Global advanced carbon materials market is expected to foresee significant growth. Increasing demand for lightweight components from end users is likely to boost the market!
- Vikas Kumar
- October 11, 2021
- CHEMICAL, NEWS
- Advanced carbon materials market, Advanced carbon materials market Growth, Advanced carbon materials market news, Advanced carbon materials market Share, Advanced carbon materials market Size, Advanced carbon materials market Trend
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Global advanced carbon materials market stood around $5-6 billion in 2020 and it is expected to grow at a CAGR of above 8% during the forecast period. Shifting industry trend towards lightweight components which are high in strength along with rising investment by the companies to lower the advanced carbon materials cost are some of the factors which are driving the market.
Shifting trend towards lightweight-robust products is driving the demand of carbon materials as these materials provides strong final product which are light in weight as well. Globally, automotive and transportation industry is adopting carbon materials to lower the weight of vehicles and equipment’s thus offering high efficiency product. Owing to such factors, the demand of advanced carbon materials is increasing. For instance, the production of natural graphite, a key raw material to produce carbon nanotube using plasma arcing of carbonaceous material, has increased to 1,128.2 thousand tons in 2019 from 981.1 thousand tons in 2010. However, in the light of COVID-19. the production had decreased to 909.7 thousand tons in 2020.
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COVID-19 impacted the advanced carbon materials market in a negative way. Halted supply chain owing to border closure and in-sufficient production of advanced carbon materials owing to factory closures or operating with half workforce owing to stringent measures taken by the governments across the globe. Due to such factors market has witnessed negative impact of the pandemic. Further, halted automotive production and aerospace industry decreased the components demand which are used in these industries.
- Based on type, the advanced carbon materials market is categorized into carbon fiber, isotropic graphite, graphene, carbon nanotube, carbon foam, and others. Carbon fiber held the significant share in the market in 2020. Increasing demand for lightweight vehicles as it helps in improving the fuel economy thus supporting in lowering the carbon emission. Further, growing renewable energy especially wind energy is increasing the demand of carbon fiber as it is used to make thin rotor blades.
- Based on end user, the market is categorized into automotive, aerospace & defence, electronics, metallurgy, energy, construction, sports, healthcare, and others. Among these, automotive held the prominent market share owing to increasing demand for lightweight composite materials. Further, industry is trying to use these materials in low-cost vehicles as well owing to which demand of advanced carbon materials would increase.
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For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. Asia-Pacific is likely showcase significant growth during the forecast period owing to large base end use industry and growing concern related to environment. Some of the major companies profiled in the report includes Hexcel Corporation, Mitsubishi Chemical Carbon Fiber and Composites Inc., Showa Denko K.K., Graphite India Ltd., SGL Carbon SE, Zoltek, Nippon Graphite Fiber Corporation, Arkema S.A., Teijin Ltd., and Graftech International Ltd.
Global Advanced Carbon materials Market Segmentation
Market Insight, by Type
- Carbon Fiber
- Isotropic Graphite
- Carbon Nanotube
- Carbon Foam
Market Insight, by End User
- Aerospace & Defence
Market Insight, by Region
- North America Advanced Carbon Materials Market
- United States
- Europe Advanced Carbon Materials Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Advanced Carbon Materials Market
- Rest of Asia-Pacific
- Rest of World Advanced Carbon Materials Market
Top Company Profiles
- Hexcel Corporation
- Mitsubishi Chemical Carbon Fiber and Composites Inc.
- Showa Denko K.K.
- Graphite India Ltd.
- SGL Carbon SE
- Nippon Graphite Fiber Corporation
- Arkema S.A.
- Teijin Ltd.
- Graftech International Ltd.