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The advanced carbon materials market size is projected to reach US$ 48.20 billion by 2031 from US$ 27.79 billion in 2023; the market is expected to register a CAGR of 7.1% during 2023–2031. The growing focus on recycling and 3D printing is expected to be a key trend in the market.
Advanced Carbon Materials Market Analysis
Asia Pacific held the largest share of the global advanced carbon materials market, and Europe is expected to grow at the fastest CAGR during the forecast period. The growing energy storage and structural composites industries are boosting the demand for advanced carbon materials in the European market. The structural composites industry in Europe is experiencing substantial growth attributed to the growing demand from automotive and construction & infrastructure sectors. Additionally, the region has several ongoing offshore and onshore wind energy projects that drive the demand for wind turbine blades.
Advanced Carbon Materials Market Overview
Advanced carbon materials include natural graphite, synthetic graphite, multi-walled carbon nanotubes, single-walled carbon nanotubes, graphene, PAN-based carbon fibers, PITCH-based carbon fibers, carbon foams, and fullerene. These advanced carbon materials are considered as backbone of engineering and scientific innovation owing to their versatile chemical, physical, and electrical properties. Graphite is one of the major advanced carbon materials used in various applications. Graphite can operate at extremely high temperatures, making it suitable for demanding applications such as sintering and debinding in furnaces. Its chemical inertness enhances its stability and resistance to corrosion, which is crucial in melting processes. Further, these advanced carbon materials are used in various applications, such as electronics and semiconductors, energy storage, structural composites, chemical materials and polymers, and medical.
The major factors driving the growth of the advanced carbon materials market are the growing demand for lightweight materials and the increasing demand for advanced carbon materials for energy storage applications. Further, the adoption of carbon-based materials in cancer treatment can create lucrative growth opportunities for the advanced carbon materials market during the forecast period.
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Advanced Carbon Materials Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Advanced Carbon Materials Market: Strategic Insights
Shejal
Have a question?
Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Advanced Carbon Materials Market Drivers and Opportunities
Growing Demand for Lightweight Materials
In the automotive and aerospace industries, stringent regulations on fuel efficiency and emissions have led manufacturers to seek materials that reduce the weight of vehicles and aircraft without compromising safety or performance. For instance, carbon fiber reinforced polymers (CFRP) are increasingly being used in constructing aircraft fuselage, car body panels, and other critical components. Integrating carbon fiber in aerospace components can reduce drag and fuel consumption by up to 5%. These materials can be up to five times stronger than steel while being significantly lighter, helping to reduce the overall weight of vehicles and aircraft.
Automotive manufacturers prefer lightweight materials for manufacturing automobiles while ensuring safety and performance. Lightweight materials have excellent potential for increasing fuel efficiency. A 10% decrease in vehicle weight can result in a 6–8% enhancement in fuel economy. Substituting cast iron and traditional steel components with lightweight materials such as high-strength steel, aluminum alloys, magnesium alloys, carbon fiber, and polymer composites can reduce the weight of a vehicle body, thereby reducing the fuel consumption of a vehicle. Carbon fiber is significantly stronger than traditional materials such as aluminum and weighs about 40% less. The application of composites in the automotive sector continues to grow. Plastic composites have excellent acoustic and thermal properties compared to composites of nonrenewable origin, making them ideal for the vehicle's interior parts. The construction industry also benefits from the demand for advanced carbon materials. Carbon fibers and graphene are being incorporated into building materials to create lightweight, strong, and durable structures. These materials not only reduce the weight of buildings but also improve their energy efficiency and sustainability. Thus, the growing demand for lightweight materials across various industries is accelerating the adoption of advanced carbon materials. Their unique combination of lightweight, strength, and versatility makes them indispensable in meeting the evolving needs of industries focused on improving performance, reducing emissions, and enhancing sustainability.
Growing Demand for Renewable Energy
Clean (renewable) energy has gained momentum as nonrenewable energy resources are aggressively depleting. Many countries are focusing on generating clean energy to reduce carbon footprints. As global efforts to transition away from fossil fuels intensify, renewable energy sources such as solar, wind, and hydropower have become increasingly important. However, these energy sources face challenges, particularly in terms of storage and efficiency. Advanced carbon materials such as graphite, CNTs, and graphene are being increasingly adopted to address these challenges, as these materials play a critical role in improving the performance of energy storage systems, energy transmission, and overall renewable energy infrastructure. According to the International Energy Agency, the cumulative renewable electricity capacity by wind surged from 825.1 gigawatts (GW) in 2021 to 1,255.9 GW in 2024. Similarly, the cumulative renewable electricity capacity of solar PV increased from 949.0 GW in 2021 to 1,954.6 GW in 2024.
