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Advanced Carbon Materials Market Size Forecast to Reach $7.6 Billion by 2026

(Publishing-NewsWire.com, December 08, 2021 ) Advanced carbon materials market size is forecast to reach US$7.6 billion by 2026, after growing at a CAGR of 5.8% during 2021-2026, owing to the increasing usage of advanced carbon materials in various end-use industries such as automotive, aerospace, infrastructure, electronics, healthcare, sports, and more. The growing demand for carbon fiber-reinforced plastics in the construction industry and the increasing emphasis on lightweight composites from the automotive and aviation industries are major factors driving the advanced carbon materials market. The rapid growth of the construction industry has increased the demand for carbon nanotubes, and nanocrystalline diamond; thereby, fueling the market growth. Furthermore, the flourishing automotive and aerospace industry is also expected to drive the advanced carbon materials industry considerably during the forecast period.



COVID-19 Impact



Imports and exports of different goods globally have been affected by the COVID-19 pandemic outbreak. Import sanctions have been levied by different governments, which are greatly affecting the supplies. The advanced producers of carbon products often face problems such as delays in obtaining raw materials, which further contribute to delayed shipments to the consumer. Also, the quality of some raw materials has deteriorated significantly and shipment orders are seriously affected by the lack of vessel availability and blank sailing, which is having a major effect on the growth of the advanced carbon materials industry. Also, since the industries which require advanced carbon materials for manufacturing products such as automotive and aviation are shut down, the demand for advanced carbon materials such as carbon nanotubes, diamond-like carbon, and graphite have disruptively fallen, which is limiting the advanced carbon materials market growth during the pandemic.



Advanced Carbon Materials Market Segment Analysis – By Product Type



The carbon fibers segment held the largest share in the advanced carbon materials market in 2020 and is growing at a CAGR of 6.3% during 2021-2026, owing to the various advantages it offers. Carbon fiber is a low-density, high-strength-to-weight ratio material. This implies that without getting bogged down like steel or aluminum, carbon fiber is durable, making it suitable for applications such as automobiles or airliners. In addition, carbon fiber-reinforced plastic is known for its high tensile strength and is naturally resistant to oxidization, which makes carbon fiber-reinforced plastic well suited for environments where it might be exposed to saltwater or corrosive chemical agents. All these extensive characteristics of carbon fibers are the key factors boosting the demand for carbon fibers during the forecast period.



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Advanced Carbon Materials Market Segment Analysis – By Technology



The chemical vapor deposition (CVD) segment held the largest share in the advanced carbon materials market in 2020. Due to its high throughput, high purity, and low cost of operation, CVD has become the key method of film deposition for the semiconductor industry. CVD is also commonly used in optoelectronics applications, optical coatings, and coatings of wear-resistant parts, which often uses advanced carbon materials such as diamond-like carbon. CVD has many benefits over physical vapor deposition (PVD) approaches, such as greater evaporation and sputtering of molecular beams. CVD uses source materials that flow into the process chamber from external reservoirs and can be refilled without polluting the growth atmosphere. Furthermore, CVD does not require a high degree of vacuum and, in general, can process substrates in larger batches. Furthermore, during the processing of advanced carbon materials, the CVD approach is more forgiving in terms of tolerance for precision in process conditions. As a result, during the forecast period, these are the major factors driving the chemical vapor deposition segment's development.



Advanced Carbon Materials Market Segment Analysis – By End-Use Industry



The aerospace segment held the largest share in the advanced carbon materials market in 2020 and is growing at a CAGR of 8.7% during 2021-2026, owing to the increasing usage of advanced carbon materials in the aerospace industry. The market for advanced carbon materials from aerospace & defense is motivated by the revolutionary product design of compact integrated circuits suitable for high-temperature operations in high-speed military airplanes. Also, the emphasis on the development of lightweight aircraft has resulted in the creation of composite-derived wing boxes. The demand for advanced carbon materials is enhanced by the material requirements of these lightweight systems. In the aerospace industry, advanced carbon materials are commonly used to improve production, maximize performance, and lower weight or aircraft. Thus, all these advantages associated with advanced carbon materials are the major factor driving the demand for advanced carbon materials in the aerospace industry during the forecast period.



Advanced Carbon Materials Market Segment Analysis – By Geography



Europe region held the largest share in the advanced carbon materials market in 2020 up to 39%, owing to the increasing demand for advanced carbon materials from the flourishing aerospace industry in the region. According to the Department for International Trade (DIT), the UK aerospace sector is the second largest in Europe and third-largest globally. Passenger numbers have been rising for seven years, and UK passenger traffic is expected to increase from 284 million last year to 435 million by 2050. According to International Air Transport Authority (IATA), the air transport sector makes a major contribution to Denmark’s economy. The Air transport market in Denmark is forecast under the “current trends” scenario to grow by 29% in the next 20 years. This would result in an additional 5 million passenger journeys by 2037. Thus, the aerospace industry is growing at a rapid rate in European countries to meet rising demand. Thus, with the flourishing aerospace industry, the demand for advanced carbon materials will also subsequently increase, which is anticipated to drive the advanced carbon materials market in the European region during the forecast period.



