Advanced Carbon Material Market Size to Surpass USD 48.20 Billion by 2031, Predicted CAGR of 7.1%| The Insight Partners

NEW YORK, Dec. 3, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, Global Advanced Carbon Materials Market Report 2031 by Segments, Geography, Dynamics, Recent Developments, and Strategic Insights is observing significant growth owing to the increasing demand for lightweight materials.

The advanced carbon materials market comprises a vast array of platforms and services that are expected to register strength during the coming years. The report runs an in-depth analysis of market trends, key players, and future opportunities.

The report from The Insight Partners, therefore, provides several stakeholders—including important information regarding raw material suppliers, manufacturers, distributors/suppliers, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

Global Advanced Carbon Materials Market - list of companies

1. Nanocyl SA
2. Teijin Ltd
3. Arkema SA
4. LG Chem Ltd
5. Cabot Corp
6. Kumho Petrochemical Co Ltd
7. Tokyo Chemical Industry Co Ltd
8. Nanoshel LLC
9. Zeon Corp
10. Mitsubishi Chemical Carbon Fiber and Composites Inc
11. Resonac Holdings Corp
12. Huntsman International LLC
13. OCSiAl
14. Sumitomo Chemical Co Ltd
15. MOLCHEM

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Overview of Report Findings

1.  Market Growth: The advanced carbon materials market is expected to reach US$ 48.20 billion by 2031 from US$ 27.79 billion in 2023, at a CAGR of 7.1% during the forecast period. Advanced carbon materials such as natural graphite, synthetic graphite, multi-walled carbon nanotubes, single-walled carbon nanotubes, graphene, PAN-based carbon fibers, PITCH-based carbon fibers, carbon foams, and fullerene are considered as backbone of engineering and scientific innovation owing to their versatile chemical, physical, and electrical properties.

2.  Growing Demand for Lightweight Materials: In the automotive and aerospace industries, stringent regulations on fuel efficiency and emissions have led manufacturers to seek materials that reduce the weight of vehicles and aircraft without compromising safety or performance. Carbon fibers and graphene are being incorporated into building materials to create lightweight, strong, and durable structures. These materials not only reduce the weight of buildings but also improve their energy efficiency and sustainability.

3.  Increasing Demand for Advanced Carbon Materials for Energy Storage Applications: Energy storage systems, particularly batteries and supercapacitors, are becoming increasingly crucial as industries and consumers seek efficient and reliable ways to store energy. This shift is fueled by the growing adoption of renewable energy sources, electronic vehicles (EVs), and portable electronic devices, all of which require advanced, high-performance energy storage solutions. Advanced carbon materials, including graphene, carbon nanotubes (CNTs), and graphite, are at the forefront of this shift, offering exceptional properties such as high conductivity, large surface area, and lightweight structures. These features make them ideal for modern energy storage technologies such as batteries and supercapacitors.

4.  Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by Europe and North America. Europe is expected to register the highest CAGR during the forecast period.

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Report Scope

Market Segmentation

• Based on product type, the advanced carbon materials market is segmented into graphite (natural graphite and synthetic graphite), carbon nanotubes (multi-walled carbon nanotube and single-walled carbon nanotube), graphene, carbon fibers (PAN-based and PITCH-based), carbon foams, and others. The graphite segment held the largest share of the advanced carbon materials market in 2023.
• By application, the advanced carbon materials market is segmented into electronics and semiconductors (integrated circuits, flexible displays, superconductors, transistors, industrial sensors, and others), energy storage (lithium-ion batteries, fuel cells, solar PV cells, hydrogen storage, electrochemical supercapacitors, and others), structural composites (sporting goods, wind turbine blades, light vehicle or automotive, construction and infrastructure, and aerospace and defense), chemical materials and polymers (coatings adhesives and sealants, water filtration, catalysts, and others), medical (transdermal drug delivery, cancer treatment, proteomics, and others), and others. The energy storage segment held the largest share of the advanced carbon materials market in 2023.
• The advanced carbon materials market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

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Competitive Strategy and Development

• Trending Topics: Demand for renewable energy, adoption of advanced carbon materials for cancer treatment, focus on carbon fiber recycling

Global Headlines on Advanced Carbon Materials

• Kumho Petrochemical Co Ltd signed an MOU with SK Geo-centric and Tongsuh Petrochemical to establish a sustainable bio-raw material supply chain
• Sumitomo Corporation, a subsidiary company of Sumitomo Chemical Co Ltd, signed an exclusive distributor agreement with Gerdau Graphene to deal with its graphene-added plastic materials (polyethylene/polypropylene resins) in Japan
• Teijin Ltd agreed to form a business alliance with Fuji Design Co., Ltd., a Japanese manufacturer of recycled carbon fibers, to establish a business structure for the production, supply, and commercialization of carbon fiber reinforced plastic (CFRP) products made from recycled carbon fibers using a low environmental impact process
• Graphite One announced an investment of US$ 435 million to expand its production line by opening a graphite anode manufacturing plant in Ohio to meet its growing demand in the North American market

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Conclusion
The global advanced carbon materials market is driven by factors such as the growing demand for lightweight materials and the increasing demand for advanced carbon materials for energy storage applications. Graphite has long been a cornerstone material in lithium-ion batteries, which dominate the energy storage market. Graphite provides excellent electrical conductivity and stability, making it ideal for high-energy applications such as EVs and grid storage. Furthermore, the utilization of CNTs as a conductive additive in the production of batteries improves the conductivity by 10% compared to carbon black, thus reducing the use of conductive additives by 30%. The EV industry is a major sector propelling the demand for advanced carbon materials in energy storage applications. As the global shift toward clean and sustainable transportation accelerates, EV manufacturers focus on developing batteries that are more efficient, lighter, and capable of longer ranges. Advanced carbon materials, such as CNTs, graphene, and graphite, are being incorporated into lithium-ion batteries to improve their performance.

Check out more related reports by The Insight Partners:

Carbon Nanotubes Market Forecast, Trends, and Growth 2031

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Carbon Nanotubes Market Forecast, Trends, and Growth 2031

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