Carbon Filler Based Nanocomposite Market - Forecast(2023 - 2028)

Carbon Filler Based Nanocomposite Market Overview

The Carbon Filler Based Nanocomposite Market size is projected to grow at a CAGR of 9.5% during the forecast period 2022-2027 and reach US$2.6 billion by 2027. Carbon filler based nanocomposites are primarily composed of various elements, including activated carbon, carbon black, graphene, carbon nanotubes and nanodiamonds. Some of the examples of polymer composites based on carbon filler include polyphenylene sulfide, polyetheretherketone, polyamides, polyesters and more. They are primarily used in various industries including construction, automotive, aerospace and others. The expansion of the carbon filler based nanocomposite market is primarily driven by their usage in the automotive industry. In 2020, the COVID-19 pandemic negatively impacted automotive production, temporarily affecting the growth of the carbon filler based nanocomposite industry. However, a steady recovery in automotive production activities has been witnessed since 2021, which in turn, is driving the demand for carbon filler based nanocomposites. According to the International Organization of Motor Vehicle Manufacturers, the total global automobile production reached 80.2 billion units in 2021, an increase of 3% as compared to 77.7 billion units in 2020. An increase in automotive production along with the growth in the aerospace industry is expected to drive the growth of the Carbon Filler Based Nanocomposite market size in the upcoming years. Meanwhile, environmental concerns associated with the toxicity of nano products may confine the market growth.

Carbon Filler Based Nanocomposite Market Report Coverage

The "Carbon Filler Based Nanocomposite Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Carbon Filler Based Nanocomposite Market.

By Type: Activated Carbon, Carbon Black, Graphene, Carbon Nanotubes (Multi-Walled Carbon Nanotubes and Single-Walled Carbon Nanotubes) and Nanodiamonds.
By Synthesis Method: Covalent Functionalization, Noncovalent Functionalization, Wet and Dry Synthesis.
By End-use Industry: Automotive (Passenger Cars, Light Commercial Vehicle and Heavy Commercial Vehicles), Electrical & Electronics (Semiconductor, Appliance and Others), Construction (Residential, Commercial and Industrial), Healthcare (Medical Devices, Drug Delivery, Others), Medical Hygiene Products, Aerospace (Commercial, Military and Others), Marine (Passenger Ships & Cruises and Heavy Load Carriers), Agriculture, Power Generation and Others.
By Geography: North America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands, Spain, Denmark, Belgium and the Rest of Europe), Asia-pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America) and Rest of the World [the Middle East (Saudi Arabia, the UAE, Israel and the Rest of Middle East) and Africa (South Africa, Nigeria and the Rest of Africa)].

Key Takeaways

• Carbon nanotubes held a significant share in the Carbon Filler Based Nanocomposite Market in 2021. Its wide range of characteristics and high flexibility made it stand out in comparison to other types of carbon fillers in the market.
• Automotive industry held a significant share in the Carbon Filler Based Nanocomposite Market in 2021, owing to the increasing demand for Carbon Filler Based Nanocomposites from the automotive sector across the world.
• Asia-pacific dominated the Carbon Filler Based Nanocomposite Market in 2021, owing to its increasing demand from the automotive sector in the region.
• A detailed analysis of strengths, weaknesses, opportunities and threats of major market players would be provided in the Carbon Filler Based Nanocomposite Market Report.

Carbon Filler Based Nanocomposite Market Segment Analysis – by Type

The carbon nanotube held a significant Carbon Filler Based Nanocomposite Market share in 2021, owing to a range of characteristics and benefits they offer over other types of carbon fillers. For instance, carbon nanotubes offer higher thermal conductivity and elasticity in comparison to activated carbon, carbon black and graphene-based nanocomposites. Moreover, it also offers very high tensile strength along with excellent flexibility as compared to other types of carbon filler based nanocomposites. Furthermore, carbon nanotubes offer very high electrical conductivity, along with a low thermal expansion coefficient which makes them ideal for use in construction, automotive and other industries. Recent insights from Construct Connect reveal that the U.S. government has funded around US$20 billion for the construction of a real estate and development project in Chicago, which is currently undergoing construction in 2022. Thus, such surging development in the construction sector is expected to increase the demand for carbon nanotube-based nanocomposite for use in construction materials such as concrete, asphalt, adhesives, coatings and other materials utilized in the industry. This is expected to drive market growth during the forecast period.

