The global advanced carbon materials market size was estimated at USD 3.06 billion in 2015, growing at a CAGR of 6.4% over the forecast period. Increase in the industrial applications is one primarily responsible for growth in the need for carbon materials and this is anticipated to augment the demand for the market over the forecast period.
Carbon fibers, carbon nanotubes (CNT), graphene, structural graphite, and carbon foams are majorly used engineering materials on account of exhibiting superior properties including excellent stiffness, high tensile strength, low thermal expansion, and good temperature tolerance. The advanced carbon materials market is anticipated to grow on account of the aforementioned factors.
Rising demand for reinforced plastics in automotive and construction sectors in emerging economies including China, India, and Mexico as well as Middle East countries are expected to drive the industry demand. Furthermore, increasing government funding towards nanotechnology research in the U.S., Germany, Netherlands, Japan and China is likely to result in the development of new advanced nanomaterials.
An increase in the demand for composites in application industries such as automotive, construction, aerospace & defense and electronics sectors is expected to augment the product demand. In addition, companies including Showa Denko, Hyperion, and Cnano Technology have increased expenditure for the development of the products including graphene and CNT, this is projected to stimulate industry growth.
Furthermore, increasing expenditure by automotive companies including Volkswagen and Ford towards the development of lightweight composites for inducing fuel economy characteristics in the finished products is expected to stimulate the demand for this market over the forecast period.
Rising market visibility of other nanomaterials including nanoclays, metal oxide particles, and quantum dots as fillers for manufacturing engineering goods is expected to pose a threat to the growth of these advanced materials. Furthermore, heavy reliance on crude oil prices is expected to remain a challenging factor over the forecast period.
On the basis of product, the market is segmented into carbon fibers, CNT, structural graphite, graphene, and carbon foam. Rising concerns regarding galvanic corrosion issues associated with the usage of aluminum in aerospace applications are expected to augment the demand for fiber-based composites over the forecast period.
Carbon fibers dominated the global market accounting for over 44% of the total market revenue in 2015. The predominant consumption of the product for manufacturing composites used in a wide range of applications such as automotive, construction, electronics and energy are expected to propel industry growth.
Carbon foams are projected to grow at a CAGR of 7.9% over the forecast period owing to its properties including superior electrical conductivity and chemical inertness. The segment growth is attributed owing to the increasing demand for the product as a battery material. Moreover, ongoing development of nanofoams and fireproof foams is anticipated to drive the industry demand
The demand for the product is increasing with advancement in operational efficiency across various manufacturing industries. In order to attain better efficiency and high throughput, advanced carbon materials are developed to serve the need for high-temperature tolerance and stronger materials. The demand for the market is thereby anticipated to grow on account of the aforementioned factors.
Advanced carbon materials are used in a wide range of applications including aerospace & defense, automotive, energy, construction, electronics, and sports. Aerospace & defense accounted for around 35% of the overall market revenue in 2015 and is expected to grow at a CAGR of 5.9% over the forecast period owing to increased use of the product in the application segment.
Companies including Mitsubishi Heavy Industrial Limited have been focusing on the development of composite-derived wing box to reduce the overall aircraft weight. Furthermore, military aircraft manufacturers such as Augusta Westland are increasingly using flexible integrated circuits to operate even at high temperature. The aforementioned factors are expected to promote the product demand.
Automotive is expected to witness revenue growth at a CAGR of 8.1% over the forecast period. Increasing vehicle manufacturing output in emerging markets including China, India, Mexico and Iran on account of the regulatory initiative to promote investments coupled with increasing sales of SUVs is expected to encourage the usage of the product as fillers.
The market demand for energy witnessed market revenue of over 544 million in 2015. The industry is projected to gain momentum in this application industry on account of increasing use of the product in wind turbine blades for providing good tensile strength and enhanced durability over the forecast period.
Europe dominated the advanced carbon materials market accounting for around 32% of the total market revenue in 2015. High prevalence of aerospace manufacturing facilities of Boeing, Augusta Westland, Bell Helicopters in France, Germany, UK and Russia as a result of easy accessibility of consumables is expected to augment the industry growth.
Asia Pacific is projected to witness significant revenue growth at a CAGR of 8.4% over the forecast period. Regulatory inclination towards increasing energy output from renewable sources such as wind and solar, in China, coupled with the implementation of the “Document 625 Policy” by the Sino Government is expected to open new markets avenues over the forecast period.
North America is anticipated to witness a market revenue of 1.36 billion in 2024 owing to the increased spending in construction sector. Positive outlook towards the construction sector in the U.S. and Canada as a result of regulatory inclination to promote investments in for residential complexes is expected to increase the use of composites which in turn will fuel product growth.
Latin America and MEA are expected to have a significant growth in the market over the forecast period. Rising awareness towards the importance of the product in the electronics industry on account of the excellent electrical properties and lightweight characteristics of the materials is anticipated to bolster the product demand.
The global market witnesses’ presence of several players engaged in manufacturing of different products. The key participants in the industry include Hexcel, Zoltek, MItsbuishi Rayon, Toray Industries, Showa Denko K.K., Toho Tenax Co. Ltd., Arkema S.A., Graphenea, Hanwha Chemical, and Nippon Graphite Fiber Corporation.
Product innovation regarding the development of durable and lightweight materials is expected to remain a critical success factor for the market players. Furthermore, the majority of companies are likely to establish their production units in vicinity to the U.S., Germany and Japan owing to easy access to nanotechnology infrastructure over the forecast period.
Base year for estimation
Actual estimates/Historical data
2013 - 2014
2016 - 2024
Revenue in USD million and CAGR from 2016 to 2024
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
U.S., Germany, United Kingdom, China, Japan, Brazil
Revenue forecast, competitive landscape, growth factors and trends
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