The 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. During the forecasted years, 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.
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Based on type, the carbon & graphite felt market is segmented on the basis of its type carbon felt and graphite felt. In terms of value, carbon felt type segment accounted for the highest market share in the global market. The increasing adoption of use of carbon felt in 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. Carbon & graphite felt are widely used as vanadium redox flow batteries (VRFBs). Carbon & graphite felts help to reduce the polarization are electrodes resulting 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 is also expected to grow with a highest CAGR during the forecasting period. High insulation, lower cost, easy processing, and high strength modulus is expected to increase the demand for PAN-based carbon & graphite felts across the globe.
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Based on product type, the market for carbon & graphite felt has been segmented into rigid felt, and soft felt. 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 get widely used in furnaces with inert gas atmospheres 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 the North America is mainly driven by the ongoing and rapid developments into flow batteries and metal treatment sector. The region is also a home to wide number of players operating in the flow battery sector having applications in industrial, military, utilities, and commercial applications.
Major players operating in the carbon & graphite felt market include SGL Carbon (Germany), Toray Industries, Inc. (Japan), Kureha Corporation (Japan), Nippon Carbon Co., Ltd. (Japan), Beijing Great Wall Co., Ltd. (China), Mersen (France), Chemshine Carbon Co., Ltd. (China), CM Carbon Co., Ltd. (China), Gansu Haoshi Carbon Fiber Co., Ltd. (China), and CFC Carbon Co., Ltd. (China). Many of these companies have reliable manufacturing facilities as well as wide and strong distribution networks across the world, such as Asia Pacific, North America, and Europe. The manufacturers have well-established portfolio of wide range of products and services, a robust global market presence, and strong business and growth strategies.
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