Graphite Felt Industry Overview
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia-Pacific|
|CAGR:||< 6 %|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Graphite Felt Market Analysis
The Graphite Felt Market size was valued at around USD 730 million in 2021, and the market is projected to register a CAGR of less than 6% during the forecast period (2022-2027).
Due to the COVID-19 outbreak, nationwide lockdown around the globe, disruption in manufacturing activities and supply chains, and production halts negatively impacted the market in 2020. However, the conditions started recovering in 2021, restoring the market's growth trajectory during the forecast period.
· Over the short term, increasing demand for industrial applications and growing industrialization in the Asia-Pacific region are likely to drive the demand for the market studied.
· On the flip side, the high cost associated with carbon felt manufacturing would somehow hinder the market growth.
· Increasing demand for renewable energy is likely to create opportunities for the market in the coming years.
Graphite Felt Industry Segments
Graphite felt is a soft, flexible high-temperature refractory insulation material that is typically used in vacuum and protected atmosphere environments up to 5432℉ (3000℃). Apart from heat insulation application, graphite felts, particularly PAN-based, are used as electrode backings in a variety of battery designs, including vanadium redox flow batteries (VRB) which include permeable electrodes made from graphite felts, owing to their high conductivity, high purity, and high chemical resistance. Moreover, graphite felts, and components are used in processes during the production of semiconductor, LED, and solar industries. Additionally, graphite is a crucial component in the manufacture of semiconductors. The graphite felt market is segmented by raw material type, application, and geography. By raw material type, the market is segmented into Polyacrylonitrile (PAN), Rayon, and Petroleum Pitch. By application, the market is segmented into Heat Insulation, Batteries, Semiconductors, and Other Applications. The report also covers the market size and forecasts for the graphite felt market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).
|Raw Material Type|
|Other Applications (absorptive materials, automotive exhaust linings)|
Graphite Felt Market Trends
This section covers the major market trends shaping the Graphite Felt Market according to our research experts:
Increasing Applications from Heat Insulation Segment
· Graphite Felt has the properties of soft, flexible high-temperature refractory insulation, making it a good thermal insulator. It works in a vacuum and protected atmosphere environments up to ~3,000°C.
· Graphite felt products are appreciated for their chemical and physical properties such as chemically inert, thermal resistance, low thermal and electrical conductivity, low thermal expansion coefficient, low friction coefficient, and low coefficient of absorption of X-rays and electrons.
· Moreover, these products can be used in different fields, including crude steel production and aluminum production, petrochemical industry, chemical processing industry, metallurgy industry, and ceramic industry, catering to the needs of insulation. The continuous focus on high yield performance pushes these industries to operate their processes toward extreme temperatures and consequently creates a demand for high-temperature insulating products such as graphite felts, having improved performance.
· The global production of crude steel stood at 1,950.5 million tons in 2021, registering an increase of 3.7% compared to 1880.4 million tons in 2020, which is expected to enhance the demand for the market studied from heat insulation application.
· With the increasing industrial demand for chemicals in South Korea, the petrochemical industry is also offering investment opportunities, with a few companies taking the initiative. For instance, in July 2019, GS Energy and Lotte Chemical planned to build a petrochemical plant as a joint venture. The companies invested USD 677 million for the construction of the plant by 2023, which is likely to further enhance the demand for the market studied.
· Graphite felt is specifically designed to perform as a thermal insulator for high-temperature vacuum and inert gas furnaces, among other applications. Furnaces are mostly used as a major component of a central heating system. These are permanently installed to provide heat to an interior space through intermediary fluid movement, which may be air, steam, or hot water.
· Therefore, all the aforementioned factors are expected to significantly impact the demand for the market studied.
To understand key trends, Download Sample Report
China to Dominate the Market in the Asia-Pacific Region
· In the Asia-Pacific region, China is the largest production base in the region, with increasing demand from various end-user industries for graphite felt.
· According to the National Bureau of Statistics, China's value-added industrial output went up 9.6 percent year on year in 2021, up from 31.3 trillion Yuan in 2020, which accounted for ~30% of the world's manufacturing output.
