Market Size of Advanced Carbon Materials Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.82 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Advanced Carbon Materials Market Analysis
The Advanced Carbon Materials Market size is expected to grow from USD 16.45 billion in 2023 to USD 26.27 billion by 2028, at a CAGR of 9.82% during the forecast period.
The COVID-19 pandemic negatively impacted the market. This was because of the shutdown of the manufacturing facilities and plants due to the lockdown and restrictions. Supply chain and transportation disruptions further created hindrances for the market. However, the industry witnessed a recovery in 2021, thus rebounding the demand for the market studied.
- Over the short term, increasing demand for carbon fiber-reinforced plastic in the construction industry and increasing focus on lightweight composites in the automotive and aviation industries are some of the factors driving the growth of the market studied.
- On the flip side, the high cost of carbon fiber composites and wastage in the production of finished products is likely to hinder the growth of the market studied.
- However, the production of advanced carbon materials from bio-waste is anticipated to provide numerous opportunities over the forecast period.
- North America dominated the market with the largest consumption, followed closely by Asia-Pacific.
