Current Status and Future Development Trends of Global and Chinese Carbon Felt and Graphite Felt Markets in 2023
Generally speaking, carbon felt refers to polyacrylonitrile based carbon felt, which is divided into soft carbon felt and hard carbon felt (also known as cured felt, soft carbon felt is cured after adding glue). According to the temperature during the production process of carbon felt, it is divided into carbon felt (generally processed at a temperature of over 900 degrees Celsius in China) and graphite felt (generally processed at a temperature of around 1700 degrees Celsius in China).
Overall, it can be divided into four categories: carbon felt, graphite felt, hard carbon felt, and hard graphite felt. At present, there are three main types of carbon felt worldwide: polyacrylonitrile (PAN) based carbon felt, adhesive based carbon felt, and asphalt based carbon felt. The carbonization temperature of carbon fiber is around 1000 degrees Celsius, and the carbon content after making carbon fiber felt is around 90%. The operating temperature of carbon felt is also around 1000 degrees Celsius.
Carbon fiber felt forms graphite fibers when heated above 2000 degrees Celsius in an anaerobic environment. After being made into graphite fiber felt, the carbon content can reach over 99%, and the operating temperature of graphite felt can reach 2000 degrees Celsius. If carbon fiber felt is used for insulation environments above 2000 degrees Celsius, further reactions will occur.
According to statistics and predictions, the global carbon felt and graphite felt market sales reached 156 million US dollars in 2022, and are expected to reach 301 million US dollars in 2029, with a compound annual growth rate (CAGR) of 6.83% (2023-2029). At the regional level, the Chinese market has undergone rapid changes in the past few years. In 2022, the market size was 60.53 million US dollars, accounting for approximately 32.47% of the global market. It is expected to reach 131.27 million US dollars by 2029, with a global market share of 43.54%. In terms of consumption, China is currently the world's largest consumer market, with a market share of 44.65% in 2022, followed by Europe and North America, which hold 16.23% and 10.70% respectively. It is expected that China will experience the fastest growth in the coming years, with a CAGR of approximately 13.37% from 2023 to 2029.
From a production perspective, China and Europe are two important production regions, with market shares of 65.38% and 16.19% respectively in 2022. It is expected that China will maintain the fastest growth rate in the coming years, and its market share is expected to reach 77.95% in 2029. From the perspective of product types, synthetic silk felt holds an important position, with an expected market share of 79.31% by 2029. In terms of application, the share of insulation materials in 2022 is about 81.70%, and the CAGR in the next few years is about 6.54%.
The main use of graphite felt is as insulation and thermal insulation material for monocrystalline silicon smelting furnaces. Due to its excellent properties such as light weight, high carbon content, corrosion resistance, high purity, no volatilization at high temperatures, low thermal conductivity, and no deformation at high temperatures, it is an excellent insulation material for high-temperature vacuum furnaces. As a new type of environmentally friendly material, the application of graphite felt is becoming increasingly widespread in daily life. It is used in aerospace, photovoltaics, and semiconductors. As an excellent insulation material for industrial use, it has certain chemical applications compared to other insulation materials and belongs to a multifunctional high-end material.
With the cyclical rise of the Chinese photovoltaic market in the past two years, the demand for carbon felt and graphite felt in the market continues to increase. It is expected that in the future, with the sustained growth of new installed capacity in the photovoltaic industry, the global carbon felt and graphite felt market will steadily grow. According to the expansion project data of major photovoltaic enterprises, it is estimated that the demand for graphite soft felt in 2024 and 2025 will be 15300 tons and 17000 tons respectively.
In addition, powder metallurgy, as a new material widely used in transportation, machinery, electronics, aerospace, weapons, biology, new energy and other fields, is developing rapidly in the industry. The corresponding demand for insulation and heat preservation of high-temperature furnace bodies used in powder metallurgy processes will also increase. At the same time, the demand for high-temperature insulation materials in the semiconductor industry will become more stringent. As a new type of environmentally friendly material, the application of graphite felt is becoming increasingly widespread in daily life. It is used in aerospace, photovoltaics, and semiconductors. As an excellent insulation material for industrial use, it has certain chemical applications compared to other insulation materials and belongs to a multifunctional high-end material.