PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290795
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290795
Carbon Felt and Graphite Felt Market size was valued at USD 560.8 Million in 2022, expanding at a CAGR of 10.2% from 2023 to 2030.
When fibers are squeezed, twisted, and condensed all at once, flexible high-temperature refractory materials like carbon and graphite felt are created. They have low density, good thermal resistance, minimal outgassing, are easily installed, and are structurally stable. They are frequently employed as cathodes and electrodes in a variety of battery configurations as well as insulation for inert gas and vacuum furnaces.
In applications for vehicle exhaust linings, carbon felt is frequently employed. The worldwide automotive industry is growing as a result of increased production and sales, which is raising the need for exhaust lining application and will fuel market expansion throughout the forecast period. For instance, the production and sales of diesel vehicles in China were 368,000 units and 366,000 units, respectively, up 13% year over year, according to the International Energy Agency's September 2020 report. Similar to this, according to data from the European Automobile Manufacturers Association, sales of petrol-powered cars rose by 11.9% in the fourth quarter of 2019 over the same period in 2018. The market will rise during the projected period as a result of the rising demand for automobiles, which will increase the use of carbon felt in automotive exhaust lining applications.
The use of carbon and graphite felt for heat insulation within vacuum furnaces is related. Due to the global increase in steel production, the thermal insulation application is widely employed, and this will propel the market's growth over the projection period. For example, according to the World Steel Association's 2021 Stainless Steel Figures report, global crude steel production in 2020 totaled 1878 million tons, with the Asia-Pacific region producing the most at 1388.7 million tons. The production of crude oil in the Middle East and Europe in 2020 was 45.4 million tons and 139.2 million tons, respectively. Such a high demand for steel will increase the use of thermal insulation inside furnaces, which will fuel the market's expansion over the forecast period.
The Global Carbon Felt and Graphite Felt Market is segmented based on product, material type, application, type, and Region.
By product, soft felt is expected to dominate the market over the forecast period. This product type has adaptable insulating features that make it suited for high-temperature furnace applications. Due to these excellent properties, market participants are expanding their selection of soft felt. For instance, in September 2021, SGL Carbon, a top producer of carbon-based products with headquarters in Germany, began operating its brand-new, cutting-edge soft felt production line. The company was able to increase its capacity for producing soft felt thanks to this investment. During the forecast period, this development in the soft felt product segment will increase demand for its use in a variety of applications. In the forecast period, there is expected to be a sizable demand for rigid felt.
The Asia Pacific is expected to capture the largest market share during the forecast period. The increase in automobile production and sales, which calls for a large amount of carbon felt in automotive exhaust lining applications, is responsible for the strong demand for carbon felt and graphite felt in this region. According to Maruti Suzuki data as of October 2021, 479,253 units in the passenger car segment were sold between April and October in 2021-22 as opposed to 437,078 units between April and October in 2020-21. Similarly, according to the CEIC statistics report, China sold 348 1193 units of diesel vehicles in 2020 as opposed to 2,805,966 units in 2019. The need for carbon felt in automotive exhaust lining applications will rise because to the rising demand for automobiles in this region.
In June 2022, the Environment and Mobility Development Center will be located in Otsu, Shiga Prefecture, and Nagoya, Aichi Prefecture, according to a plan made public by Toray Industries, Inc. The corporation will be able to improve sales and marketing operations in those areas by strengthening the capabilities of the Corporate Marketing Planning Division with the aid of the development centre.
In August 2022, SGL Carbon Company has announced plans to increase production of graphite materials for the semiconductor industry at its plants in Shanghai (China), St. Marys (USA), and Meitingen (Germany).
The scope of this report covers the market by its major segments, which include as follows: