The report "Carbon Felt and Graphite Felt Market by Raw Material type (PAN, Rayon, and Pitch), Product Type (Soft Felt and Rigid Felt), Type (Carbon Felt and Graphite Felt), Application (Furnace, Batteries, and Filters), and Region - Global Forecast 2023", The carbon felt and graphite felt market is projected to grow from USD 292.7 million in 2018 to USD 460.8 million by 2023, at a CAGR of 9.5% between 2018 and 2023.

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Carbon felt and graphite felt offers high-temperature insulation and structural stability, making them suitable for use in high-temperature furnaces for energy saving and high-performance batteries.

Based on raw material type, the PAN-based carbon felt and graphite felt market is projected to register the highest CAGR during the forecast period

The carbon felt and graphite felt market is dominated by the PAN-based carbon felt and graphite felt segment, in terms of value and volume. PAN-based carbon felt and graphite felt is the most popular raw material type widely used, as it has easy processing and high insulating properties as well as is cost effective.

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Based on product type, the soft carbon felt and graphite felt market is projected to register the highest CAGR during the forecast period

Soft felt is the dominant product type of carbon felt and graphite felt, in terms of value and volume. This felt finds wide applications in induction heated vacuum furnaces; furnaces with an inert gas like atmosphere such as induction furnaces, degassing and carburizing furnaces, brazing, and annealing furnaces; sintering furnaces for hard metals; carbon fiber furnaces; and graphitizing furnaces.

The furnace application segment is projected to account for the largest market share during the forecast period

Carbon felts and graphite felts offer heat insulation and help in increasing the efficiency of the furnace. In furnaces, carbon and graphite felts are used for insulation purpose, as they offer low thermal conductivity, low specific heat, and permits rapid heating and cooling of the furnace. The growing industries such as vacuum and high-pressure sintering, crystal growing, vacuum treatment, and casting need high-temperature furnaces, which is expected to increase the demand for carbon and graphite felts during the forecast period.

APAC is estimated to be the largest carbon felt and graphite felt market in 2018, in terms of volume.

APAC is the key carbon felt and graphite felt market. The growing demand for carbon and graphite felts along with a string focus on emission control policies, energy savings, environmentally friendly products, and industry consolidation have encouraged innovations and technological developments in the market. This has made the region a major hub for manufacturing carbon and graphite felts. China is the world’s largest producer and consumer of industrial heating systems and furnaces, thereby driving the demand for carbon and graphite felts in the region.

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The major players operating in the market are SGL Group (Germany), Toray Industries, Inc. (Japan), Kureha Corporation (Japan), Nippon Carbon Co., Ltd. (Japan), Beijing Great Wall Co., Ltd. (China), Chemshine Carbon Co., Ltd. (China), CM Carbon Co., Ltd. (China), and Gansu Haoshi Carbon Fiber Co., Ltd (China).

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