Press release
Advanced Carbon Materials Market Will Witness Growth Based On Rising Demand For Composites In Automotive Sector Till 2024: Grand View Research, Inc.
The demand for graphene was 481.2 tons in 2015 and is projected to witness growth in light of its increasing usage as a protective coating for manufacturing flexible electronic devices and smartphones. In addition, companies are focusing on innovation to develop products catering to niche applications. In June 2015, Sweden-based Graphensic developed a new graphene-derived resistance standard measurement kit which is capable of observing Quantum Hall effect at high temperature and low magnetic temperature.
Further key findings from the report suggest:
• Energy is expected to foresee revenue growth at a CAGR of 6.8% from 2016 to 2024. Growing demand for photovoltaic (PV) cells in light of providing high efficiency as compared to conventional solar devices is expected to promote the usage of advanced materials, particularly carbon nanotubes as filling agents.
• Aerospace & defense generated revenue worth USD 1.06 billion in 2015. Increasing utilization of CFRP for manufacturing fuselage components and wing boxes for optimizing aerodynamic efficiency is likely to have a positive impact on market growth over the next eight years.
• Fibers are likely to witness volume growth at a CAGR of 6.5% from 2016 to 2024. Significant demand for carbon fiber reinforced plastics (CFRP) in automotive, construction and electronics applications in light of providing excellent high initial strength-to-weight ratio is expected to remain a favorable factor.
• Asia Pacific generated a revenue of USD 878.2 million in 2015 and is anticipated to witness substantial gains over the forecast period on account of the expansion of the manufacturing sector. In May 2016, Foxconn announced the establishment of Apple iPhone manufacturing facility at USD 10 billion in Maharashtra by 2020. This initiative is expected to open new markets for these advanced materials over the forecast period.
• Key manufacturers include Toray Industries, Hexcel, Mitsubishi Rayon, Showa Denko, Thomas Swan, Graphenea SA, and Graphene Laboratories. Companies are focusing on new product development and formation of strategic alliances with technological companies. For instance, in July 2016, Showa Denko developed a new grade of carbon nanotube under the brand name, VGCFTM-X, with optimized design for resin composite applications.
Grand View Research has segmented the global advanced carbon materials market by product, application, and region:
Product Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)
• Carbon fibers
• Graphene
• Carbon nanotubes
• Structural graphite
• Carbon foams
Application Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)
• Aerospace & Defense
• Energy
• Electronics
• Sports
• Automotive
• Construction
• Others
Regional Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)
• North America
o U.S.
• Europe
o Germany
o UK
• Asia Pacific
o China
o Japan
• Latin America
o Brazil
• Middle East & Africa (MEA)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Press Contact
Sherry James - Corporate Relations Specialist
28 2nd Street, Suite 3036
San Francisco, CA 94105
United States
Phone: 1-415-349-0058
Email: sales@grandviewresearch.com
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