Global Advanced Carbon Material Market to Surpass USD 4.59 billion by 2023 at a Compound Annual Growth Rate (CAGR) of 6.5%

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The global advanced carbon material market size is envisioned to augment to USD 4.59 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period (2018-2023). The need for advanced carbon material is propelled by many factors, such as the ever-increasing requirement for composites, growing demand for fiber products owing to the preference for lightweight material in automotive, construction and energy applications. Technological betterment with the development of carbon nanomaterial has escalated its demand in automotive and medical industries. Download a Free Sample Report @ https://www.envisioninteligence.com/industry-report/global-advanced-carbon-materials-market/ The market is anticipated to grow over the forecasting period due to the multiplying demand for composites in aerospace and defense, automotive, construction and electronics industries. Aerospace and defense accounted for 42% of the overall volume in 2017. Besides, rising concerns over galvanic corrosion issues corresponding to the usage of aluminum in aerospace applications are expected to promote the demand for fiber-based composites over the next six years. Carbon nanomaterials are expected to increase the industry penetration over the next eight years. Carbon fibers, graphene-carbon nanotubes, structural graphite and carbon foams are majorly used engineering materials on exhibiting superior properties. Growing demand for fiberglass products in construction, energy, and automotive applications is likely to pose a growth for advanced carbon materials over the forecasting period. Carbon foams are projected to foresee fastest volume growth at a CAGR of 9.5% from 2018 to 2023 with the base year as 2017. Moreover, ongoing development of nanofoams will create immense market potential over the upcoming years. Soaring awareness towards the significance of these products in the electronics industry as they offer eminent electrical properties and lightweight characteristics is expected to play a vital role in enhancing the market penetration. Moreover, positive outlook towards the construction sector in the United States and Canada due to the regulatory inclination to enhance investments for residential complexes is expected to increase the use of composites which in turn will fuel the growth over the next six years. The global advanced carbon material market is segmented based on the regions: Asia Pacific, Europe, Middle East and Africa, North America and South America. The Asia Pacific is anticipated to witness substantial gains over the forecasting period 2018-2023. Major vendors in the global advanced carbon material market include Mitsubishi Rayon, Hexcel, Toho Tenax Toray Industries, Thomas Swan & Co. Ltd, Graphenea S.A, Graphene Laboratories Inc. Over the past years, companies including Showa Denko K.K. and Cnano Technology have increased expenditure for the development of carbon nanomaterials including graphene and carbon nanotubes, which will stimulate industry expansion. In May 2016, Foxconn office disclosed the installation of Apple iPhone manufacturing facility in Maharashtra (India) by 2020 which is expected to open new markets for these advanced materials over the forecast period. Contact Us Envision Inteligence Sales@envisioninteligence.com +1 408-963-0099