BURLINGAME, Calif., March 12, 2024 /PRNewswire/ -- According to CoherentMI, Carbon Strips Market is estimated to value at US$ 2.66 Billionin 2024 and is anticipated to reach a value of US$ 4.15 Billion by 2031 at a CAGR of 7.1% during forecast period 2024 and 2031.
Market Dynamics:
The Carbon Strips Market is being primarily driven by the increasing demand for lightweight and high-performance materials in the automotive industry. Carbon strips offer advantages such as high strength-to-weight ratio, corrosion resistance, and durability, making them ideal for use in automotive components. Additionally, the growing adoption of carbon strips in aerospace, wind energy, and sports equipment industries is further fueling market growth.
Carbon Strips Market Report Snapshot:
Report Coverage | Details |
Study Period | 2024 - 2031 |
Base Year of Estimation | 2023 |
CAGR | 7.1 % |
Largest Market | North America |
Market Concentration | High |
Major Players | Toray Industries, Inc., Teijin Limited, Hexcel Corporation, SGL Carbon SE, Mitsubishi Chemical Corporation and Among Others. |
Segments Covered | By Product Type, By Application, By Geography |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Growth Drivers | • Lightweight and high-strength properties |
Restraints & Challenges | • High production costs |
Key Market Takeaways:
Carbon Strips Market Size is anticipated to witness a CAGR of 7.1% during the forecast period 2024-2031, owing to the growing demand for lightweight materials in aerospace and increasing adoption in robotics and automation. On the basis of product type, the carbon strip 10.0mm x 0.4mm x 1000mm segment is expected to hold a dominant position due to its versatility, while the radio-controlled (RC) planes/helicopters segment is driving market growth in terms of application. In terms of region, North America is expected to lead the market, with key players including Toray Industries, Inc., Teijin Limited, and Hexcel Corporation driving innovation and market expansion in the carbon strips segment.
Market Trends:
One of the key trends in the Carbon Strips Market is the increasing focus on sustainable manufacturing practices. Companies are increasingly investing in research and development activities to develop carbon strips using renewable sources and environmentally friendly processes. Another important trend is the rising adoption of carbon strips in the construction industry for applications such as reinforcement of concrete structures and seismic retrofitting. These trends are expected to drive market growth in the coming years.
Recent Development:
- In September 2023, ABB India established a collaboration with Schloemann-Siemag AG Group to supply all medium voltage motors and drives for Arcelor Mittal Nippon Steel's new hot strip factory in Hazira, Gujarat, India.
- In June 2021, Occidental signed a large transaction in the carbon strip market to increase its global presence.
Read complete market research report, "Carbon Strips Market Size And Share Analysis - Growth Trends And Forecasts (2024 - 2031)", Published by CoherentMI.
Growing Demand for Lightweight Materials in Aerospace Industry
The Carbon Strips Market is experiencing substantial growth due to the increasing demand for lightweight materials in the aerospace industry. Carbon strips are widely used in applications such as radio-controlled planes/helicopters, unmanned air vehicles (UAVs), and mechanical control mechanisms. The aerospace industry is constantly seeking ways to reduce weight without compromising on strength and durability, making carbon strips an ideal choice for various applications. With a CAGR of 7.1% from 2024 to 2031, the market is projected to reach a valuation of US$ 2.66 billion by 2024.
On the basis of product type, the carbon strip 10.0mm x 0.4mm x 1000mm segment is dominating the market due to its versatility and compatibility with a wide range of applications. In terms of application, the radio-controlled (RC) planes/helicopters segment holds a significant market share, driven by the growing popularity of these recreational activities. North America is leading the market in terms of regional demand, with key players such as Toray Industries, Inc., and Teijin Limited playing a crucial role in driving market growth.
Increasing Adoption of Carbon Strips in Robotics and Automation
Another market opportunity for carbon strips lies in the increasing adoption of advanced materials in robotics and automation. Carbon strips offer high strength-to-weight ratio, excellent fatigue resistance, and superior dimensional stability, making them an ideal choice for robotic applications. With the rise of Industry 4.0 and the growing demand for automation in various industries, the market for carbon strips is expected to witness significant growth in the coming years.
In the segment by application, robots and mechanical control mechanisms are emerging as key users of carbon strips, driving market demand. The versatility and superior performance characteristics of carbon strips make them a preferred choice for manufacturers looking to enhance the efficiency and effectiveness of their robotic systems. North America is expected to dominate the market in terms of regional demand, with key players such as Hexcel Corporation and SGL Carbon SE leading the market.
Carbon Strips Market Segmentation:
- By Product Type
- Carbon Strip 10.0mm x 0.4mm x 1000mm
- Carbon Strip 15.0mm x 4.0mm x 1000mm
- Carbon Strip 25.4mm x 0.8mm x 1000mm
- By Application
- Radio-Controlled (RC) Planes/Helicopters
- Unmanned Air Vehicles (UAVs)
- Stunt/Power Kites
- Robots
- Mechanical Control Mechanisms
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Get your complete copy of this research report here @ https://www.coherentmi.com/industry-reports/carbon-strips-market/buyNow
Top Questions Answered in this Report:
- What factors are impeding the growth of the Carbon Strips Market?
- What are the primary drivers fueling the growth of the Carbon Strips Market?
- Which segment dominates as the leading component in the Carbon Strips Market?
- Who are the key players actively participating in the Carbon Strips Market?
- Which region is expected to take the lead in the Carbon Strips Market?
- What is the projected CAGR of the Carbon Strips Market?
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