Global Advanced Carbon Materials Market - Segmented by Product Type, End-User Industry and Geography - Growth, Trends and Forecasts (2018 -2023)
The global advanced carbon materials market is expected to witness a CAGR of 7.34% during the forecast period of 2018-2023 driven by the rising demand of carbon fiber reinforced plastic (CFRP), which is experiencing huge global demand from the construction and automotive industry.
CFRP in Construction Driving the Market
CFRP has excellent stiffness, low thermal expansion, high tensile strength and good temperature tolerance. They are widely used in the construction industry for precast concrete panels, bridge construction and building construction to withstand tornadoes. The wall panels with carbon fiber reinforced panels weigh 40% less than the traditional precast panels. The positive outlook towards the construction of residential buildings in the United States and Canada is expected to drive the advanced carbon materials market in the coming years. The US Department of Housing and Urban Development has given permits to 1,396,000 residential buildings in 2018.
Aerospace and Defense is the Dominating End-user Industry
The global advanced carbon materials market, based on the end-user industry, can be broadly segmented into aerospace and defense, electronics, sports, automotive, construction, energy, and others. Aerospace and defense industry is expected to dominate the advanced carbon materials market, accounting for one-third of the total market share. The manufacturers are focusing on composite solutions to meet the need to reduce weight and increase the fuel efficiency. The automotive industry is expected to be the fastest growing, owing to the increasing investments in electric vehicles in China and India. The electric vehicle sales have increased by more than 32% over the last five years.
Growing Airplane Demand Driving the Asia-Pacific Market
In terms of consumption in 2017, Europe held a significant market share. Asia-Pacific is expected to be an emerging market during the forecast period with increase in automotive manufacturing facilities in China, India, Indonesia, and Thailand. The new agreements and construction plans in Asia-Pacific are coming up to meet the growing demand for travel. In May 2017, the United States aircraft giant, Boeing, had started to build its first overseas factory in China aiming to deliver 100 Boeing 737 planes per year.
Notable Developments in the Market
In September 2017, Hexcel launched its GBP 7.4 million project in the United Kingdom for the production of new carbon fiber fabrics for aerospace and automotive composite structures.
Major players: Hexcel Corporation, Mitsubishi Chemical Carbon Fiber and Composites, Inc., Toray Industries, Inc., Toho Tenax Europe GmbH, and Nippon Graphite Fiber Co., Ltd, among others.
Reason to Purchase the Report
To understand the impact of various product type on the market.
Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
To understand the dominating product type and end-user industry in the market.
To identify the countries expected to witness the fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
3-month analyst support along with the Market Estimate sheet (in Excel).
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