Global Advanced Carbon Materials Market to Reach $8.2 Billion by 2026
SAN FRANCISCO, Feb. 18, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Advanced Carbon Materials - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 4; Released: February 2022
Executive Pool: 603
Companies: 231 - Players covered include Arkema S.A.; Arry International Group Limited; FutureCarbon Materials GmbH; Global Graphene Group; Graphenea; Hanwha Chemical; Hexcel Corporation; Jiangsu Cnano Technology Limited; Mitsubishi Rayon; Nippon Graphite Fiber Corporation; Showa Denko K.K.; Toho Tenax Co. Ltd.; Toray Industries; Zoltek and Others.
Coverage: All major geographies and key segments
Segments: Product (Special Graphite, Carbon Fibers, Carbon Nanotubes, Carbon Foams, Other Product Types); Application (Aerospace & Defense, Energy, Automotive, Sports, Construction, Electronics, Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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ABSTRACT-
Global Advanced Carbon Materials Market to Reach US$8.2 Billion by the Year 2026
Advanced carbon materials consisting of carbon fibers, carbon foams, structural graphite, graphene and CNT (carbon nanotubes) are the widely employed engineering materials due to their beneficial attributes such as high tolerance to temperature, reduced thermal expansion, increased tensile strength, and exceptional stiffness. These features are driving demand for advanced carbon materials. Advanced carbon nanomaterials' allotropes are generally used in organic PV, renewable energy resources, and in technology related to energy conservation. Carbon nanomaterials, on account of biocompatibility, hold significant promise for improving drug delivery and biology. Fullerene, CNT, and graphene are regarded as effective and quick nanocarriers for providing therapeutic molecules. Carbon fiber is a high strength and low density material. Therefore, it is durable in comparison to aluminum or steel, and ideal for use in airplanes or automobiles. Carbon fiber-reinforced plastic has significant tensile strength and has resistance to oxidization, making it suitable for use in environments where there is exposure to corrosive chemical agents or saltwater.
The growth of the aerospace and automotive industries is likely to drive gains in the advanced carbon materials market. Automotive companies such as Ford and Volkswagen are increasingly focusing on developing lightweight composites for achieving greater fuel economy. The increasing government funds for nanotechnology research in countries such as China, Japan, the Netherlands, Germany, and the US are expected to lead to the emergence of novel advanced nanomaterials. Demand for reinforced plastics is anticipated to benefit from the construction and automotive industries in emerging countries such as Mexico, China, and India and also the Middle East. The market is also being driven by the construction industry's growing adoption of carbon fiber reinforced plastic and the rising preference for lightweight composites in the aviation and automotive industry. The quick expansion of the construction sector has augmented the use of nanocrystalline diamond and carbon nanotubes, which has augured well for the market. The market is also expected to gain from the use of bio-waste to produce advanced carbon materials.
Amid the COVID-19 crisis, the global market for Advanced Carbon Materials estimated at US$6.1 Billion in the year 2022, is projected to reach a revised size of US$8.2 Billion by 2026, growing at a CAGR of 6.8% over the analysis period. Special Graphite, one of the segments analyzed in the report, is projected to grow at a 5.9% CAGR to reach US$1.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Carbon Fibers segment is readjusted to a revised 8.7% CAGR for the next 7-year period. This segment currently accounts for a 36.4% share of the global Advanced Carbon Materials market. Special graphite finds use in the production of silicon semiconductor, lithium-ion batteries, LED chips, crucibles and dies for steady casting, automobile vacuum pumps, and in the manufacturing of polysilicon, among others. Among the widely employed kinds of special graphite, isotropic graphite is popular due to its good shock and temperature resistance. The high tensile strength, stiffness, strength-to-weight ratio, temperature tolerance and chemical resistance and lower thermal expansion properties make carbon fibers the popular material choice for numerous applications in civil engineering, aerospace, motorsports, competition sports and military fields.
The U.S. Market is Estimated at $1.5 Billion in 2022, While China is Forecast to Reach $1.2 Billion by 2026
The Advanced Carbon Materials market in the U.S. is estimated at US$1.5 Billion in the year 2022. The country currently accounts for a 24.22% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.2 Billion in the year 2026 trailing a CAGR of 8.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.3% and 6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.5% CAGR while Rest of European market (as defined in the study) will reach US$847 Million by the end of the analysis period. Europe is by far the largest market, thanks to the expanding automotive sector. The aerospace industry is another demand driver for the advanced carbon materials market in the region. The market in Asia-Pacific is anticipated register healthy growth, attributed to the focus of the government of China on augmenting energy production from renewable sources and the Sino Government's enforcement of the Document 625 Policy.
Carbon Nanotubes Segment to Reach $1.5 Billion by 2026
Carbon nanotubes attracted increased attention for several mechanical applications due to special properties which make carbon nanotubes preferable for heavy reinforcements in structural applications and composite materials. Carbon nanotubes are extensively utilized in different sensor applications like mechanical sensors. In the global Carbon Nanotubes segment, USA, Canada, Japan, China and Europe will drive the 5.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$872.1 Million will reach a projected size of US$1.3 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$181 Million by the year 2026.
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