Advanced Carbon Materials Market is expected to grow at a CAGR of more than 11% during the forecast period
The market for advanced carbon materials is expected to grow at a CAGR of more than 11% during the forecast period. Major factors driving the market are the rising demand of carbon fiber-reinforced plastic in the construction industry and increasing focus toward lightweight composites from the automotive and aviation industry. However, high cost of carbon fiber composites and wastage in the production of finished products are likely to hinder the growth of the market studied.
– Special graphite dominated the market, but carbon fibers, projected to register the highest CAGR during the forecast period, will takeover special graphite to become the largest product type, over the forecast period.
– Production of avanced carbon materials from bio-waste is anticipated to provide numerous opportunities over the forecast period.
– North America dominated the market with the largest consumption, followed closely by Asia-Pacific. However, Asia-Pacific is likely to register the highest CAGR through the forecast period.
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Key Market Trends
Special Graphite to Dominate the Market
– Special graphite is used for applications, such as manufacturing of silicon semiconductor, LED chips, lithium-ion batteries, production of polysilicons, in dies and crucibles for continuous casting, and automotive vacuum pumps, among many others.
– Among the majorly used types of special grpahtie, viz. extruded graphite, isotropic graphite, and molded graphite, isotropic graphite is the most widely used type owing to its high temperature and shock resistance.
– New legislations in China, European Union, Japan, and Korea have either required flame retardants in building codes, or banned brominated and asbestos-based fire retardants. The addition of expandable graphite to ordinary insulation foam or cement results in materials with flame retardant properties. Expandable graphite is the preferred flame retardant, and the industry considers this as an environmentally friendly solution to the problem.
– Category 1 flame retardant building materials, which involve 5% expandable graphite in their manufacturing, are employed for single floor and lower quality buildings. The use of expandable graphite is increasing in flame retardant building materials (up to category 4), which involve 50% expandable graphite in their manufacturing, and are instrumental in multi-floored buildings and sky scrapers.
– In addition, recently, developed anodes made from Titanium Oxide (TiO2) are able to provide safer solution and better charging speed over graphite materials. While TiO2 clearly has several key advantages over graphite as an anode material, TiO2 pricing is expected to remain higher than graphite for the foreseeable future.
– Hence, the demand for special graphite materials is projected to exhibit a steady growth in near future.
North America Region to Dominate the Market
North America accounted for the largest share of the market, with the United States alone consuming a share of around 24% of the global market. United States is the world’s largest and most powerful economy. With the growing demand for various advanced materials (such as carbon fibers, carbon nanotubes, graphene, special graphite, carbon foams, nanocrystalline diamond (NCD), diamond-like-carbon (DLC), and fullerenes) in different end-user industries, including aerospace and defence, electronics, automotive, and energy, among others, is expected to propel the demand for advanced carbon materials at high rates through the forecast period.
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The global advanced carbon materials market is not dominated by a single player, as different players are involved in the manufacturing of different products. The different product types include carbon fibers, special graphite, carbon nanotubes, graphene, carbon foams, and fullereness, among others. The market for different products is dominated by different players, making the overall market fragmented by product and competitiveness, along with providing numerous opportunities for manufacturers involved in production of one product to venture into another.
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