The market for advanced carbon materials is anticipated to grow significantly, reaching an estimated US$ 48.20 billion by 2031, up from US$ 27.79 billion in 2023. This growth represents a compound annual growth rate (CAGR) of 7.1% from 2023 to 2031.
Advanced carbon materials encompass a variety of substances, including 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. These materials are pivotal in engineering and scientific advancements due to their diverse chemical, physical, and electrical characteristics. Among these, graphite stands out as a key advanced carbon material utilized across numerous applications. Its ability to function at extremely high temperatures makes it ideal for rigorous tasks such as sintering and debinding in industrial furnaces. Additionally, graphite's chemical inertness contributes to its stability and corrosion resistance, which are essential in melting processes. Advanced carbon materials find applications in various sectors, including electronics, semiconductors, energy storage, structural composites, chemical materials, polymers, and medical fields.
The growth of the advanced carbon materials market is primarily driven by the rising demand for lightweight materials and the increasing utilization of these materials in energy storage solutions. Moreover, the integration of carbon-based materials in cancer therapies presents promising growth opportunities for the market during the forecast period.
In terms of product categories, the advanced carbon materials market is divided into segments such as graphite, graphene, carbon fibers, carbon foams, and others. In 2023, the graphite segment dominated the global market. Graphite, a naturally occurring crystalline form of carbon, is known for its high electrical and thermal conductivity, as well as its exceptional resistance to corrosion. These attributes make it suitable for various high-tech applications. A significant use of graphite is in battery manufacturing, where its excellent electrical conductivity facilitates efficient electron transfer between the anode and cathode, making it a crucial component in lithium-ion and lithium-ion polymer batteries. These batteries are essential for powering a wide array of devices, including smartphones, laptops, electric vehicles, and energy storage systems. Additionally, graphite's heat resistance and lubricating properties make it valuable in refractories, lubricants, and foundry applications.
The market is also categorized by application, including electronics and semiconductors, energy storage, structural composites, chemical materials, polymers, and medical applications. The energy storage segment was the largest in the advanced carbon materials market in 2023, driven by the increasing need for efficient and high-capacity storage solutions. Advanced carbon materials like carbon nanotubes (CNTs), graphene, and carbon fibers are increasingly utilized in energy storage technologies such as batteries, supercapacitors, and fuel cells. These materials provide outstanding electrical conductivity, larger surface areas, and superior mechanical properties, which enhance the performance of energy storage devices. Their use results in faster charging times, improved energy density, and extended battery life, which are vital for applications ranging from consumer electronics to electric vehicles and grid energy storage systems.
In 2023, the Asia Pacific region held the largest share of the global advanced carbon materials market. The region is experiencing substantial growth due to the expanding application industries. The rising number of offshore wind installations in Asia Pacific is boosting the demand for structural composites, particularly for wind turbine blades. According to the US Department of Energy, China is projected to be a leading market for offshore wind installations, with over 182 gigawatts expected by 2028.
The Australian Trade and Investment Commission reports a strong demand for infrastructure development and construction projects in the region, particularly in power transmission, renewable energy solutions, and marine environments. Different countries within the region are focusing on various infrastructure initiatives. For example, Australia is concentrating on climate-resilient infrastructure projects, while China is a major player in construction and infrastructure development, significantly influenced by its Belt and Road Initiative, which finances ports, roads, and other projects. Such developments are further propelling the demand for advanced carbon materials in the region.
Key players in the global advanced carbon materials market include Nanocyl SA, Teijin Ltd, Arkema SA, LG Chem Ltd, Cabot Corp, Kumho Petrochemical Co Ltd, Tokyo Chemical Industry Co Ltd, Nanoshel LLC, Zeon Corp, Mitsubishi Chemical Carbon Fiber and Composites Inc, Resonac Holdings Corp, Huntsman International LLC, OCSiAl, and Sumitomo Chemical Co Ltd. These companies are committed to delivering high-quality products to meet customer needs. They are also pursuing various strategies, including new product launches, capacity expansions, partnerships, and collaborations, to maintain competitiveness in the market. For instance, in 2024, LG Chem announced the construction of its fourth carbon nanotube (CNT) plant at its Daesan Complex, which is expected to be operational by 2025 and will double its annual CNT production capacity to 6,100 tons.
The overall size of the global advanced carbon materials market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry participants to validate the information and gain deeper analytical insights. Participants included industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the advanced carbon materials sector.