Advanced Carbon Materials Market Size, Share, Growth Analysis, By Product Insights(On the basis of product, the market is segmented into carbon fibers), By Application Insights(Advanced carbon materials are used in a wide range of applications including aerospace & defense, automotive) - Industry Forecast 2024-2031

Segmentation Analysis:

The Advanced Carbon Materials Market is segmented by Product Insights, Application Insights. We are analyzing the market of these segments to identify which segment is the largest now and in the future, which segment has the highest growth rate, and the segment which offers the opportunity in the future.

• Based on Product Insights the market is segmented as, On the basis of product, the market is segmented into carbon fibers, CNT, structural graphite, graphene, and carbon foam. Rising concerns regarding galvanic corrosion issues associated with the usage of aluminum in aerospace applications are expected to augment the demand for fiber-based composites over the forecast period., Carbon fibers dominated the global market accounting for over 44% of the total market revenue in 2015. The predominant consumption of the product for manufacturing composites used in a wide range of applications such as automotive, construction, electronics and energy are expected to propel industry growth., Carbon foams are projected to grow at a CAGR of 7.9% over the forecast period owing to its properties including superior electrical conductivity and chemical inertness. The segment growth is attributed owing to the increasing demand for the product as a battery material. Moreover, ongoing development of nanofoams and fireproof foams is anticipated to drive the industry demand, The demand for the product is increasing with advancement in operational efficiency across various manufacturing industries. In order to attain better efficiency and high throughput, advanced carbon materials are developed to serve the need for high-temperature tolerance and stronger materials. The demand for the market is thereby anticipated to grow on account of the aforementioned factors.
• Based on Application Insights the market is segmented as, Advanced carbon materials are used in a wide range of applications including aerospace & defense, automotive, energy, construction, electronics, and sports. Aerospace & defense accounted for around 35% of the overall market revenue in 2015 and is expected to grow at a CAGR of 5.9% over the forecast period owing to increased use of the product in the application segment., Companies including Mitsubishi Heavy Industrial Limited have been focusing on the development of composite-derived wing box to reduce the overall aircraft weight. Furthermore, military aircraft manufacturers such as Augusta Westland are increasingly using flexible integrated circuits to operate even at high temperature. The aforementioned factors are expected to promote the product demand., Automotive is expected to witness revenue growth at a CAGR of 8.1% over the forecast period. Increasing vehicle manufacturing output in emerging markets including China, India, Mexico and Iran on account of the regulatory initiative to promote investments coupled with increasing sales of SUVs is expected to encourage the usage of the product as fillers., The market demand for energy witnessed market revenue of over 544 million in 2015. The industry is projected to gain momentum in this application industry on account of increasing use of the product in wind turbine blades for providing good tensile strength and enhanced durability over the forecast period., Regional Insights, Europe dominated the advanced carbon materials market accounting for around 32% of the total market revenue in 2015. High prevalence of aerospace manufacturing facilities of Boeing, Augusta Westland, Bell Helicopters in France, Germany, UK and Russia as a result of easy accessibility of consumables is expected to augment the industry growth., Asia Pacific is projected to witness significant revenue growth at a CAGR of 8.4% over the forecast period. Regulatory inclination towards increasing energy output from renewable sources such as wind and solar, in China, coupled with the implementation of the “Document 625 Policy” by the Sino Government is expected to open new markets avenues over the forecast period., North America is anticipated to witness a market revenue of 1.36 billion in 2024 owing to the increased spending in construction sector. Positive outlook towards the construction sector in the U.S. and Canada as a result of regulatory inclination to promote investments in for residential complexes is expected to increase the use of composites which in turn will fuel product growth., Latin America and MEA are expected to have a significant growth in the market over the forecast period. Rising awareness towards the importance of the product in the electronics industry on account of the excellent electrical properties and lightweight characteristics of the materials is anticipated to bolster the product demand., Advanced Carbon Materials Market Share Insights