Carbon & Graphite Felt Market Estimated to Reach $871 million by 2029 Globally, at a CAGR of 9.6%, says MarketsandMarkets™
MarketsandMarkets Research Pvt. Ltd.
5 min read
MarketsandMarkets Research Pvt. Ltd.
Chicago, April 02, 2024 (GLOBE NEWSWIRE) -- The Global Carbon & Graphite Felt Market is projected to grow USD 551 million in 2024 and is projected to reach USD 871 million by 2029, at a CAGR of 9.6% from 2024 to 2029, as per the recent study by MarketsandMarkets™. During the forecasted years, growing demand for renewable energy, growing wind power capacity expansions, and demand for superior batteries from various end-use industries is expected to drive the demand for carbon & graphite felt market.
The PAN raw material segment accounted for the largest market share in 2023, in terms of value.
Based on the product type, soft felt segment held the largest market share in 2023
The Asia Pacific region accounted for the largest share in 2023, in terms of value.
Based on type, the carbon & graphite felt market is segmented based on its type as carbon felt and graphite felt. In terms of value, the carbon felt type segment accounted for the highest market share in the global market. The increasing adoption of the use of carbon felt into electrodes, batteries, and filters is expected to drive the market in the upcoming years.
Based on application, the market for carbon & graphite felt has been segmented into furnace, batteries, filters, and others. The battery's application of carbon & graphite felt accounted for the second-largest market share in terms of both volume and value in 2023. The use of carbon & graphite felt are getting widely used as vanadium redox flow batteries (VRFBs). Carbon & graphite felts help to reduce the polarization are electrodes that results in the improved performance of batteries.
Based on raw material, the market for carbon & graphite felt has been segmented into PAN, rayon, and pitch. In 2023, PAN raw material segment accounted for the largest market share, in terms of both value and volume. PAN-based carbon felts and graphite felts are also expected to grow with the highest CAGR during the forecasting period. High insulation, lower cost, easy processing, and high strength modulus are expected to increase the demand for PAN-based carbon & graphite felts across the globe.
Based on product type, the market for carbon & graphite felt has been segmented into rigid felt, and soft felt. The soft felt product type segment is expected to witness the highest CAGR in upcoming years. Soft felt provides low heat capacity, and lower thermal conductivity. Soft carbon & graphite felt are widely used in furnaces with inert gas atmosphere and vacuum furnaces.
Based on Region, North America is expected to grow with second highest CAGR during the forecast period. It is the third largest market for carbon & graphite felt based on both value and volume. The US is the largest market in the region. The carbon & graphite felt market in North America is mainly driven by the ongoing and rapid developments into flow batteries and the metal treatment sector. The region is also a home to a wide number of players operating in the flow battery sector having applications in industrial, military, utilities, and commercial applications.
CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com
