April 21, 2024
Carbon strips market

Carbon Strips Market is in Trends by Growing Adoption in Aerospace Industry

Carbon strips are lightweight structural composites made of carbon fibers that are highly rigid and impact resistant. They offer superior strength-to-weight ratio as compared to steel. Carbon strips find extensive applications in aerospace, automotive, wind energy and sports equipment industries owing to their durability, corrosion resistance and creep resistance properties at high temperatures. The aerospace industry extensively uses carbon strips in aircraft components like wings, fuselage panels and engine blades owing to strict weight reduction requirements for fuel efficiency.

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 operating in the Carbon Strips Are 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). These players are focusing on new product developments and geographic expansions to gain competitive edge.

The growing demand from aerospace and automotive industries is a major factor driving the growth of carbon strips market. The aerospace industry widely uses carbon strips for lightweight structural components of aircrafts to reduce fuel consumption. The demand is further augmented by stringent emission norms mandating reduced vehicle weight.

North America dominated the carbon strips market in 2019. However, Asia Pacific is expected to witness the highest growth rate during the forecast period owing to large automotive and wind energy industries in China and India and expanding aerospace sector in these regions. Countries like China, Japan and India are expected to offer huge growth opportunities for carbon strips market players.

Market Key Trends

Adoption of carbon fiber composites for lightweight components is a key trend gaining popularity in the carbon strips market. Carbon strips are increasingly replacing metals in various applications that require high strength-to-weight ratio. Due to their light weight, carbon strips provide fuel efficiency and reduced emissions. This is contributing to the growing demand from automotive and aerospace industries.

Porter’s Analysis

Threat of New Entrants: New entrants will face high initial costs for R&D, manufacturing facilities, and obtaining technical expertise.

Bargaining Power of Buyers: Large buyers have higher bargaining power due to large purchase volumes.

Bargaining Power of Suppliers: Few manufacturers globally supply carbon strips resulting in lower supplier bargaining power.

Threat of New Substitutes: New materials like carbon nanotubes and grapheme pose competition but are still in development stages.

Competitive Rivalry: Market dominated by few key players resulting in high competitive rivalry.

Geographical Regions

North America currently holds the largest share of the carbon strips market in terms of value due to presence of major end users from aerospace & defence industries. Asia Pacific is the fastest growing region for carbon strips market owing to rising manufacturing activities in countries like China and India.

The carbon strips market in terms of value is primarily concentrated in North America and Europe due to high demand from aerospace, automotive, wind energy and other industries. The Asia Pacific region is projected to be the fastest growing geographical region during the forecast period owing to rapid industrialization and economic growth in major countries such as China and India.

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