Carbon Filler Based Nanocomposite Market Segment Analysis – by End-use Industry

The automotive industry held a significant Carbon Filler Based Nanocomposite Market share of over 20% in 2021, due to the increasing automobile production across the world. According to the International Organization of Motor Vehicle Manufacturers (OICA), the total production of passenger cars in South America, Asia-pacific and Africa increased by 11%, 7% and 8%, respectively, in 2021 as compared to 2020. Carbon filler based nanocomposites such as polyphenylene sulfide, polyetheretherketone, polyamides, polyesters and more are primarily used in the automotive industry for multiple applications involving automobile engines, suspension & braking systems, electric & electronic equipment and other automobile components. Thus, such surging production from the automotive industry is expected to increase the demand for carbon filler based nanocomposites. This is expected to expand the Carbon Filler Based Nanocomposite market size during the forecast period.

Carbon Filler Based Nanocomposite Market Segment Analysis – by Geography

Asia-pacific held a significant Carbon Filler Based Nanocomposite Market share of over 28% in 2021. The consumption of Carbon Filler Based Nanocomposites is particularly high in this region due to its increasing demand from the automotive sector in the region. Recent insights published by the OICA (International Organization of Motor Vehicle Manufacturers) during the fourth quarter of 2020 state that around 25 million, 3.5 million, 8 million and 3.4 million units of vehicles were produced in China, South Korea, Japan and India, respectively, which in turn, contributed to approximately 50% of the global automobile production during 2020. Hence, such an increase in automobile production in multiple countries across the region is expected to increase the demand for carbon filler based nanocomposites for use in automobile engines, suspension and braking systems, electric and electronic equipment and other automobile components. This is anticipated to propel the market growth during the forecast period.

Carbon Filler Based Nanocomposite Market Drivers

An increase in automotive production

The properties of Carbon Filler Based Nanocomposites such as very high tensile strength, excellent flexibility, along with mechanical and thermal properties make them ideal for use in various automotive components. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of heavy-duty vehicles in Europe reached 308,300 units in 2021, an increase of 31% in comparison to 2,36,328 units in 2020. It further stated that the total automobile production in 2021 in Europe, America, Asia and Africa increased by 25%, 17%, 28% and 37% respectively in comparison to 2020. Hence, an increase in global automotive production is expected to increase the demand for Carbon Filler Based Nanocomposites for use in various components of an automobile, due to its aforementioned properties. This is expected to drive the growth of the market in the upcoming years.

Growth of the aerospace industry

Carbon Filler Based Nanocomposites such as polyphenylene sulfide, polyetheretherketone, polyamides and polyesters are commonly used in various components of an aircraft which include cabin interiors, glare shields, electrical and electronic systems and more. This is because of their very high tensile strength, durability, lightweight and excellent resistance to impact, chemicals and corrosion. According to the Federal Aviation Administration (FAA), the total production of commercial aircraft fleet is estimated to reach up to 8,270 by the end of 2037, owing to the growth of air cargo activities. Moreover, the Indian Air Force (IAF) announced its plans to deliver 73 Tejas Mark-1A fighter jets which are scheduled to be delivered during 2024-2028. Hence, such surging growth of the aerospace industry is expected to increase the demand for Carbon Filler Based Nanocomposites, owing to their above-mentioned usage and properties. This is expected to accelerate market growth in the upcoming years.

Carbon Filler Based Nanocomposite Market Challenge:

Environmental concerns associated with the toxicity of nano products

The use of nanocomposites is usually linked with nano-pollution causes. Nano pollution occurs from the byproducts or waste that is generated during the manufacturing of nanomaterials. The byproducts and waste generated during the production of nanomaterials can end up in landfills and contaminate the air and water systems. The growth of nanotechnology including nanocomposites is considered to be a growing environmental concern as the full-scale impact of nano-pollution is yet to be determined. Moreover, prolonged exposure or inhalation of nanoparticles during their manufacturing process may cause lung inflammation and heart problems. Thus, such environmental and health concerns associated with the production of nanomaterials may limit the growth of the Carbon Filler Based Nanocomposite industry during the forecast period.

Carbon Filler Based Nanocomposite Industry Outlook

Technology launches, acquisitions and increased R&D activities are key strategies adopted by players in the Carbon Filler Based Nanocomposite industry. The top companies in Carbon Filler Based Nanocomposite Market are:

1. 3M
2. Cybershield Inc.
3. Parker Chomerics
4. Dow Chemical Company
5. Schaffner Holding AG
6. Eis Fabrico
7. Schlegel EMI
8. PPG Industries Limited
9. Orion Industries Incorporated
10. Tech-Etch Inc.

Recent Developments

• In September 2021, B9Creations partnered with Mechnano, a nanomaterial company headquartered in the United States. The main goal of this partnership was to expand the company’s range of nanomaterials functionalized with carbon nanotubes to deliver high-value materials that are primarily designed to meet specific performance requirements.
• In January 2020, Cabot China Limited acquired Shenzhen Sanshun Nano New Materials Co., Ltd, a leading carbon nanotube manufacturer in China, for approximately US$115 million. The main motive of this acquisition was to strengthen the company’s position and formulation capabilities in the electric vehicle market in China.

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