Advanced Carbon Materials Market: Current Analysis and Forecast (2023-2030)

The Advanced Carbon Material market is expected to register a CAGR of approx. 8% over the period of 2023-2030. Carbon fiber, carbon nanotube (CNT), graphene, structural graphite and carbon foam are most commonly used due to their excellent properties such as good stiffness, high tensile strength, low thermal expansion and good temperature resistance processing material. Increasing demand of carbon composite and reinforced plastics materials owing to increasing demand of high-performance materials from a large base of industries like aerospace & defence, automotive, and transportation is propelling the demand of advanced carbon materials. For instance, Aircrafts like Boeing 787 and Airbus A350 have been largely made of the material mix of carbon fibers and polymer resins. Further, Boeing 787 Dreamliner passenger plane is composed of 50% composite material by weight, with most of the composite material being carbon fiber laminate or carbon fiber sandwich. In addition, automotive sector is increasingly utilizing carbon fiber to reduce the overall weight of vehicle resulting in more efficiency and helps in reducing carbon emission. For instance, BMW uses carbon fiber composites in its 7-series for the manufacturing of roof elements and supporting pillars with the intention of lowering the car's center of gravity. The Alfa Romeo 4C, on the other hand, has a completely carbon fiber chassis, which cuts the weight of vehicle down to just 2,500lbs. Apart, from carbon fiber, demand for other products like graphene is increasing owing to its properties like 200 times stronger than steel and weighing only 0.77 milligrams per square meter.

Based on type, the market is categorized into carbon fiber, isotropic graphite, graphene, carbon nanotube, carbon foam, and others. Among these, carbon fiber held the significant market share owing to its increasing usage in industries like automotive & transportation, aerospace & defense, infrastructure, and electronics. Due to its lightweight and rigid properties automotive OEMs are increasingly using it in vehicles. However, due to its high cost, currently it is used in high end vehicles mainly. But with the advancement in technology and lowering of cost, it is expected to be used in all types of vehicles. Thus, boosting the market of carbon fiber.

Based on end user, the market is categorized into automotive, aerospace & defense, electronics, metallurgy, energy, construction, and others. Among these, automotive and aerospace & defense are among the largest consumer of advanced carbon materials. Increasing demand for high strength materials from defense sector, shifting trend towards lightweight aircrafts and automobiles, and growing demand of final products resulting in the increasing demand of materials used in these industries which eventually increasing the market of advanced carbon materials.

For better understanding of the market, the report provides detail analysis for major region and country including North America (US, Canada); Europe (Germany, UK, France, Spain, rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific) and Rest of World. During the forecast period, Asia-Pacific region is likely to showcase robust growth owing to robust growth of industries like aerospace & defense, automotive, transportation, electronics, and metallurgy, among others.

Some of the major companies operating in the global advanced carbon materials market includes Hexcel Corporation; Mitsubishi Chemical Carbon Fiber and Composites Inc.; Resonac Holdings Corporation; Graphite India Ltd.; SGL Carbon; Zoltek Corporation; Nippon Graphite Fiber Co., Ltd; Arkema; TEIJIN LIMITED; GrafTech International among others. Several M&A's along with partnerships have been undertaken by these players.