Increasing Adoption of Advanced Carbon Materials for Energy Storage Applications to Bolster Advanced Carbon Materials Market Growth
According to our latest market study on "Advanced Carbon Materials Market Size and Forecast to 2031 – Global Analysis – by Product Type and Application," the market accounted for a revenue of US$ 27.79 billion in 2023 and is projected to reach US$ 48.20 billion by 2031; it is anticipated to record a CAGR of 7.1% from 2023 to 2031. The report includes growth prospects along with the advanced carbon materials market trends and their foreseeable impact during the forecast period.
The growth of the advanced carbon materials market is attributed to energy storage systems, particularly batteries and supercapacitors, which 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. The rising demand for energy systems, along with its increasing cost, has influenced government organizations and researchers to develop efficient energy systems to fulfill global energy targets. For instance, in 2020, NAWA Technologies developed an ultra-fast carbon electrode based on its patented Vertically-Aligned Carbon Nanotube (VACNT) technology, which is a vertical alignment of 100 billion nanotubes per square centimeter. In 2022, JiangSu Cnano Technology Ltd announced the plan to build manufacturing plants for battery materials such as conductive paste and carbon nanotubes in China and Germany. The company announced an investment of US$ 180 million for the establishment of the Zhenjiang plant in China and is projected to manufacture 450 metric tons of single-walled carbon nanotube products per year. In 2022, scientists from Lawrence Livermore National Laboratory (US) developed vertically aligned CNTs on metal foil for energy storage and electronic applications. This project was financially assisted by the Chemical and Biological Technologies Department of the Defense Threat Reduction Agency.
Global Advanced Carbon Materials Market Breakdown – by Region
Advanced Carbon Materials Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type [Graphite (Natural Graphite and Synthetic Graphite), Carbon Nanotubes (Multi-Walled Carbon Nanotubes and Single-Walled Carbon Nanotubes), Graphene, Carbon Fibers (PAN-Based and PITCH-Based), Carbon Foams and Others], Application [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], and Geography
Advanced Carbon Materials Market Overview and Size by 2031
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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 immensely driving 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. These materials enhance the conductivity and mechanical strength of battery electrodes, leading to faster charging times, greater energy storage capacity, and improved overall efficiency. According to the International Energy Agency's annual Global Electric Vehicle Outlook, over 10 million electric cars were sold worldwide in 2022 and reached 13.9 million. As the automotive industry witnesses a transformative shift toward EVs, the role of ferroalloys has become more crucial. As the demand for EVs continues to rise, the need for advanced carbon-based energy storage solutions grows in tandem contributing to the global advanced carbon materials market share.
Asia Pacific dominated the global advanced carbon materials market share in 2023. The advanced carbon materials market is witnessing significant growth in Asia Pacific owing to the growing application industries. The increasing offshore wind installations in the region drive the demand for structural composites such as wind turbine blades. According to the US Department of Energy, China is among the largest markets globally to deploy offshore wind installations of over 182 gigawatts by 2028.
According to the Australian Trade and Investment Commission, the region has a high demand for infrastructure developments and construction projects for power transmission and infrastructure, renewable energy solutions, and the marine environment. Different countries in the region focus on different infrastructure projects. For instance, Australia focuses on climate-resilient infrastructure development projects. In addition, China is among the largest contributors to the region’s construction and infrastructure developments with its Belt and Road Initiative finance program for ports, roads, and other developments. Such industries further drive the advanced carbon materials market growth in the region.
Global Advanced Carbon Material Market: Trends
As industries focus on reducing waste and promoting circular economies, recycling carbon-based materials such as carbon fiber, graphite, carbon nanotubes, and graphene is gaining momentum. These materials are known for their exceptional strength, electrical conductivity, and lightweight properties, which are highly sought after in the aerospace, automotive, and electronics industries. Recycling advanced carbon materials helps lower production costs and reduces the environmental footprint associated with the extraction and processing of raw materials, making it an attractive option for manufacturers. Recycling carbon fibers, in particular, is becoming a crucial trend as the demand for lightweight and high-strength materials increases. Techniques for reclaiming and reusing carbon fibers from end-of-life products are being refined, allowing these fibers to be introduced into new products without significant loss of their properties. Thermolysis Co. Ltd., a manufacturer of products that can be entirely recycled, announced its socially responsible brand, RCF, which designs and develops a range of bike accessories—such as bottle cages, pads, seats, cycling shoe boards, light stands, and fenders—and daily necessities using carbon fiber recycled via the thermolysis process. This promotes sustainability and helps meet the growing demand for advanced carbon materials in various industries, offering a competitive edge to companies that can implement effective recycling processes. Simultaneously, 3D printing is transforming the production landscape by allowing for the efficient use of advanced carbon materials in complex, customizable designs. CNTs, graphene, and carbon fibers are being integrated into 3D printing filaments to enhance the mechanical, electrical, and thermal properties of printed objects. This trend is enabling the creation of lightweight, durable, and conductive parts for sectors such as aerospace, automotive, and healthcare. The ability to 3D print intricate components with advanced carbon materials is accelerating innovation while reducing material waste, as only the necessary amount of material is used in the production process. Recycling and 3D printing are together fostering more sustainable and efficient manufacturing solutions, thereby driving the advanced carbon materials market.
The key players in the advanced carbon materials market report 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. The advanced carbon materials market forecast can help stakeholders plan their growth strategies and learn about innovative products that are made available at affordable prices to attract consumers.
The advanced carbon materials market analysis is based on product type and application. Based on product type, the advanced carbon materials market is further segmented into graphite, graphene, carbon fibers, carbon foams, and others. The graphite segment held the largest share in the global advanced carbon materials market in 2023. By application, the market is segmented into electronics and semiconductors, energy storage, structural composites, chemical materials and polymers, and medical. The energy storage segment dominated the advanced carbon materials market in 2023. The scope of the advanced carbon materials market report focuses on North America (the US, Canada, and Mexico), Europe (Germany, France, the UK, Italy, Russia, and the Rest of Europe), Asia Pacific (Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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