Carbon Felt and Graphite Felt Market

Carbon Felt and Graphite Felt Market Outlook (2022-2032)

Global carbon felt and graphite felt consumption is valued at US$ 429.5 million at present. Fact.MR reveals that the global carbon felt and graphite felt market is predicted to expand rapidly at 9.6% CAGR to reach a valuation of US$ 1.07 billion by 2032.

The top 5 carbon felt and graphite felt manufacturers currently account for around one-third market share.

Report Attributes	Details
Carbon Felt and Graphite Felt Market Size (2021A)	US$ 401 Million
Estimated Market Value (2022E)	US$ 429.5 Million
Forecasted Market Value (2032F)	US$ 1.07 Billion
Global Market Growth Rate (2022-2032)	9.6% CAGR
North America Market Share (2021)	~33.0%
North America Growth Rate (2022-2032)	~10.0% CAGR
United States Growth Rate (2022-2032)	~10.0% CAGR
Market Share of Top 5 Companies	~32%
Key Companies Profiled	SGL Carbon Toray Industries Inc. Kureha Corporation Nippon Carbon Co. Ltd. Beijing Great Wall Co. Ltd. Advanced Graphite Materials Anshan Sinocarb Carbon Fibers Co. Ltd. Anssen Metallurgy Group Co. Ltd. CeraMaterials CGT Carbon GmbH Fiber Materials Inc.

Sales Analysis of Carbon Felt and Graphite Felt (2017-2021) Vs. Market Outlook (2022-2032)

Carbon felt and graphite felt are used in high-temperature refractory insulations owing to their flexible properties and in high-performance batteries and furnaces for energy-saving purposes. These materials are produced by matting, condensing, and pressing fibers and possess structural stability, high insulating properties, and are cost-effective as well.

They are good material for heat insulation purposes as they are easy to cut and install, have low ash and sulfur content, and have low density and thermal mass. These factors will support market growth and provide a gain of 124 BPS to the carbon felt and graphite felt market over the assessment period.

As these felts are majorly used in vacuum and protected atmospheric environments, it is leading to a rise in the demand for high-performance batteries and improvement in the performance of carbon fibers in high-temperature applications

• Short Term (2022 Q2 to 2025): Numerous benefits provided by carbon felt and graphite felt will aid demand growth in the short term.
• Medium Term (2025-2028): Improved performance of carbon fiber in high-temperature use cases is likely to support market growth in the medium term.
• Long Term (2028-2032): The market is anticipated to observe moderate to high growth in the Asia Pacific region because of augmented consumption across emerging economies such as China and India.

Fact.MR, a market research and competitive intelligence provider, projects the carbon felt and graphite felt market to surge ahead at 9.6% CAGR between 2022 and 2032, which is higher than that CAGR of 7.6% with which it grew from 2017 and 2021.

Why is Carbon Felt and Graphite Felt Consumption Rising Rapidly?

“Manufacturers Leveraging Myriad Benefits of Carbon and Graphite Felt”

Carbon and graphite felt provide several benefits such as high purity, which means low sulphur and ash content; low thermal conductivity, high thermal stability; and low specific heat, which allows for rapid cooling and heating of furnaces. They also have good surface properties, which are unaffected by all molten metals, and high resistivity that aids in coupling in an inductive field.

In addition, they have low density and thermal mass, are easy to cut and install, and have high thermal resistance, besides no outgassing issues. As such, all these benefits provided by carbon felt and graphite felt is estimated to increase demand growth by ~19% of current levels by 2032.

“Market Expanding on Back of Increasing Application Areas of Carbon and Graphite Felt”

Over the years, the application of carbon felt and graphite felt has been rising. For instance, the application of carbon and graphite felt has been increasing for thermal insulation in inert gas furnaces, inductively heated furnaces, vacuum furnaces, backing strips for soldering and welding, heated smelting & holding furnaces, filters for hot or corrosive gases, and molten metals.

