Market Overview The market for advanced carbon materials is expected to grow at a CAGR of 11.47% during the forecast period of 2019-2024. 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, the 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 in 2017, but carbon fibers, projected to register the highest CAGR during the forecast period, will take over special graphite to become the largest product type, over the forecast period. Production of advanced 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.
Key Market Trends Growing Demand for CFRP from the Construction Industry
Carbon fiber-reinforced plastic (CFRP) is an exceptionally strong and light fiber-reinforced plastic, which contains carbon fibers. Extremely high strength, rigidity, low density, exceptional durability, excellent damping properties, high corrosion resistance, and high impact resistance, combined with a precisely modifiable thermal expansion ability, make CFRP a widely popular for application in the construction industry. The construction industry continuously innovates the materials that are used in building structures. The major focus of the industry remains toward developing more durable and strong materials, in order to make the infrastructure strong enough to stand for as long as possible. CFRP finds application in beams, columns, slabs, walls, etc. CFRP is extensively used in retrofitting and repairing of structurally deficient infrastructures, such as buildings, tunnels, parking structures, and bridges. The construction sector has been witnessing substantial growth across the world, with the Asia-Pacific and Middle East & African regions witnessing robust growth in construction activity. The construction sector has been witnessing substantial growth across the world, with the Asia-Pacific and Middle East & African regions witnessing robust growth in construction activity.
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.
Competitive Landscape 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 fullerenes, 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 the production of one product to venture into another.
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