The Rise in Demand from the Automotive and Aerospace Industry Is Expected to Propel the Growth of the Advanced Carbon Materials Market

The growth of the Advanced Carbon Materials Market will be remarkably dependent on the aerospace industry. Advanced carbon materials own several beneficial properties such as superior electrical, biological, mechanical and chemical properties. Due to these properties, it can be used in a wide range of applications such as energy storage, sensing, electronics and filtration including many others. The advanced carbon materials mainly include fullerene, graphene, carbon fibers, carbon nanotube and carbon foam among many others. These materials are extensively used in the automotive industry owing to their lightweight. It can be used in composite structures in order to reduce the weight of the vehicles. The advanced carbon materials market is predicted to grow at a CAGR of 5.8% during the forecast period of 2022-2027 and reach a market value of US$7.9 billion by 2027.

Advanced Carbon Materials Market: Leading Segment is the Aerospace 

On the basis of the end-use industry, the Advanced Carbon Materials market can be segmented into aerospace, automotive, healthcare & life science, electrical & electronics, sports equipment, energy storage and others. The aerospace segment held the largest advanced carbon materials market share and it is expected to grow at a CAGR of 8.7% during the forecast period of 2022-2027. This growth is mainly attributed to the significant development in the aerospace & defense sector with the production of compact integrated circuits suitable to utilize in high-temperature operations in high-speed military airplanes. Over the years, the increase in the need for lightweight aircraft has resulted in the manufacturing of wing boxes with the help of composites. According to the International Air Transport Association (IATA), as of March 2022, European airlines are scheduled to receive 36% more aircraft deliveries in 2022 versus 2021. Thus, the surge in demand for advanced carbon materials in aerospace is fueling market growth.

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Advanced Carbon Materials Market: Leading Region is the Europe

On the basis of geography, the Advanced Carbon Materials market can be categorized into North America, Europe, Asia-Pacific, South America and the Rest of the World. According to IndustryARC's analysis, Europe has emerged as one of the most lucrative regions in the market. In 2021, the Europe region held a market share of 37.4% in the overall market. This growth is mainly attributable to the growth of the aerospace and automotive industries in this region. According to the International Trade Administration (ITA), in 2019, the German aerospace industry reported revenues of EUR 41 billion, representing a growth of 2.5% over 2018 (EUR 40 billion). Thus, growth in the aerospace and automotive industries is boosting the growth of the advanced carbon materials market growth in this region. Europe is followed by North America which is expected to gain demand for the Advanced Carbon Materials market. The major countries in North America include the U.S., Canada and Mexico.

Advanced Carbon Materials Market: Competitive Landscape

The key companies holding a major share in the Advanced Carbon Materials market are Hexcel, Zoltek, Mitsubishi Rayon, Toray Industries, Showa Denko K.K., Toho Tenax Co. Ltd., Arkema S.A., Graphenea, Hanwha Chemical and Nippon Graphite Fiber Corporation.