Market Insights
The carbon and graphite felt market is likely to grow at a healthy CAGR of 11.7%, in the long run, to reach US$ 1,056.8 Million in 2028.
Carbon and graphite felts are specialized materials made from carbon fibers that are interconnected to form a porous and lightweight structure. Both are composed of carbon fibers but differ in their manufacturing processes, structures, and specific properties. These felts possess unique properties such as high thermal conductivity, excellent chemical resistance, low thermal expansion, and good electrical conductivity, making them valuable for various industrial applications.
The growing emphasis on renewable energy sources, such as fuel cells and solar power systems, has led to an increased demand for carbon and graphite felts, which is an essential component of these technologies. The growing demand for electric vehicles (EVs) has increased the need for lightweight and energy-efficient materials, carbon and graphite felts are used in EV batteries and fuel cell systems as backing support.
The rapidly increasing production of redox flow batteries (RFBs) has a significant impact on the carbon and graphite felt market, where carbon and graphite felts are used as electrode materials. They provide a large surface area and excellent electrical conductivity, allowing for efficient charge and discharge processes. As the demand for large-scale energy storage solutions continues to rise, redox flow batteries are likely to play a significant role in the global energy landscape. Consequently, the carbon and graphite felt market is influenced by the production and adoption of redox flow batteries in various energy storage applications.
Recent Expansion: The growing emphasis on energy storage solutions, such as redox flow batteries and fuel cells, is a significant driver for expanding felt production capacities. Carbon and graphite felts are essential components in these energy storage systems and insulation materials for high-temperature applications, fueling the need for higher production volumes. For instance, in 2021, SGL Carbon expanded its Meitingen site in Germany with an additional carbonization facility, enabling increased production of soft felts. This move aims to accelerate the development of new products and enhance their market presence.
Segments' Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Application-Type Analysis
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Thermal Insulation, Battery Electrode, Filtration, and Others
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Battery Electrode is anticipated to remain the biggest demand generator for carbon and graphite felts in the years to come.
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Raw Material-Type Analysis
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PAN, Rayon, and Pitch
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PAN is estimated to maintain an unwavering share in terms of both, value and volume, during the forecast period.
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Product-Type Analysis
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Soft Felt and Rigid Felt
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Soft felt to maintain an unrivaled lead in the market by 2028.
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Regional Analysis
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North America, Europe, Asia-Pacific, and Rest of the World
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Asia-Pacific is expected to remain the largest market over the next five years.
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Application Type
The market is segmented into thermal insulation, battery electrode, filtration, and others. Battery electrode is expected to be the fastest-growing application in the market during the forecast period. Battery electrodes, especially the ones used in advanced energy storage systems like vanadium flow batteries, are major consumers of carbon and graphite felts. These energy storage technologies have gained significant attention for grid-level energy storage, driving the demand for carbon and graphite felts.
Material Type
The market is segmented into PAN, Rayon, and Pitch. PAN material continues to dominate due to its excellent mechanical properties, such as high tensile strength and modulus, making them ideal for applications requiring strength and durability over the next five years. During the carbonization process, PAN-based carbon and graphite felts exhibit a high carbon yield, which means a larger percentage of the precursor is converted into carbon. This leads to higher production efficiency and reduced waste, making it a cost-effective choice.
Product Type
The market is segmented into soft felts and rigid felts. Soft felt is expected to remain the largest segment during the forecast period. Ease of processing makes them convenient for manufacturers and end users, allowing for customization and reducing waste. Soft carbon and graphite felts can be easily cut, shaped, and molded to fit specific requirements.
Regional Analysis
Asia-Pacific is expected to remain the largest market for carbon and graphite felts during the forecast period. The adoption of renewable energy sources and the need for efficient energy storage solutions is on rise in Asia-Pacific. Carbon and graphite felts are vital components in energy storage technologies like redox flow batteries and supercapacitors, driving their demand.
The carbon and graphite felt market is segmented into the following categories:
By Application Type
- Thermal Insulation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Battery Electrode (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Filtration (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Raw Material Type
- PAN (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Rayon (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Pitch (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Product Type
- Soft Felt (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Rigid Felt (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Argentina, and Others)
Key Players
The market is consolidated, with the presence of some global players and a few local/regional manufacturers. The key players, such as SGL Carbon and Mersen, focus on expanding their product portfolio to offer a wide range of carbon and graphite felts with varying specifications and properties to cater to different industries and applications. These players are continuously investing in research & development to develop innovative materials with improved characteristics, performance, and cost effectiveness. The following are the key players in the carbon and graphite felts market.
- SGL Carbon
- Mersen
- Zoltek Corporation
- Nippon Carbon Co. Ltd
- Kureha Corporation
- Morgan Advanced Materials
- Beijing Great Wall Co., Ltd.
- AvCarb LLC
- CeraMaterials
- CFC Carbon Co., Ltd.
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s carbon and graphite felt market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for existing and new players
- Key success factors
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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