In addition to these applications, they are being widely used as heat shields and sinks, on reaction surfaces in other electro-chemical processes, and as wicks in ultralight stoves, thermal insulators, etc. As such, the rising application of carbon felt and graphite felt is estimated to drive market growth by 1.7X over the assessment period of 2022-2032.

Region-wise Insights

Which Regional Carbon Felt and Graphite Felt Market Leads the Way?

“North America Remain Largest Market, Followed by Europe”

The North America carbon felt and graphite felt market accounts for the largest market share of 33%, and this regional market is projected to surge at a 10% CAGR over the forecast years.

Owing to decent growth in the power generation industry, high electronics component manufacturing in the United States is likely to support regional market growth.

Europe follows with a 26.5% market share owing to moderate growth of the automotive and electrical component sectors. The Europe carbon felt and graphite felt market is projected to expand at 8.3% CAGR over the forecast years of 2022-2032.

How is the Asia Pacific Carbon Felt and Graphite Felt Market Faring?

“Asia Pacific Market Growth Led by India and China”

The Asia Pacific carbon felt and graphite felt market accounts for 29% of the global market share. The East Asia and South Asia & Oceania markets are predicted to register very high CAGRs of 15.6% and 13.4%, respectively, over the decade.

This high market growth is attributed to demand escalation for eco-friendly products such as batteries and enhanced focus on controlling emissions in these regions. Emerging economies such as India and China are poised to hold high market shares in these regions over the years to come.

Category-wise Insights

Which Carbon Felt and Graphite Felt Raw Material is Most Popular?

“PAN Raw Material Dominates Graphite & Carbon Felt Manufacturing”

The carbon felt and graphite felt market is segmented by raw material into PAN, pitch, and rayon.

Amongst them, PAN dominates the market with 46.9% of the overall market share. The segment is projected to rise at 9.6% CAGR on the back of PAN-based carbon and graphite felt being used as electrode backings in several battery designs.

In addition, the high conductivity, chemical resistance, and high purity of felts are making them ideal for flow battery developers, thereby supporting market growth.

Which Application of Carbon & Graphite Felt Brings in High Revenue?

“High and Ever-increasing Application of Graphite & Carbon Felt in Furnaces”

Under the application segment, carbon felt and graphite felt is segmented into furnaces, batteries, filters, and other applications.

Amongst them, the furnaces segment holds a 38.3% market share and is poised to register a 10.6% CAGR through 2032. High demand is attributed to the enhanced application of carbon felt and graphite felt in casting, vacuum treatment, high-pressure sintering, etc., where high-temperature furnaces are required.

In addition, demand for use in furnaces is driven by cost reductions and energy efficiency, as using carbon felt and graphite felt in inner chambers saves a lot of capital expenditure on energy efficiency and temperature maintenance, leading to segmental growth.

The next application segments that follow are batteries and filters, which hold 29.3% and 18.9% market share, respectively, and are projected to expand at 9.7% and 7.8% CAGRs through 2032.

Competitive Landscape

Manufacturers of carbon felt and graphite felt investing to introduce a wide range of carbon and graphite felt products to strengthen their competitive position in the market and fulfill rising demand from end-use industries, such as batteries, filters, and furnaces.

Key players in the market are focusing on introducing lightweight products that have few impurities, excellent oxidation resistance, and also outstanding chemical & heat resistance.

• Toray Industries Inc. acquired SK Chemicals in 2021. This acquisition is likely to mark the entry of the company into the carbon fiber composite material market.
• Fiber Materials Inc. was acquired by Spirit AeroSystems in 2020. This acquisition is in line with the strategic growth objectives of the company and will lead to the diversification of its consumer base.

Fact.MR has provided detailed information about the price points of key manufacturers of carbon felt and graphite felt positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Carbon Felt and Graphite Felt Industry Segmentation

• By Raw Material :

  • PAN
  • Pitch
  • Rayon

• By Type :

  • Carbon Felt
  • Graphite Felt

• By Application :

  • Furnaces
  • Batteries
  • Filters
  • Other Applications

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA