the Asia Pacific region is expected to be the fastest growing market for carbon strips during the forecast period due to increasing investments and government initiatives to expand domestic manufacturing capacities in China, India, Japan and South Korea. Rising standards of living are also driving demand for newer aircraft and vehicles made with carbon composite components in Asia.

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?

Q.5 Which businesses serve as the Carbon Strips market’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

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