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Graphite Felt Market Size (2024 - 2029)

The Graphite Felt Market is experiencing a recovery and growth trajectory following the disruptions caused by the COVID-19 pandemic. The market's expansion is driven by rising industrial applications and increasing industrialization, particularly in the Asia-Pacific region. However, the high manufacturing costs of carbon felt pose a challenge to market growth. Despite this, the growing demand for renewable energy presents potential opportunities for further market development.

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Market Size of Graphite Felt Industry

Graphite Felt Market - Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR < 6.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration High

Major Players

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*Disclaimer: Major Players sorted in no particular order

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 Segmentation

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
Polyacrylonitrile (PAN)
Rayon
Petroleum Pitch
Application
Heat Insulation
Batteries
Semiconductors
Other Applications (absorptive materials, automotive exhaust linings)
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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Graphite Felt Market Size Summary

The graphite felt market is poised for growth, driven by increasing industrial applications and the rising demand for high-temperature insulation materials. Graphite felt is valued for its exceptional properties, such as thermal resistance and chemical inertness, making it suitable for use in extreme temperature environments and various industries, including steel, aluminum, petrochemicals, and ceramics. The market's recovery post-COVID-19 disruptions has been supported by the resurgence in industrial activities, particularly in the Asia-Pacific region, where countries like China are significant production hubs. However, the high manufacturing costs of carbon felt pose a challenge to market expansion, even as the demand for renewable energy presents new opportunities.

In China, the graphite felt market benefits from the country's substantial industrial output and its position as a leading producer of graphite and cobalt. The Chinese government's initiatives to reduce energy consumption and emissions in the iron and steel sector may impact the market, but the country's robust electronics and semiconductor industries offer a promising demand base. The global graphite felt market is characterized by intense competition among key players such as SGL Carbon, Morgan Advanced Materials, and Nippon Carbon Co. Ltd, who are vying for market share. Strategic moves, like the acquisition of Thermic Edge Coatings Ltd by CGT Carbon GmbH, highlight the dynamic nature of the market as companies seek to strengthen their positions.

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Graphite Felt Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand from Industrial Applications and Energy Efficiency

      2. 1.1.2 Growing Industrialization in the Asia-Pacific Region

    2. 1.2 Restraints

      1. 1.2.1 High Cost Associated With Carbon Felt Manufacturing

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value-Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION

    1. 2.1 Raw Material Type

      1. 2.1.1 Polyacrylonitrile (PAN)

      2. 2.1.2 Rayon

      3. 2.1.3 Petroleum Pitch

    2. 2.2 Application

      1. 2.2.1 Heat Insulation

      2. 2.2.2 Batteries

      3. 2.2.3 Semiconductors

      4. 2.2.4 Other Applications (absorptive materials, automotive exhaust linings)

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 France

        4. 2.3.3.4 Italy

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Graphite Felt Market Size FAQs

The Graphite Felt Market is projected to register a CAGR of less than 6% during the forecast period (2024-2029)

Morgan Advanced Materials, Nippon Carbon Co. Ltd, MERSEN GRAPHITE, Schunk Carbon Technology and SGL Carbon are the major companies operating in the Graphite Felt Market.

Graphite Felt Report Snapshots

Graphite Felt Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)