Advanced Carbon Materials Market Size, Share & Trends Analysis Report By Product, By Application (Aerospace & Defense, Energy, Electronics, Sports, Automotive, Construction), By Region, And Segment Forecasts, 2024 - 2030

Advanced Carbon Materials Market Trends

The global advanced carbon materials market size was valued at USD 4.92 billion in 2023 and is projected to grow at a CAGR of 4.5% from 2024 to 2030. The major factors that drive the advanced carbon material market include the demand for lightweight and durable materials in the healthcare, automotive, and other sectors. The industry is poised to witness novel opportunities in the foreseeable future with practical applications in electronics, imaging, and sensing.

Notably, carbon fibers are used mostly in aerospace, energy, electronics, sports, construction, and automotive industries for their features such as strength, lightweight, and corrosion-resistant properties. Carbon fibers, carbon nanotubes (CNT), graphene, structural graphite, and carbon foams have a wide range of applications in engineering because of unique properties such as high modulus of elasticity, high tensile strength, low coefficient of thermal expansion, and heat resistance.

The ongoing research on designing sustainable solutions facilitates market developments and focus on enhancing the properties of the used materials. With this approach, manufacturers can expand the scale of production, as well as optimize costs. The market growth is further influenced by an increasing demand for high-performance materials, the use of automation in manufacturing technologies, and the growing application in diverse industries. With consistency in innovation and substantial investments, the market is expected to present novel opportunities and fuel market growth.

Product Insights

Carbon fibers dominated with a global market share of 88.2% in 2023. Rising concerns over the problems of galvanic corrosion issues related to the use of aluminum in aerospace applications are expected to increase demand for fiber composites in the future. The vast applications of this material in the production of various composite applications across automotive, construction, electronics, and energy industries promote industry growth.
Carbon fiber is of lesser density and much stronger than steel or aluminum materials, it offers high durability. This makes it an ideal material for a diverse range of uses in automobile and aircraft manufacturing. Also, the tensile strength of carbon fiber-reinforced plastic is quite high, along with natural resistance to oxidation.

The carbon foams segment is projected to witness a rapid growth rate over the forecast period with a CAGR of 6.6%. This growth can be attributed to the characteristics of carbon nanofibers such as improved electrical conductivity and chemical stability. The demand is further strengthened owing to the huge demand and increase in research and development on nanofoams and fireproof foams.

Application Insights

In 2023, the aerospace & defense industry accounted for 33.4% of the overall market revenue. Various sectors such as aerospace & defense, automotive, energy, construction, electronics, and sports use advanced carbon materials for their benefits. The aerospace and defense industries are gradually shifting towards innovative carbon materials due to certain superior characteristics such as strength, durability, and stability. Carbon fibers are now replacing conventional metal structures in aircraft depending on their characteristics.

The automotive industry is projected to experience a CAGR of of 5.8% over the forecast period. The demand for advanced carbon materials growth will increase due to the augmented car production in the economies of India, China, and Mexico. The effects of environmental policies and lightweight fabrics in automotive production stress the use of carbon foams. Consequently, consumers have turned their attention towards carbon materials for as a filler material for vehicles.

Regional Insights

The North America advanced carbon materials market exhibited a share of 24.0% in 2023. The increased use of high-end materials such as carbon fibers, carbon tubes, graphene, special graphite, carbon foams NCD, DLC, and fullerenes are popular in aerospace and defense electronics, automobiles, and energy among other sectors. This fosters the growth of the advanced carbon material market in North America.

U.S. Advanced Carbon Materials Market Trends

The U.S. advanced carbon material market exhibited a market share of 88.0% in North America. Construction is a booming sector with a high expenditure ratio. The projections for a positive outlook towards the construction sector in the U.S. are due to the favorable regulations that promote sustainable alternatives in new residential complexes. Therefore, the use of carbon composites is expected to rise in the construction sector.

Asia Pacific Advanced Carbon Materials Market Trends

Asia Pacific advanced carbon material market dominated in 2023 with a share of 33.9%. The regional governments seek improvements in energy efficiency in automotive structures and invest in light and durable materials, thus spiking the demand for the Asia Pacific advanced carbon material market.

China advanced carbon material market held a substantial share in 2023 and established itself as a leading contender in the market.The government of China has been encouraging the advancement of efficient automotive systems, thereby driving the demand for enduring and lightweight materials. Moreover, the policies about developing renewable energy sources highlight the emergence of novel opportunities in the future.

India advanced carbon material market registered a positive growth in 2023. The demand for passenger cars and vehicles is increasing regularly and due to this, the demand for advanced carbon materials is anticipated to rise. Also, the manufacturers in the electronics and energy sectors prefer using carbon materials based on their quality and end use characteristics.

Europe Advanced Carbon Materials Market Trends

Europe advanced carbon material market accounted for a share of 26.3% in 2023. The demand in Europe is gradually increasing because of the increasing need for aircraft in the European airlines and an increasing demand for European cars. Government policies about environmental sustainability and stringent regulations on emissions in the manufacturing industry have encouraged its use.

The UK advanced carbon material market is expected to witness a positive growth in the forthcoming years. The rise in tourism, increased demand for commercial aircraft, and the growing need for defense aircraft offer potential prospects for the carbon materials market. Other industries that incur a demand based on technological advances have pushed up the use of carbon fiber and its composites which propels market growth.

Key Advanced Carbon Materials Company Insights

Some key companies in the advanced carbon material market are Jiangsu CNano Technology, Anaori, Graphenano, and others. Vendors in the market are focusing on increasing their customer base to gain a competitive edge in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies. 

Recent Developments

• In May 2024, Haydale announced showcasing their demonstration for graphene ‘Hot Seat’ at Advanced Materials Show 2024 in Birmingham. This optimizes automotive seating technology and is an eco-friendly alternative to current solutions.

• In October 2023 Hexcel corporation announced to launch of new intermediate and high modulus fiber Hexply M79 Prepregs at METS, which will be used in making high performance windship components and superyachts.

Advanced Carbon Materials Market Report Scope

Global Advanced Carbon Materials Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global advanced carbon materials market report based on product, application, and region:

• Product Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

  • Carbon Fibers

  • Structural Graphite

  • CNT

  • Graphene

  • Carbon Foams

• Application Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

  • Aerospace & Defense

  • Energy

  • Electronics

  • Sports

  • Automotive

  • Construction

  • Others

• Regional Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S. 

  • Europe

    • Germany

    • UK

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

  • Latin America

    • Brazil

    • Argentina