Fact.MR, a market research and competitive intelligence provider, reveals that the global carbon felt and graphite felt market is anticipated to expand at an impressive CAGR of 9.6% to reach a valuation of US$ 1.07 billion by the end of 2032. The market registered a CAGR of 7.6% during the period of 2017-2021.
Rise in demand for high-performance batteries in addition to superior conduct of carbon felt in high temperatures are factors that are augmenting market growth. Also, rapid growth in demand for renewable energy is creating new opportunities for carbon felt and graphite felt manufacturers in the global market.
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Key Takeaways from Market Study
- The global carbon felt and graphite felt market is currently valued at US$ 429.5 million, after having witnessed 7.6% CAGR over the period of 2017-2021.
- Under the raw material segment, PAN dominates the market with 46.9% market share, and is projected to rise at 9.6% CAGR during the forecast years.
- Under the type segment, carbon felt dominates the market and is projected to expand at a CAGR of 9.7% to exceed a valuation of US$ 686 million by the end of 2032.
- Under the application segment, furnaces lead the market, with demand projected to increase at a CAGR of 10.6% to reach a valuation of US$ 455.9 Million by 2032.
- Based on region, demand for carbon felt and graphite felt is expected to increase at higher CAGRs of 10.4% and 10.7% in East Asia and South Asia & Oceania, respectively, over the forecast period.
- Together, North America and Europe are likely to represent 59.5% of the overall market share in 2022.
“Excellent properties of carbon felt and graphite felt being lightweight and having low thermal conductivity are making them an ideal material for high-temperature insulation”, says a Fact.MR analyst.
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Carbon Felt and Graphite Felt Industry Segmentation
Carbon Felt and Graphite Felt Market by Raw Material :
Carbon Felt and Graphite Felt Market by Type :
- Carbon Felt
- Graphite Felt
Carbon Felt and Graphite Felt Market by Application :
- Other Applications
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Carbon Felt and Graphite Felt Market by Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
Developments in the Market
The market for carbon felt and graphite felt is witnessing continuous development with key players in the market focusing on research and development. For instance, manufacturers are introducing graphite felt with vapour-grown carbon fibers as electrodes for vanadium redox flow batteries.
In addition, attempts are being made using cobalt and nickel catalyst coatings on graphite felt. All these factors will aid market development in the long run.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global carbon felt and graphite felt market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by raw material (PAN, pitch, rayon), type (carbon felt, graphite felt), and application (furnaces, batteries, filters, other applications), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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