Advanced Carbon Materials Market Report Segmentation Analysis
Key segments that contributed to the derivation of the advanced carbon materials market analysis are product type and application.
- Based on product type, the advanced carbon materials market is segmented into graphite, graphene, carbon fibers, carbon foams, and others.
- By application, the market is divided into electronics and semiconductors, energy storage, structural composites, chemical materials and polymers, medical, and others.
Advanced Carbon Materials Market Share Analysis by Geography
The geographic scope of the advanced carbon materials market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Europe is expected to dominate the market over the forecast period. The structural composites industry in Europe is experiencing substantial growth attributed to the growing demand from automotive and construction & infrastructure sectors. According to the European Parliament, the automotive sector in the European Union (EU) accounted for 8% of the European manufacturing sector in 2023. A total of 255 automotive production facilities produced 14.8 million vehicles, including 12.2 million cars, as of 2023. In addition, the EU announced a target of all new vehicles in the region must be zero-emissions by 2035. This further drives the demand for lightweight automobiles in the region. Additionally, the region has several ongoing offshore and onshore wind energy projects that drive the demand for wind turbine blades.
Furthermore, the energy storage industry is growing rapidly in the region. According to the European Association for Storage of Energy, in 2023, the region installed ~10.1 gigawatts of energy storage in non-EU countries and the EU across commercial and residential markets, compared to 4.5 gigawatts of energy storage in the previous year. Thus, the growing energy storage and structural composites industries further boost the demand for advanced carbon materials in Europe.
Advanced Carbon Materials Market Report Scope
Advanced Carbon Materials Market News and Recent Developments
The advanced carbon materials market is evaluated by gathering qualitative and quantitative data from primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the advanced carbon materials market are listed below:
- LG Chem began constructing its fourth carbon nanotube (CNT) plant at its Daesan Complex, 80 km southwest of Seoul. LG Chem's CNT 4 Plant is slated for operation in 2025 and is expected to contribute to doubling LG Chem's annual CNT production capability to 6,100 metric tons. (LG Chem, News, 2024)
- Kumho Petrochemical Co Ltd announced that the company had signed an MOU with SK geo centric and Tongsuh Petrochemical for the establishment of a sustainable bio-raw material supply chain. (Kumho Petrochemical Co Ltd, Company Website, 2024)
Advanced Carbon Materials Market Report Coverage and Deliverables
The "Advanced Carbon Materials Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Advanced carbon materials market size and forecast for all the key market segments covered under the scope
- Advanced carbon materials market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed Porter's Five Forces and SWOT analysis
- Advanced carbon materials market analysis covering key market trends, country framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the advanced carbon materials market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The graphite segment held the largest share of the global advanced carbon materials market in 2023.
In 2023, Asia Pacific held the largest share of the global advanced carbon materials market due to increasing offshore wind installation projects in the region.
The market is expected to register a CAGR of 7.1% during 2023–2031.
Nanocyl SA, Teijin Ltd, Arkema SA, LG Chem Ltd, Cabot Corp, Kumho Petrochemical Co Ltd, Tokyo Chemical Industry Co Ltd, Nanoshel LLC, Zeon Corp, Mitsubishi Chemical Carbon Fiber and Composites Inc, Resonac Holdings Corp, Huntsman International LLC, OCSiAl, and Sumitomo Chemical Co Ltd. are among the key players operating in the advanced carbon materials market.
The growing focus on recycling and 3D printing is expected to emerge as a future trend in the market.
Growing demand for lightweight materials and increasing demand for advanced carbon materials for energy storage applications are driving the market.
The List of Companies - Advanced Carbon Materials Market
- Nanocyl SA
- Teijin Ltd
- Arkema SA
- LG Chem Ltd
- Cabot Corp
- Kumho Petrochemical Co Ltd
- Tokyo Chemical Industry Co Ltd
- Nanoshel LLC
- Zeon Corp
- Mitsubishi Chemical Carbon Fiber and Composites Inc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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