| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| CAGR | 8.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Carbon Felt and Graphite Felt Market Analysis
The Carbon Felt and Graphite Felt Market is expected to register a CAGR of greater than 8% during the forecast period.
The COVID-19 pandemic negatively affected the industry. The carbon felt and graphite felt market also witnessed its repercussions in terms of both production and demand from the end-user industries, such as iron and steel, batteries, electronics, semiconductors, etc. However, after the COVID-19 pandemic, increased demand from batteries and semiconductors helped revive the market.
- Over the short term, the rising investments in research and development by manufacturers of carbon felt and graphite felt are expected to drive the market.
- On the other hand, the high cost of making carbon felt fiber is likely to slow the growth of the market.
- The Asia-Pacific region was the biggest market in the world, with countries like India and China buying the most.
- In the coming years, rising demand for electric vehicles will create potential market opportunities.
Carbon Felt and Graphite Felt Market Trends
Growing Demand from Heat Insulation Segment
- The carbon and graphite felts are used in high-temperature refractory insulations because of their flexible properties. These felts are primarily used in vacuum and protected atmospheric environments with temperatures reaching approximately C.Carbon and graphite felt are easy to cut and install; they have low densities and thermal masses and low ash and sulfur contents, making them good insulation materials for heat insulation purposes.
- Several industrial activities, like heating fluids, vacuum distillation, or the manufacturing of gases such as ethylene, vinyl chloride monomer, and synthetic gas, have employed process furnaces. Other than these, steel manufacturing is the major industry where a furnace is used.
- Over the past few years, the market for furnaces has experienced lots of changes, primarily driven by energy efficiency and cost reductions. For this purpose, carbon and graphite felts are being applied. The furnaces' inner chamber is lined with carbon or graphite felt to insulate it, thereby saving a lot of capital expenditure in temperature maintenance and energy efficiency.
- Global steel production has witnessed significant growth in the past decade, especially in countries like China, India, Japan, and the United States. The World Steel Association predicts that by 2023, there will be a 1.0% increase in global steel demand, bringing it to 1,814.7 million tons. In 2022, there will be 1,796.7 million tons of steel demand.
- In 2022, global crude steel production reached 1,878.5 million tons; it declined 4.2% as compared to 2021 production. However, it is expected to offer a positive outlook in the near future.
- So, the market for carbon felt and graphite felt is likely to be led by the heat insulation segment over the next few years.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market during the forecast period. Growing demand for batteries and heat insulation in India, China, and Japan, followed by rising semiconductor demand, opened new avenues for the market. Increasing steel production coupled with rising electronic component manufacturing will further drive the carbon felt and graphite felt markets.
- China has one of the largest markets for the semiconductor industry and has registered huge growth over the years. According to Semiconductor Equipment and Materials International, China's spending on semiconductor equipment reached USD 40.82 billion in 2022. The market should be good during the forecast period because there is more demand for semiconductor chips and more money is being spent on manufacturing facilities and equipment.
- According to the India Electronics and Semiconductor Association (IESA), electronics production contributed 3.4% to the economy in 2021 and is expected to contribute more than 6% in the next few years. The Indian electronics industry is increasing due to the expansion of the electronics manufacturing base in the country. During the next few years, these industries are expected to grow even more, which should make the market for carbon and graphite felt bigger.
- Furthermore, PAN-based carbon and graphite felts are used as electrode backings in various battery designs, including vanadium redox flow batteries (VRB). The high conductivity, high purity, and chemical resistance of felts make them ideal for the demanding design criteria of flow battery developers.
- The manufacturing of electronics, batteries, and semiconductors in the Asia-Pacific region is expected to grow at a steady rate over the next few years, thanks to supportive government programs and a large consumer base.
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Carbon Felt and Graphite Felt Industry Overview
The carbon felt and graphite felt market is fragmented by nature. The major players in this market include SGL Carbon, TORAY INDUSTRIES, INC., Kureha Corporation, Nippon Carbon Co., Ltd., and Beijing Great Wall Co., Ltd.
Carbon Felt and Graphite Felt Market Leaders
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SGL Carbon
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TORAY INDUSTRIES, INC.
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KUREHA CORPORATION
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Beijing Great Wall Co.,Ltd.
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Nippon Carbon Co Ltd.
- *Disclaimer: Major Players sorted in no particular order
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Carbon Felt and Graphite Felt Market News
- June 2022: Toray Industries, Inc., announced its plan to set up the Environment and Mobility Development Center in Otsu, Shiga Prefecture, and Nagoya, Aichi Prefecture. The development center will help the company strengthen the capabilities of the Corporate Marketing Planning Division to enhance sales and marketing functions in those areas.
- August 2022: SGL Carbon Company announced its plan to expand capacities for graphite products at the Shanghai (China), St. Marys (USA), and Meitingen (Germany) sites for use in the semiconductor industry.
Carbon Felt and Graphite Felt Industry Segmentation
Carbon felt and graphite felt are soft, flexible materials used for high-temperature insulation in inert gas and vacuum furnaces. The carbon felt and graphite felt market is segmented by raw material type, type, application, and geography. By raw material type, the market is segmented into polyacrylonitrile, rayon, and other raw material types. By type, the market is segmented into carbon felt and graphite felt. By application, the market is segmented into heat insulation, batteries, semiconductors, absorptive materials, and other applications. The report also covers the market size and forecasts for the carbon and graphite felt market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of value (USD million).
| Raw Material Type | Polyacrylonitrile (PAN) | ||
| Rayon | |||
| Other Raw Material Types | |||
| Type | Carbon Felt | ||
| Graphite Felt | |||
| Application | Heat Insulation | ||
| Batteries | |||
| Semiconductors | |||
| Absorptive Materials | |||
| Other Applications | |||
| Geography | Asia-Pacific | China | |
| India | |||
| Japan | |||
| South Korea | |||
| Rest of Asia-Pacific | |||
| North America | United States | ||
| Canada | |||
| Mexico | |||
| Europe | Germany | ||
| United Kingdom | |||
| France | |||
| Italy | |||
| Rest of Europe | |||
| South America | Brazil | ||
| Argentina | |||
| Rest of South America | |||
| Middle-East and Africa | Saudi Arabia | ||
| South Africa | |||
| Rest of Middle-East and Africa | |||
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Carbon Felt and Graphite Felt Market Research FAQs
What is the current Carbon Felt and Graphite Felt Market size?
The Carbon Felt and Graphite Felt Market is projected to register a CAGR of greater than 8% during the forecast period (2025-2030)
Who are the key players in Carbon Felt and Graphite Felt Market?
SGL Carbon, TORAY INDUSTRIES, INC., KUREHA CORPORATION, Beijing Great Wall Co.,Ltd. and Nippon Carbon Co Ltd. are the major companies operating in the Carbon Felt and Graphite Felt Market.
Which is the fastest growing region in Carbon Felt and Graphite Felt Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Carbon Felt and Graphite Felt Market?
In 2025, the Asia-Pacific accounts for the largest market share in Carbon Felt and Graphite Felt Market.
What years does this Carbon Felt and Graphite Felt Market cover?
The report covers the Carbon Felt and Graphite Felt Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Carbon Felt and Graphite Felt Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Carbon Felt & Graphite Felt Industry Report
Statistics for the 2025 Carbon Felt and Graphite Felt market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Carbon Felt and Graphite Felt analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
