Global Carbon and Graphite Felt Market CAGR of 9.6%
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global carbon and graphite felt market size at USD 449.63 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global carbon and graphite felt market size to grow at a significant CAGR of 9.6% reaching a value of USD 854.15 million by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global carbon and graphite felt market size at USD 449.63 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global carbon and graphite felt market size to grow at a significant CAGR of 9.6% reaching a value of USD 854.15 million by 2029. Major growth drivers for the global carbon and graphite felt market include the rising demand for high-capacity batteries and the improved performance of carbon fibers in high-temperature environments. Increased requirements across major industrial sectors, such as gas generation, liquid heating, and vacuum distillation, are driving forward the global carbon and graphite felt market. These materials are manufactured through fiber compression, entanglement, and consolidation. Carbon felt and graphite felt are extensively utilized as electrodes and cathodes, serving diverse applications and techniques, while also functioning as insulation materials for furnaces. Notably, the growing interest in renewable energy sources, such as fuel cells and batteries, has surged the demand for carbon and graphite felt, employed as electrodes and bipolar plates in these technologies. Also, the aerospace and defense industries make use of carbon and graphite felt due to their lightweight properties and resistance to high temperatures, finding applications in aircraft components, missile systems, and various defense-related areas. These factors are expected to drive the global carbon and graphite felt market's expansion over the forecast period.
Global Carbon and Graphite Felt Market – Overview
The carbon and graphite felt market has garnered significant significance and recognition owing to the distinctive attributes and a broad spectrum of applications offered by these substances. Carbon and graphite felts represent porous materials crafted from carbon or graphite fibers, showcasing exceptional thermal, electrical, and mechanical characteristics. Additionally, these materials discover utilization within the chemical sector, notably in processes related to filtration and separation. Their considerable porosity and resistance to chemicals render them suitable for the purification of liquids and gases, facilitating the elimination of impurities and the segregation of distinct components. In wastewater treatment, pharmaceuticals, and petrochemical industries, where effective filtration and separation stand as imperative requirements, these materials prove invaluable. Also, carbon and graphite felts are applied in a variety of high-temperature scenarios, including serving as thermal insulators in furnaces, foundries, and kilns. Their capacity to endure extreme heat and withstand thermal deterioration renders them exceptionally well-suited for these challenging settings. They offer efficient thermal control, diminishing heat dissipation and lowering energy consumption.
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Impact of COVID-19 on Global Carbon and Graphite Felt Market
COVID-19 pandemic adversely affected the global carbon and graphite felt market, resulting in disruptions in production and reduced demand from key End User industries, such as iron & steel, batteries, electronics, and semiconductors. Supply chains were severely impacted by factory closures, transportation restrictions, and labor shortages. However, in the aftermath of the pandemic, there was a resurgence in demand, particularly from the battery and semiconductor sectors, driven by the growing need for electric vehicles, renewable energy storage, and digital transformation. The pandemic prompted a shift in priorities, with an increased emphasis on sustainable materials and research and development, as well as the diversification of supply chains to enhance resilience in the face of future disruptions.
Global Carbon and Graphite Felt Market – By End User
Based on end user, the global carbon and graphite felt market is segmented as Power Generation, Automotive, and Electrical & Electronics segments. The automotive segment dominated the global carbon and graphite felt market by end user during the forecast period, due to the burgeoning electrification of vehicles. As the automotive industry shifts toward electric vehicles (EVs) and hydrogen fuel cells to address environmental concerns and stringent emissions regulations, carbon and graphite felt have emerged as pivotal components. They find extensive use in high-performance batteries, fuel cell stacks, and thermal management systems, enhancing the efficiency and longevity of EVs. Also, their lightweight yet durable nature contributes to weight reduction in EVs, extending their range. These materials epitomize the industry's commitment to advanced materials for cleaner and more sustainable transportation solutions, cementing their dominance in the automotive sector.
Competitive Landscape
Major players operating in the global carbon and graphite felt market include Mersen, HP Materials Solutions, Inc, CGT Carbon GmbH, Carbon Composites Inc, Kureha Corporation, ERK Karbon, Nanoshell LLC, Saginaw Carbon, Allied Metallurgy Resources LLC, Beijing Great Wall Co, Ltd, Olmec Advance Materials Ltd, SGL Carbon SE, Coidan Graphite Products Ltd, Bay Carbon Inc., and AMK Metallurgical Machinery Group Co. Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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