The advanced carbon materials market size is projected to reach US$ 48.20 billion by 2031 from US$ 27.79 billion in 2023; the market is expected to register a CAGR of 7.1% during 2023-2031.
Advanced carbon materials include natural graphite, synthetic graphite, multi-walled carbon nanotubes, single-walled carbon nanotubes, graphene, PAN-based carbon fibers, PITCH-based carbon fibers, carbon foams, and fullerene. These advanced carbon materials are considered as backbone of engineering and scientific innovation owing to their versatile chemical, physical, and electrical properties. Graphite is one of the major advanced carbon materials used in various applications. Graphite can operate at extremely high temperatures, making it suitable for demanding applications such as sintering and debinding in furnaces. Its chemical inertness enhances its stability and resistance to corrosion, which is crucial in melting processes. Further, these advanced carbon materials are used in various applications, such as electronics and semiconductors, energy storage, structural composites, chemical materials and polymers, medical, and many other applications.
The major factors driving the growth of the advanced carbon materials market are the growing demand for lightweight materials and the increasing demand for advanced carbon materials for energy storage applications. Further, the adoption of carbon-based materials in cancer treatment can create lucrative growth opportunities for the advanced carbon materials market during the forecast period.
Based on product type, the advanced carbon materials market is bifurcated 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. Graphite (a naturally occurring form of crystalline carbon) has high electrical conductivity, excellent thermal conductivity, and high resistance to corrosion. These properties make it suitable for various high-tech industries. One of the most prominent applications of graphite is in the production of batteries. The high electrical conductivity of graphite allows it to efficiently transfer electrons between the anode and cathode, making it an essential component in both lithium-ion and lithium-ion polymer batteries. These batteries power a wide range of devices, from smartphones and laptops to electric vehicles and energy storage systems. Owing to heat resistance and lubricating properties, graphite is highly valued in refractories, lubricants, and foundry facings.
By application, the market is segmented into electronics and semiconductors, energy storage, structural composites, chemical materials and polymers, and medical. The energy storage segment held the largest share in the advanced carbon materials market in 2023. The energy storage segment is mainly driven due to the growing demand for efficient, high-capacity storage solutions. Advanced carbon materials, such as carbon nanotubes (CNTs), graphene, and carbon fibers, are increasingly used in energy storage applications such as batteries, supercapacitors, and fuel cells. These materials offer exceptional electrical conductivity, larger surface area, and superior mechanical properties, making them ideal for enhancing the performance of energy storage devices. Their incorporation leads to faster charging, improved energy density, and longer battery life, which are critical for applications ranging from consumer electronics to electric vehicles and grid energy storage systems.
Asia Pacific held the largest share of the global advanced carbon materials market 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 & 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 demand for advanced carbon materials in the region.
A few of the players operating in the global advanced carbon materials market are 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. Market players focus on offering high-quality products to fulfill customer demand. Players operating in the global market focus on providing high-quality products to fulfill customer demand. Also, they focus on adopting various strategies such as new product launches, capacity expansions, partnerships, and collaborations in order to stay competitive in the market. The advanced carbon materials market forecast can help stakeholders plan their growth strategies. In 2024, LG Chem began constructing its fourth carbon nanotube (CNT) plant at its Daesan Complex, 80 kilometers southwest of Seoul. LG Chem's CNT 4 Plant is slated for operation in 2025 and is expected to contribute to doubling LG Chem's annual CNT production capability to 6,100 tons.
The overall global advanced carbon materials market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the advanced carbon materials market.