Advanced Carbon Materials Market – Drivers



Increasing Automotive Production



Carbon fiber-reinforced plastics (CFRP) are significantly lighter than conventional materials. Therefore, the growing use of composite structures for component production is evident. They decrease vehicle weight and therefore ensure lower emissions of CO2. These lightweight materials and components are used for example for body and chassis parts and also in battery housings. China is the world's largest vehicle market, according to the International Trade Administration (ITA), and the Chinese government expects the production of automobiles to reach 35 million by 2025. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), the production of passenger cars in Africa was 776,967 in 2018, which then increased to 787,287 in 2019, a total increase of 1.3%. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), the production of light commercial vehicles has increased from 1,348,932 in 2018 to 1,431,904 in 2019, an increase of 6.2% in Canada. Thus, increasing automation production will require more Carbon fiber-reinforced plastics for manufacturing lightweight automotive components, which will act as a driver for the advanced carbon materials market during the forecast period.



Flourishing Electrical and Electronics Industry



The remarkable ability of nanocrystalline diamond and graphite to conduct electricity while dissipating or transmitting heat away from essential components makes it a perfect material for electronic applications such as semiconductors, electrical motors, and even modern battery manufacturing. Flexible graphite and nanocrystalline diamond are effective for electronic applications, specifically electromagnetic interference (EMI) gaskets, resistive heating, thermoelectric-energy generation, and heat dissipation. According to China’s National Integrated Circuit Development Promotion Outline, in 2022, the production of ICs in China will increase at an annual average rate of over 14 percent. According to Invest India, India’s share in global electronics manufacturing has grown from 1.3% in 2012 to 3% in 2018. Moreover, by 2025, India's consumer electronics and appliance industry is expected to become the fifth-largest in the world. A US$800 billion to US$1 trillion digital economy could be generated by India by 2025. Thus, with the flourishing electrical and electronics sector, the demand for graphite will also eventually increase, which acts as a driver for the advanced carbon materials market growth during the forecast period.



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Advanced Carbon Materials Market – Challenges



Health Hazards Related to Advanced Carbon Materials



Advanced carbon materials such as carbon nanotubes are widely used nowadays due to ease of synthesizing when compared with other types of CNTs due to their properties, such as high strength, diameter length ratio, and more. The simple addition of CNTs does not produce the desired outcomes in the rubber mixture as nanotubes coagulation because of its strong van der Waals attraction results in poor dispersion in a high viscosity of elastomer. The modification on the surface of the nanotubes is done using carbon black as fillers to overcome this problem. Carbon black particles can, however, irritate the lungs and cause coughing while irritating the eyes, nose, and throat when inhaled. However, the particles can lie deep in their lungs when individuals are exposed to high carbon black levels for several years, leading to bronchitis and ultimately a chronic condition called obstructive pulmonary disease. Longer fibers of carbon nanotubes may also find their way deep into the lungs, which can cause mesothelioma cancer in the tissue lining the lung in the worst case. All these health risks may restrain the advanced carbon materials market.



Advanced Carbon Materials Market Landscape



Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the advanced carbon materials market. Major players in the advanced carbon materials market are Hexcel, Zoltek, Mitsubishi Rayon, Toray Industries, Arkema S.A., Showa Denko K.K., Toho Tenax Co. Ltd., Hanwha Chemical, Graphenea, and Nippon Graphite Fiber Corporation.



Acquisitions/Technology Launches



In July 2020, two German carbon fiber recycling firms, CFK Valley Stade Recycling GmbH & Co., were acquired by Mitsubishi Chemical Corporation. As part of the company's efforts to foster a circular economy, KG (CFK) and carboNXT GmbH (carboNXT) through its subsidiary Mitsubishi Chemical Advanced Materials AG



In February 2020, Zoltek Companies, Inc. announced that a portion of its carbon fiber manufacturing now uses renewable energy. This Zoltek location is the world's largest fully integrated carbon fiber plant at 15,000 MT of annual production.



Key Takeaways



Europe dominates the advanced carbon materials market, owing to the increasing automotive industry in the region. According to Statistics Netherlands (CBS), the total number of vehicles on roads registered on 1 January of each year in Netherlands increased from 1,12,87,017 in 2018, to 1,14,95,837 in 2019, to 1,17,03,420 in 2020.



Due to its superior properties including excellent rigidity, strong tensile strength, low thermal expansion, and good temperature resistance, carbon fibers, carbon nanotubes (CNT), graphene, structural graphite, and carbon foams are commonly used engineering materials. It is expected that these properties of advanced carbon materials will accelerate market growth



Due to the Covid-19 pandemic, most of the countries have gone under lockdown, due to which the projects and operations of various industries such as aerospace, electronics, and automotive are disruptively stopped, which is hampering the advanced carbon materials market growth.



Related Reports:



A. Carbon Fiber Market

https://www.industryarc.com/Report/11645/carbon-fiber-market.html



B. Carbon Black Market

https://www.industryarc.com/Report/11644/carbon-black-market.html



For more Chemicals and Materials reports, please click here



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IndustryARC

Venkat Reddy

(+1) 970-236-3677

venkat@industryarc.com

Source: EmailWire.Com

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