DUBLIN, September 24, 2021--(BUSINESS WIRE)--The "Graphite Felt Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Graphite Felt Market size was valued at USD 731.65 million in 2020 and the market is projected to register a CAGR of 5.86% during the forecast period (2021-2026).
Anssen Metallurgy Group Co. Ltd
Av Carb LLC
Beijing Great Wall Co. Ltd
Carbon Composites Inc.
CFCCARBON Co. Ltd
CGT Carbon GmbH
Chemshine Carbon Co. Ltd
Liaoning Jingu carbon material Co. Ltd
Morgan Advanced Materials
Nippon Carbon Co. Ltd
Schunk Carbon Technology
Sinotek Materials Co. Ltd
Key Market Trends
Increasing Applications from Heat Insulation Segment
Graphite Felt has the properties of soft flexible high-temperature refractory insulation which makes it a good thermal insulator. It works in a vacuum and protected atmosphere environments up to ~3,000C.
Graphite felt products are appreciated for their chemical and physical properties such as, chemically inert, thermal resistance, low thermal and electrical conductivity, low thermal expansion coefficient, low friction coefficient, and low coefficient of absorption of X-rays and electrons.
Moreover, these products can be used in different fields, including, crude steel production and aluminum production, petrochemical industry, chemical processing industry, metallurgy industry, ceramic industry, mining industry, oil and gas industry, and other high technologies industries, catering to the needs of insulation. The continuous focus for high yield performance pushes these industries to operate their processes toward extreme temperatures and consequently creates a demand for high-temperature insulating products such as graphite felts, having improved performance.
Graphite felt is specifically designed to perform as a thermal insulator for high-temperature vacuum and inert gas furnaces, among other applications. Furnaces are mostly used as a major component of a central heating system. These are permanently installed to provide heat to an interior space through intermediary fluid movement, which may be air, steam, or hot water.
China to Dominate the Market in Asia-Pacific Region
In the Asia-Pacific region, China is the largest economy in terms of GDP. The country witnessed about 6% growth in its GDP during 2019, even after the trade disturbance caused due to its trade war with the United States. The economic growth rate of China in 2020 was initially expected to be moderate as compared to the previous year. However, due to the onset of COVID-19 in 2020, the economic growth of China witnessed a contraction to 2.3% and is expected to witness recovery at a rate of 8.10% in 2021.
In the year 2020, the value-added industrial output of the country was 31.3 trillion Yuan, which accounted for ~30% of the world's manufacturing output.
In 2020, China's steel producers produced 1,324.8 million metric tons of steel which was an increase of 7.7% compared to 2019. In 2020, 7 of the top 10 steel producers by volume of production were from China. The leading steel companies of the country are China Baowu Group, HBIS Group, Shagang Group, Ansteel Group, Jianlong Group, Shougang Group, Shandong Steel Group.
The government of China has decided to cut down the energy consumption per GDP by 3% in 2021 in order to reduce emissions. Since the iron and steel industry is a major polluter, the China's Ministry of Industry and Information Technology has planned to cut steel output as the most effective way to cut emissions. This is likely to have a negative impact on the market studied.
According to China National Petroleum Corp. (CNPC), the gas consumption in China was expected to rise to 320 billion cubic meters (BCM) in 2020; however, COVID-19 has disrupted the economic activities, thereby affecting the gas demand in the domestic market. But considering the scope of market demand, gas consumption is expected to surge to around 600 BCM by 2040. In order to meet the growing gas demand, the country is planning to double its gas production to 325 BCM till 2040. With such plans, the country is likely to witness numerous refining and gas processing-related construction projects over the long run, which is further expected to create a market for graphite felt for assisting in corrosive and high temperature processing operations.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Demand from Industrial Applications and Energy Efficiency
4.1.2 Growing Industrialization in the Asia-Pacific Region
4.2.1 Unfavorable Conditions Arising Due to the Impact of COVID-19
4.3 Industry Value-Chain Analysis
4.4 Porters Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Raw Material Type
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ch5155
View source version on businesswire.com: https://www.businesswire.com/news/home/20210924005157/en/
Laura Wood, Senior Press Manager
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