Advanced Carbon Materials Market - Forecast(2023 - 2028)

Advanced Carbon Materials Market Overview

Advanced Carbon Materials market size is projected to reach US$7.9 billion by 2027, after growing at a CAGR of 5.8% during the forecast period 2022-2027. The growing demand for advanced carbon materials in the construction industry and the increasing emphasis on lightweight composites from the automotive industry are major factors driving the advanced carbon materials market. According to the International Organization of Motor Vehicle Manufacturers (OICA), global automotive production increased from 77,621,582 units in 2020 to 80,145,988 units in 2021. According to the United States Census Bureau, the total residential construction in the US increased from US$797.728 in May 2021 to US$947,272 in May 2022. The rapid growth of the construction industry has increased the demand for carbon nanotubes, fullerene, graphite, carbon fibers, diamond, graphene and more. This helped fuel the market growth. Several end-use industries in the Advanced Carbon Materials industry suffered negative effects of the novel coronavirus pandemic, which had a direct impact on the Advanced Carbon Materials market size in the year 2020.

Advanced Carbon Materials Market Report Coverage

The “Advanced Carbon Materials Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Advanced Carbon Materials industry.

Key Takeaways

• Europe dominates the Advanced Carbon Materials market, owing to the bolstering growth of the automotive industry in the region. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of heavy trucks increased from 236,328 units in 2020 to 308,300 units in 2021, an increase of 31% in Europe.
• Advanced Carbon Materials are frequently used as engineering materials because of their superior qualities, which include excellent rigidity, strong tensile strength, low thermal expansion and good temperature resistance. These characteristics of advanced carbon materials are anticipated to accelerate market expansion.
• Energy storage is in high demand in various regions. As a result of this, the market is expanding. With the increasing usage of Advanced Carbon Materials in wind turbine blades for providing good tensile strength and enhanced durability, the industry is expected to gain momentum in this application industry over the forecast period.

Advanced Carbon Materials Market Segment Analysis – by Product Type

The carbon fibers segment held a significant share in the Advanced Carbon Materials market share in 2021 and is expected to grow at a CAGR of 6.3% during the forecast period 2022-2027. This is owing to the various advantages that it offers. Carbon fiber is a low-density material with a very high strength-to-weight ratio. This implies that without getting bogged down like steel or aluminum, carbon fiber is durable, making it suitable for applications such as automobiles or airliners. In addition, carbon fiber-reinforced plastic is known for its high tensile strength and is naturally resistant to oxidization, which makes carbon fiber-reinforced plastic well suited for environments where it might be exposed to salt water or corrosive chemical agents. All these extensive characteristics of carbon fibers are the key factors boosting the demand for carbon fibers during the forecast period.

Advanced Carbon Materials Market Segment Analysis – by End-use Industry

The aerospace segment held the largest share in the Advanced Carbon Materials market share in 2021 and is expected to grow at a CAGR of 8.7% during the forecast period 2022-2027. The market for advanced carbon materials from aerospace & defense is influenced by the revolutionary product design of compact integrated circuits suitable for high-temperature operations in high-speed military airplanes. Also, the emphasis on the development of lightweight aircraft has resulted in the creation of composite-derived wing boxes. In the aerospace industry, advanced carbon materials are commonly used to maximize performance and lower the weight of aircraft. Thus, all these advantages associated with advanced carbon materials are the major factor driving the demand for Advanced Carbon Materials in the aerospace industry during the forecast period.

Advanced Carbon Materials Market Segment Analysis – by Geography

Europe held the largest share Advanced Carbon Materials market share of up to 37.4% in 2021, owing to the increasing demand for advanced carbon materials from the flourishing aerospace industry in the region. According to the International Trade Administration (ITA), in 2019, the German aerospace industry reported revenues of EUR 41 billion, representing a growth of 2.5% over 2018 (EUR 40 billion). According to the Boeing Commercial Market Outlook 2022–2041, Europe would require 8,550 new airplane deliveries during 2022-2041. Also, according to the International Air Transport Association (IATA), as of March 2022, European airlines are scheduled to receive 36% more aircraft deliveries in 2022 versus 2021. Thus, with the flourishing aerospace industry, the demand for advanced carbon materials would also subsequently increase, which is anticipated to drive the Advanced Carbon Materials market size in the European region during the forecast period.

