Advanced Carbon Materials Market size is anticipated to reach USD 5.29 billion by 2024. The factors that propel the growth of the advanced carbon materials industry include growing demand for fiberglass products in construction, automotive and energy applications, being lightweight material, having excellent electrical properties, technological progression for the development of carbon nanomaterials, increasing demand for carbon fiber reinforced plastic (CFRP). Advanced carbon materials market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
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The key driving factors responsible for the growth of Advanced Carbon Materials market :
Advanced carbon materials industry could be explored by product type, application, and geography. The market could be explored by product type as Carbon nanotubes, Graphene, Carbon fibers, Carbon foams, and Structural graphite. The “Carbon fibers” segment led the advanced carbon materials market in 2015 and is anticipated to maintain its dominance by 2024. The key factors that could be attributed to the growth of market include extensive usage in the construction industry for bridge construction and building construction, precast concrete panels, low thermal expansion, excellent stiffness, high tensile strength, and good temperature tolerance.
The key applications that could be explored in the advanced carbon materials industry include Energy, Aerospace & Defense, Sports, Electronics, Construction, Automotive, and Others. The “Aerospace & Defense” segment led the advanced carbon materials market in 2015 and is anticipated to maintain its dominance by 2024. The key factors that could be attributed to the growth of the market include increasing investments in electric vehicles in India and China. Aerospace & Defense segment is followed by Automotive sector owing to increasing vehicle manufacturing production in developing markets including India, China, Iran, and Mexico.
Asia-Pacific accounted for the major market share of advanced carbon materials in 2015 and will continue to lead in the forecast period. The factors that could be attributed to the growth include an increase in automotive manufacturing facilities in India, China, Thailand, and Indonesia, and growing demand for travel. Asia-Pacific would be followed by the European region in the forecast period.
Some of the key players that fuel the growth of the advanced carbon materials industry comprise Toho Tenex Europe Gmbh, Toray Industries Inc., Hexcel Corporation, Arkema Sa, Nippon Graphite Fiber Co. Ltd, CVD Equipment Corporation, Arry International Group Limited, Grupo Graphenano, Future carbon, Grupo Antolin, Graphenea, Mersen Group, Haydale Graphene Industries Plc, Showa Denko KK, and Nanothinx S.A. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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