Carbon & Graphite Felt Market

The carbon & graphite felt market is projected to grow from USD 551 million in 2024 to USD 871 million by 2029, at a CAGR of 9.6%. The global carbon 7 graphite felt market is expected to witness significant growth during forecasted years. The high growth is attributed to growing demand from batteries, furnace, filters, and other high temperature applications. Carbon & graphite felts get majorly used in the batteries and variety of high temperatyre furnaces. The requirement for favorable electrochemical stability, reduced fire risk, longer lifetimes, and materials with high conductivity has been driving the carbon & graphite felt market in high-performance batteries across the world.

Attractive Opportunities in Carbon & Graphite Felt Market Trends

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Carbon & Graphite Felt Market Dynamics

Driver: imprived performance of carbon fiber in various high-temperature applications

Carbon fiber is a highly advanced material and is well recognized for its high strength, high flexibility, low weight, and improved resistance to corrosion. Carbon and graphite felts are mainly manufactured from carbon fiber. In high-temperature applications, carbon fiber displays improved performance. Other materials, such as glass fiber and ceramic fiber, which also have applications in heat insulation, cannot perform like carbon fiber. Hence, felts manufactured from carbon fiber are used in applications that require materials with high insulation properties.

Restraint: High manufacturing cost of carbon & graphite felts

Carbon & graphite felt gets manufactured from the carbon fiber due to its various high-performance properties, such as improved resistance to corrosion, low weight, and high strength. The production of carbon and graphite felt requires high-end machines along with indepth and high technical knowledge. The manufacturing of carbon and graphite felt includes several processes that includes carbonizing, graphitizing, pressing, and curing, and some other processes which are majorly cost intensive. Thus, the production cost of carbon & graphite felt is high.

Opportunity: Growth opportunities in the renewable sector

Electricity production from the renewable sources, such as solar and wind, has seen significant growth and adoption in recent years in many developed nations. The increase in the production of the energy with the use of various renewable sources has advantages, such as the continuous and  vast supply of energy and other environmental benefits such as absence of greenhouse gas emissions. The growing solar energy and wind energy sector demand is fueling the demand for carbon & graphite felt for wide range of applivcations such as flow batteries from various countries of the world.

Challenge: Manufacturing of low-cost carbon fiber materials

The high cost of raw material that is carbon fiber is the major concern associated with the usage of carbon and graphite felts into wide range of applications. Carbon & graphite felts are made up of carbon fiber and gets largely used in batteries, high-temperature furnaces and filters. However, the main raw material i.e. carbon fiber is still not get widely used into other heat insulation applications due to the high cost. The production of low-cost carbon fiber will have positive impact to increase the use of carbon & graphite felts in various applications such as heat insulation and energy storage.

Ecosystem: Carbon & Graphite Felt Market

Based on the application, the furnace application segment accounted for the largest market share in terms of value.

Carbon & graphite felt get widely used in various applications such as furnaces, batteries, filters, semiconductors, and nuclear reactors. These felts are predominantly used in the furnace application, primarily for insulation purposes. However, the demand for these felt products is currently increasing in the batteries application as renewable energy installations are increasing in developing countries such as China, India, and Brazil.

Based on the product type, the rigid felt segment is anticipated to register the second-highest CAGR in carbon & graphite felt market.

The carbon & graphite felt market is categorized into two product types, namely, soft felt and rigid felt. Rigid felt minimizes the amount of fiber particles that get into the furnace atmosphere due to high gas flow velocities and avoids erosion of felt material during the operating life. Soft felt holds the larger share due to its use in varied applications, such as filters, catalyst support, and porous electrodes.

Based on type, graphite felt segment is estimated to account for second-largest market share of the carbon & graphite felt market in 2023

Based on the type, graphite felt segment is to accounted for the second-largest market share in terms of both, value and volume in 2023. Graphite felt can be purified to less than 20 ppm of ash and other particles. It is softer than carbon felt, making it suitable for use in filters and batteries application.

Based on raw material type, pitch segment is projected to account for the third-largest market share

The Pitch-based carbon & graphite felt is produced by the carbonization and graphitization of oil & coal pitch precursor of carbon fiber. This felt product is used in temperatures up to 3,992°F (2,200°C). It offers low ash content, high carbon content, low gas evolution, easy handling, and good strength. This felt is comparatively cheaper than PAN- and rayon-based felt products. Kureha Corporation (Japan), Hunan Dongbang New Material Technology Co. (China), Beijing Great Wall Co., Ltd. (China), and Nippon Carbon Co., Ltd. (Japan) are some of the major manufacturers of pitch-based carbon & graphite felt.

Asia Pacific to be the largest market for carbon & graphite felt during the forecast period.

Asia Pacific is the largest market of carbon & graphite felt across the world. Significantly growing end-use applications such as filetrs, batteries, furnaces and many others, along with presence of many organized and unorganized felt manufacturers has been contributing to the growth fo the market. China is the world’s largest consumer and manufacturer of industrial furnaces and heating systems. Europe is the second-largest market for carbon & graphite felt market.

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Key Market Players

The carbon & graphite felt market is dominated by a few globally established players. SGL Carbon (Germany), Toray Industries, Inc. (Japan), Mersen (France), Morgan Advanced Materials Plc (UK), Kureha Corporation (Japan), Nippon Carbon Co., Ltd. (Japan), Beijing Great Wall Co., Ltd. (China), Chemshine Carbon Co., Ltd. (China), CM Carbon Co., Ltd. (China), Gansu Haoshi Carbon Fiber Co., Ltd. (China), CFC Carbon Co., Ltd. (China), and Sinotek Materials (China) among others, are the main producers in the global market.

These companies are attempting to establish themselves in the carbon & graphite felt market by employing a range of inorganic and organic approaches. A thorough competitive analysis of these major carbon & graphite felt market participants is included in the research, along with information on their company profiles, most recent advancements, and important market strategies.

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Scope of the Report

The study categorizes the carbon & graphite felt market based on Type, Raw Material Type, Product Type, Application, and Region.

By Type:

• Carbon Felt
• Graphite Felt

By Raw Material Type:

• PAN
• Rayon
• Pitch

By Product Type:

• Soft Felt
• Rigid Felt

By Application:

• Furnace
• Batteries
• Filters
• Others

By Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa

Recent Developments

• In September 2021, SGL Carbon expanded and upgraded the production of soft felts. The company has invested some million euros into the additional carbonization facility located at its Meitingen site near Augsburg in Germany. This facility is now in regular operation.
• In August 2019, Toray Industries, Inc. announced a new line of fabric products and carbonized felt targeted at various energy storage applications. Zoltek’s new fabric materials and carbonized felt has been evaluated and qualified as  product of the choice for the battery electrode for redox flow and other new battery storage technologies.

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