Advanced Carbon Materials Market - Forecasts from 2024 to 2029

The advanced carbon materials market is expected to grow at a CAGR of 8.2% during the forecast period (2024-2029).

The advanced carbon materials market is witnessing significant growth owing to multiple factors ranging from the increasing demand for carbon fiber-reinforced plastics (CFRP) in the construction industry to the growing technological advancements in carbon nanotubes. Advanced materials are being widely used in the construction sector, which is witnessing growth as they are essential in enhancing structural integrity and durability. As a result, this is further leading to their significant demand for advanced carbon materials like carbon nanotubes and carbon fibers.

Since technological advancements are also playing a major role in driving the carbon nanotube segments, it is essential to say that these nanotubes are also equipped with their own unique properties, such as thermal conductivity and structural integrity. These properties of carbon nanotubes make them highly essential for various applications such as energy, aerospace, and even electronics. Furthermore, there has been ongoing research and developments in the field of carbon nanotubes which is expected to drive the carbon materials market growth.

ADVANCED CARBON MATERIALS MARKET DRIVERS:

Multi-walled carbon Nanotubes (MWCNTs) are likely to be the fastest-growing type during the forecast period.

Carbon nanotubes come in different types as well and one such type is the multi-walled carbon nanotubes (MWCNTs). This type of carbon nanotube might not have the same level of properties as the SWCNTs, but it is essential to say that these are widely being used mainly because of the relatively easier production along with their lower costs. MWCNTs are being used in different applications, ranging from energy and storage to chemical materials, polymers, and structural composites. Additionally, these are produced through a process involving the concentric layers of graphene that are rolled into a cylindrical shape, allowing them to have a few unique properties and an innovative shape.

One of the major advantages of multi-walled carbon nanotubes is that they can tailor their certain properties by varying parameters such as length, diameter, and even wall thickness. This customization allows for the optimization of MWCNTs for specific applications, making them highly versatile and adaptable to different industry needs.

The growing application of advanced carbon materials in the Aerospace and Defense Market

Graphene, structural graphite, carbon fibers, and even carbon nanotubes are advanced carbon materials that offer certain advantages, such as exceptional strength, stability, and even endurance, making them ideal choices for a wide range of defense and aerospace products and components.

Carbon fibers, including carbon fiber-reinforced plastics (CFRP) in the aerospace industry, are increasingly used as a replacement for the conventional metal structures in aircraft due to their lightweight yet stiff design. This is driven by the imperative need for improved performance, reduced emissions, and the efficiency of fuel. In the global aerospace industry, particularly in the regions of Asia Pacific, such as China and India, these advanced carbon materials are witnessing rapid growth with increased investments in defense platforms along with efficient technology, which is thus creating a surge in demand for advanced carbon materials.

According to the International Air Transport Association (IATA), India is anticipated to overtake the United States and China as the world’s largest air passenger market, with the traffic domestic passenger rate reaching 254.44 million in India, showing a 15.3% rise. On the other hand, the international passenger traffic continued to stand at 57.57 million resulting in a 23.5 % rate of increase as compared to the previous year during the period of April to January 2024. This together showcases a significant surge in both domestic as well as international travel, which is further acting as a growth driver for the advanced carbon materials in the aerospace and defense market. This is mainly because an increase in passenger traffic directly correlated to the increasing demand for advanced carbon materials in the industry, further initiating the development of more aircraft, leading to a higher demand for advanced carbon materials like carbon fibers, graphene, and carbon nanotubes in the aerospace industry.

The global demand for advanced carbon materials is projected to grow at a compound annual growth rate (CAGR) of 8.2% during the forecast period, with the fastest growth observed in the aerospace and defense industries, respectively.

ADVANCED CARBON MATERIALS MARKET - GEOGRAPHICAL OUTLOOK

Asia Pacific region to dominate the advanced carbon materials market during the forecast period.

The major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies are from this region, such as ASEAN countries. India and China have about 35.5% of the world's population.  In this regard, the rapid growth of the automotive industry in APAC, with increasing demand for passenger cars and commercial vehicles in countries like China and India, is anticipated to drive the demand for these materials. The electronics and energy sectors in APAC are also acting as significant consumers for the advanced carbon materials market mainly because this region is regarded as home to the major electronics manufacturing hubs supported by investments, research and developments, as well as government initiatives in infrastructure and technology. These factors are thus considered necessary in driving the economic growth in the APAC countries for the advanced carbon materials market, particularly in China, Japan, and India.

Advanced Carbon Materials Market Key Developments:

• In August 2022, Mukesh Ambani, the chairman of Reliance Industries, in their 45th Annual General Meeting (AGM), announced that their company will be taking the initiative to build India’s first and one of the world’s largest Carbon Fiber Plants at Hazira, Gujarat. Furthermore, this plant will have a capacity of 20,000 metric tons per annum (MTPA) based on its Acrylonitrile Feedstock.

The advanced carbon materials market is segmented and analyzed as follows:

By  Product Type

• Carbon Fibers
• Special Graphite
• Multi-Walled Carbon Nanotubes
• Graphene
• Carbon Foams (Includes Carbon Nanofoams)
• Others (Fullerenes, Diamond-like Carbon (DLC), Nanocrystalline Diamond (NCD))

By Application

• Aerospace and Defence
• Electronics
• Sports
• Automotive
• Construction
• Energy
• Others 

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Rest of South America
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• Rest of Europe
• Middle East and Africa
• Saudi Arabia
• UAE
• Rest of the Middle East and Africa
• Asia Pacific
• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Rest of Asia-Pacific