· According to World Steel Organisation, China's crude steel production stood at 1032.8 million tons in 2021, which decreased by 3% compared to 2020. Furthermore, 7 of the top 10 steel producers by volume of production were from China. The country's leading steel companies are China Baowu Group, HBIS Group, Shagang Group, Ansteel Group, Jianlong Group, Shougang Group, and Shandong Steel Group.
· The government of China has decided to cut down the energy consumption per GDP by 3% in 2021 in order to reduce emissions. Since the iron and steel industry is a major polluter, China's Ministry of Industry and Information Technology has planned to cut steel output as the most effective way to cut emissions. This is likely to have a negative impact on the market studied.
· Furthermore, China produces approx. 64% of the world's graphite and captures 80% of the world's cobalt refining industry. In the second stage, battery manufacturing, the results are the same. Two leading Chinese battery giants, Contemporary Amperex Technology (CATL) and Build Your Dreams (BYD), control 32% of the market.
· Moreover, China has the world's largest electronics production base. According to ZVEI Dia Elektroindustrie, the electronics industry of China is about USD 2,430 million in 2020 and is forecasted to grow at 11% and 8% Y-o-Y in 2021 and 2022. Furthermore, semiconductor sales in China reached USD 182.93 billion in 2021, thus providing a huge market for graphite felt.
· Therefore, all the aforementioned factors are expected to significantly impact the demand for the market studied in the country.
To understand geography trends, Download Sample Report
Graphite Felt Market Competitor Analysis
The global graphite felt market is a partially consolidated market with intense competition among the top players to capture the major share in the market. Some of the major key players (not in any particular order) in the market include SGL Carbon, Morgan Advanced Materials, Nippon Carbon Co. Ltd, MERSEN GRAPHITE, and Schunk Carbon Technology, among others.
Graphite Felt Market Top Players
Morgan Advanced Materials
Nippon Carbon Co. Ltd
Schunk Carbon Technology
*Disclaimer: Major Players sorted in no particular order
Graphite Felt Market Recent Developments
- In 2021, CGT Carbon GmbH partially acquired the company Thermic Edge Coatings Ltd. and laid the foundation of Thermic Edge Europe GmbH as a joint venture.
Graphite Felt Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increasing Demand from Industrial Applications and Energy Efficiency
4.1.2 Growing Industrialization in the Asia-Pacific Region
4.2.1 High Cost Associated With Carbon Felt Manufacturing
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Raw Material Type
5.1.1 Polyacrylonitrile (PAN)
5.1.3 Petroleum Pitch
5.2.1 Heat Insulation
5.2.4 Other Applications (absorptive materials, automotive exhaust linings)
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.2 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.3.4 South America
220.127.116.11 Rest of South America
5.3.5 Middle-East and Africa
18.104.22.168 Saudi Arabia
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Anssen Metallurgy Group Co. Ltd
6.4.2 Av Carb LLC
6.4.3 Beijing Great Wall Co. Ltd
6.4.4 Carbon Composites Inc.
6.4.6 CFCCARBON Co. Ltd
6.4.7 CGT Carbon GmbH
6.4.8 Chemshine Carbon Co. Ltd
6.4.9 CM Carbon.
6.4.10 HPMS Graphite
6.4.11 Liaoning Jingu carbon material Co. Ltd
6.4.12 Mersen Graphite
6.4.13 Morgan Advanced Materials
6.4.14 Nippon Carbon Co. Ltd
6.4.15 Schunk Carbon Technology
6.4.16 SGL Carbon
6.4.17 Sinotek Materials Co. Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Demand for Renewable Energy
Graphite Felt Market Research FAQs
What is the study period of this market?
The Graphite Felt Market is studied from 2018 - 2028.
What is the growth rate of Graphite Felt Market?
The Graphite Felt Market is growing at a CAGR of <6% over the next 5 years.
What is Graphite Felt Market size in 2018?
The Graphite Felt Market is valued at 731 Million USD in 2018.
Which region has highest growth rate in Graphite Felt Market?
Asia-Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Graphite Felt Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Graphite Felt Market?
Morgan Advanced Materials, Nippon Carbon Co. Ltd, MERSEN GRAPHITE, Schunk Carbon Technology, SGL Carbon are the major companies operating in Graphite Felt Market.
Graphite Felt Industry Reports
In-depth industry statistics and market share insights of the Graphite Felt sector for 2020, 2021, and 2022. The Graphite Felt research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Graphite Felt report PDF.