The Consistent rise in solar photovoltaic (PV) capacity is the main driver of the growing global carbon felt and graphite felt market size. In its report Renewable Capacity Statistics 2019, the International Renewable Energy Agency (IRENA) has highlighted the fact that the total global installed solar PV capacity peaked at 480.3 GW in 2018. Out of these, 274.6 GW came from Asia alone, with China leading the pack. The IRENA states that solar energy will play a central role in the global shift towards renewable energy in the next few decades. As carbon and graphite felts have high thermal resistance, superior structural integrity, and low density, they form an important component in solar PV systems. Thus, with rapid advancements made in the solar industry, the carbon felt and graphite felt market is poised to gain substantially.
Fortune Business Insights, in its report, titled “, shares an in-depth analysis of the drivers, factors, and competitive and regional dynamics shaping the market growth. The information contained in the report is aimed at enabling businesses to formulate their strategies and designing their products best suited to the needs of the market.
Carbon and graphite felts are carbon-based heat insulation materials that are widely utilized in multiple end-user industries such automotive, power, and electrical manufacturing.
Increasing Demand for Electric Vehicles (EV) to Open New Avenues for Market Growth
In a bid to reduce vehicular pollution worldwide, there has been a collective movement towards decreasing the dependence on fossil fuels for transportation. This has given birth to a new, rapidly growing market of electric vehicles, which will be powered by solar energy. According to the IEA, world EV car stock will touch 130 million by 2030. This scenario brings good news for the carbon felt and graphite felt market as the demand for these materials is likely to spike, given the wide potential for their application. Research conducted by the Chalmers University of Technology in Sweden found that carbon-based materials can work as battery electrodes in EV cars and these cars could store high quantities of energy in their carbon body shells. This can reduce their weight by about 50%, saving energy in the process.
Asia-Pacific to Grow at an Impressive Rate; North America to Exhibit Promising Signs
Asia-Pacific is projected to lead the global carbon felt and graphite felt market share on account of its fast-developing power infrastructure and extensive availability of natural resources. Rise in the manufacturing capacity of electronic parts in North America will fuel the market in the region. A well-established automotive industry will enable Europe to maintain a decent growth rate. Speedy increase in solar PV installations will spur the market growth in the Middle East and Africa, while rising efficiency in power distribution will drive the market in Latin America.
Rise in Research Activities to Define the Competitive Landscape of the Market
Analysis of the carbon felt and graphite felt market trends indicates that this market is set to witness competition, mainly in the form of increased research activities by companies and academic institutions. Apart from this, strategic collaborations among competitors and other entities will further augment the market.
Key industry developments include:
May 2019: SGL Carbon and UK’s National Composites Centre (NCC) joined hands to develop next-generation composite materials and technologies for applications in transportation, oil and gas, and aerospace. The collaboration will involve innovating carbon fibre-based textiles through intensive research.
February 2019: Kaunas University of Technology in Lithuania research found that graphite felt can be deployed in microbial fuel cells to increase efficiency by generating 20% more voltage than regular microbial fuel cells.
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