The global advanced carbon materials market size is expected to reach USD 8.32 billion by 2030, according to a new study by Polaris Market Research. The report “Advanced Carbon Materials Market Share, Size, Trends, Industry Analysis Report, By Product Type (Graphene, Carbon Fibers, Special Graphite, Carbon Nanotubes, Carbon Foams); By Application; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rising development of the automotive industry and automotive production across the globe is driving the market growth during the forecast period. Fiber-reinforced polymers (CFRP) are far more lightweight than traditional materials. As a result, the utilization of composite structures for component production is on the rise.
They reduce the weight of the vehicle, resulting in decreased CO2 emissions. Body and chassis sections and battery housings are made of these lightweight materials and components. According to the International Trade Administration (ITA), the Chinese government expects 35 million automobiles to be manufactured by 2025.
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According to the OICA, light commercial vehicle manufacturing in Canada climbed by 6.2 %, from 1,348,932 in 2018 to 1,431,904 in 2019. As a result, increased automation will necessitate using more fiber re-inforced products for manufacturing lightweight vehicle components, which will drive the industry during the projection period.
Further, in August 2021, EPA issued proposed GHG vehicle emission standards for the model year 2023–2026 light-duty vehicles. As per the Swedish government plan for sustainable development, the government has targeted to reduce the use of petrol and diesel cars by 2030 and to cut emissions from transport by 70%. Besides, Japan’s government plans to have a zero-emission country by 2050 and wants to tighten the emission target for vehicles by 2030.
The government regulations regarding reducing emissions from automobiles and the rising adoption of advanced products that help reduce emissions from vehicles drive growth during the forecast period. In January 2021, as per the Transport and Environment (T&E), the EU announced its aim to achieve zero-emission by 2050. In October 2020, the South Korean President declared a “New Green Deal” program to reach low emissions by 2050.
Advanced Carbon Materials Market Report Highlights
- The special graphite segment is anticipated to hold a significant share over the forecast period owing to its use in various applications. Silicon semiconductor manufacturing, LED chips, rechargeable batteries, and automotive pumping systems are just a few of the applications for special graphite.
- Aerospace & defense accounted for a substantial revenue share, accelerated by the innovative product construction of flexible integrated circuits appropriate for high-temperature activities in high-speed military airplanes
- The automotive segment is anticipated to grow significantly over the forecast period owing to be fueled by rising automotive manufacturing output in emerging nations as rules to encourage energy-efficient vehicles to result in increased use of lightweight materials in design
- Asia Pacific is expected to grow at a CAGR of 8.6% over the projected period. Over the projected period, China’s regulatory tendency toward expanding energy output from renewable sources such as wind and solar is expected to open new channels.
- The global industry is highly competitive owing to the existence of prominent market players with a worldwide presence including Arkema Group, Thomas Swan & Co. Ltd, and Toyo Tanso Co. Ltd.
Polaris Market Research has segmented the advanced carbon materials market report based on product type, application, and region:
Advanced Carbon Materials, Product Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Special Graphite
Advanced Carbon Materials, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Aerospace & Defence
Advanced Carbon Materials, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa