Global advanced carbon materials market is projected to grow from US$ 13,348.24 billion in 2019 with a CAGR of 12.43%. Increasing focus toward lightweight composites from the automotive and aviation industry and rising demand of carbon fiber-reinforced plastic in the construction industry is the major factor driving growth of the global advanced carbon materials market . In addition, rising expenditure by automotive companies including Ford and Volkswagen towards the development of lightweight composites for inducing fuel economy products is projected to stimulate the demand for the global market over the forecast period.
Key Market Insights from the report:
The global advanced carbon materials market accounted for US$ XX billion in 2019 and is projected to register a moderate CAGR of XX% over the forecast period. The market report has been segmented on the basis of product type, application, and region.
•By product type, special graphite product type segment dominated the global market, but carbon fibers, accounted to register the highest CAGR over the forecast period and is expected to dominate and become the largest product type, over the forecast period.
•By application, construction application segment is expected to dominate the global market, owing to growing demand for CFRP from the construction industry.
•By region, North America projected for the largest share for the global market. his is mainly attributed due to rising demand for various advanced materials such as carbon nanotubes, carbon fibers, graphene, special graphite, carbon foams, nanocrystalline diamond (NCD), diamond-like-carbon (DLC), and fullerenes from different end-user industries.
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