Advanced Carbon Materials Market Drivers

Accelerating Automotive Production:

Advanced Carbon Materials are significantly lighter than conventional materials. Therefore, the growing use of composite structures for component production is evident. They reduce vehicle weight and therefore ensure lower emissions of CO2. These lightweight materials and components are used for example for body and chassis parts and also in battery housings. According to the International Organization of Motor Vehicles Manufacturers (OICA), the production of passenger cars increased from 55,834,456 units in 2020 to 57,054,295 units in 2021. According to the European Automobile Manufacturer Association, South America car production grew by 11% while US car production grew by 3.1% in 2021. Thus, increasing automotive production would require more advanced carbon materials for manufacturing lightweight automotive components, which would act as a driver for the Advanced Carbon Materials market during the forecast period.

Flourishing Electrical and Electronics Industry:

The remarkable ability of Advanced Carbon Materials to conduct electricity, while dissipating or transmitting heat away from essential components, makes it a perfect material for electronic applications such as semiconductors, electrical motors and even modern battery manufacturing. Advanced carbon materials are effective for electronic applications, specifically electromagnetic interference (EMI) gaskets, resistive heating, thermoelectric-energy generation and heat dissipation. According to the Ministry of Industry and Information Technology, operating revenue for the sector reached approximately 14.1 trillion yuan (roughly $2.2 trillion) in 2021, an increase of 14.7 percent from the previous year. Thus, with the flourishing electrical & electronics sector, the demand for Advanced Carbon Materials would also eventually increase, which acts as a driver for the Advanced Carbon Materials market growth during the forecast period.

Advanced Carbon Materials Market Challenge

Health Risks Associated with Advanced Carbon Materials:

Advanced Carbon Materials such as carbon nanotubes are widely used nowadays due to their ease of synthesizing when compared with other types of CNTs. This is due to their impressive properties, such as high strength, diameter length ratio and more. Carbon black particles can, however, irritate the lungs and cause coughing while irritating the eyes, nose and throat when inhaled. However, the particles can lie deep in their lungs when individuals are exposed to high carbon black levels for several years, leading to bronchitis and ultimately a chronic condition called obstructive pulmonary disease. Longer fibers of carbon nanotubes may also find their way deep into the lungs, which can cause mesothelioma cancer in the tissue lining the lung in the worst case. All these health risks may restrain the Advanced Carbon Materials market.

Advanced Carbon Materials Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Advanced Carbon Materials market. The top 10 companies in the Advanced Carbon Materials market are:

1. Hexcel
2. Zoltek
3. Mitsubishi Rayon
4. Toray Industries
5. Showa Denko K.K.
6. Toho Tenax Co. Ltd.
7. Arkema S.A.
8. Graphenea
9. Hanwha Chemical
10. Nippon Graphite Fiber Corporation

Recent Developments

• In March 2021, Cabot Corporation launched a new ENERMAX™ 6 carbon nanotube (CNT) series. ENERMAX™ 6 carbon nanotubes are high-performance CNTs with a high aspect ratio.
• In February 2020, Zoltek Companies, Inc., announced that a portion of its carbon fiber manufacturing started using renewable energy.
• In July 2020, two German carbon fiber recycling firms, CFK Valley Stade Recycling GmbH & Co. KG and carboNXT GmbH (carboNXT), were acquired by Mitsubishi Chemical Corporation.

Relevant Reports

Advanced Materials Market – Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

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Carbon Fiber Market – Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

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Carbon Nanomaterials Market – Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

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