Carbon Foam Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Global Carbon Foam Market is segmented by Type (Graphitic and Non-graphitic), End-user Industry (Aerospace and Defense, Building and Construction, Automotive, Electrical, Industrial, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, and Rest of World). The report offers market size and forecasts for Carbon Foam in revenue (USD million) for all the above segments.

Carbon Foam Market Size

Carbon Foam Market Summary
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Study Period 2018 - 2028
Market Size (2023) USD 21.57 Million
Market Size (2028) USD 35.91 Million
CAGR (2023 - 2028) 10.73 %
Fastest Growing Market North America
Largest Market North America

Major Players

Carbon Foam Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Carbon Foam Market Analysis

The Global Carbon Foam Market size is estimated at USD 21.57 million in 2023, and is expected to reach USD 35.91 million by 2028, growing at a CAGR of 10.73% during the forecast period (2023-2028).

COVID-19 highly impacted the market in 2020 because of supply chain and market disruption. During the pandemic, many factories responsible for carbon foam production were shut down. However, the market is growing rapidly and has reached pre-pandemic levels.

  • Over the short term, increasing usage of carbon foam in the aerospace and defense industry is a key factor driving market demand.
  • The high cost of the production process of carbon foam is hindering the market's growth.
  • Increasing focus on developing low-cost carbon foam will likely create opportunities for the market in the coming years.
  • The North American region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Carbon Foam Market Trends

This section covers the major market trends shaping the Carbon Foam Market according to our research experts:

Increasing Usage in the Aerospace and Defense Industry

  • Carbon foam can be used to manufacture engineering material for various aerospace and defense applications, including aerospace tooling, fireproof structural products, energy-absorbing structures, blast protection systems, and hot structures. It is widely used to insulate aircraft and rockets.
  • It can be used in thermal protection systems and structural panels for EMI shielding and radar-absorbing applications. It can also be used for stealth technology, an essential aspect of the upcoming fifth-generation aircraft.
  • Due to its lightweight nature, strength, and excellent thermal properties, it is also used in rocket nozzle systems, even in harsh environments. Solid rocket motors generate their thrust by burning a solid propellant to generate hot gases, which are exhausted through a nozzle.
  • Graphitic carbon foam can protect against blast energy, directed energy weapons, and electromagnetic pulse threats.
  • In February 2022, the China Aerodynamics Research and Development Centre tested carbon foam-based coatings on hypersonic weapons to enhance their performance. It found that carbon foam-based coatings could reduce the impact of shock waves by more than 20% and dramatically improve aerodynamic stability. It also mentioned that carbon foam has great application potential as a coating material for future hypersonic flight.
  • In October 2021, the American Society for Composites acknowledged some of the research work done by the Air Force Research Laboratory. The laboratory developed carbon foam technology and related materials and applied significant systems, such as those in the Boeing 787 Dreamliner and Air Force and NASA satellites, and composite tooling.
  • According to the Boeing Commercial Outlook 2022-2041, the total global deliveries of new airplanes are estimated to be 41,170 by 2041. Due to such huge expected deliveries, the demand for carbon foam is expected to rise globally during the forecast period.
  • Furthermore, according to the Stockholm International Peace Research Institute (SIPRI), the total global military expenditure increased by 0.7% to USD 2,113 billion last year compared to 2020. Moreover, the five largest spenders in 2021 were the United States, China, India, the United Kingdom, and Russia, accounting for 62% of expenditure. As a result, rising military and defense spending is expected to support the demand for carbon foam for defense applications.
Carbon Foam Market, Revenue CAGR (%), by End-user Industry, Global, 2022-2027

United States to Dominate the North American Region

  • The North American region is expected to dominate the market. The United States is one of the region's largest and most powerful economies.
  • In July 2021, scientists from the USDA Forest Service's Forest Products Lab and Ligsteel LLC collaborated with Domtar Inc. to produce high-value carbon foam from lignin, a material found in plant cell walls that makes carbon foam hard. Lignin is inexpensive and widely available, with the pulp and paper industry producing 70 million tons per year.
  • The United States is the second-largest market for electric vehicles after China. According to the EV volumes, the country's total plug-in electrical vehicles accounted for around 656,900 units last year, registering a growth rate of ~100% compared to 2020.
  • According to the IEA, in the United States, the federal aim is for electric vehicles (EVs) to make up 50% of new passenger cars and light trucks sold by 2030. Moreover, as per the International Council on Clean Transportation, in 2020, the California Government announced an executive order which directs the state to require that, by 2035, all new cars and passenger trucks sold in California be zero-emission vehicles, including BEV and PHEV.
  • Moreover, according to the Federal Aviation Administration (FAA), the number of aircraft in the country's commercial fleet accounted for 5,882 in 2020, witnessing a decline rate of 22.9% compared to the previous year. The commercial fleet is forecasted to increase to 8,756 in 2041, with an average annual growth rate of 2% per year. This is expected to increase the market demand from multiple applications in the aerospace industry.
Carbon Foam Market - Growth Rate by Region, 2022-2027

Carbon Foam Industry Overview

The carbon foam market is currently consolidated in nature, where the top players hold the majority share of the market studied. Some of the major players in the market include CONSOL Energy Inc., Entegris, Koppers Inc., Ultramet, and ERG Aerospace (not in any particular order).

Carbon Foam Market Leaders

  1. Koppers Inc.

  2. Ultramet

  3. ERG Aerospace

  4. CONSOL Energy Inc.

  5. Entegris Inc.

*Disclaimer: Major Players sorted in no particular order

Carbon foam Market concentration.jpg

Carbon Foam Market News

  • In July 2022, CFOAM Limited initiated the sale of its 74.34% interest in CFOAM Corp to CONSOL Energy Inc., a coal mining company.
  • In July 2021, carbon foam manufacturer, Cfoam established a new disruptive technology to make carbon foam products from coal. The company updated the market on the progress of a US government-funded project to commission a new carbon foam product facility in West Virginia. The project totaled USD 2.42 million, including USD 1.92 million in funding, to develop continuous carbon foam manufacturing. The process operates at atmospheric pressure and can reduce panel production costs by more than 90%. This will significantly increase the market size.

Carbon Foam Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Increasing Usage in the Aerospace and Defense Industry

    2. 4.2 Restraints

      1. 4.2.1 The High Cost of the Production Process of Carbon Foam

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Type

      1. 5.1.1 Graphitic

      2. 5.1.2 Non-graphitic

    2. 5.2 End-user Industry

      1. 5.2.1 Aerospace and Defense

      2. 5.2.2 Building and Construction

      3. 5.2.3 Automotive

      4. 5.2.4 Electrical

      5. 5.2.5 Industrial

      6. 5.2.6 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. Rest of Europe

      4. 5.3.4 Rest of the World


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 American Elements

      2. 6.4.2 Carbon-Core Corporation

      3. 6.4.3 CONSOL Energy Inc.

      4. 6.4.4 ERG Aerospace

      5. 6.4.5 Firefly International Energy

      6. 6.4.6 Koppers Inc.

      7. 6.4.7 Entegris Inc.

      8. 6.4.8 Ultramet

      9. 6.4.9 Xiamen Zopin New Material Limited

    5. *List Not Exhaustive

    1. 7.1 Development of Low-cost Carbon Foam

    2. 7.2 Other Opportunities

**Subject to Availability

Carbon Foam Industry Segmentation

Carbon foam is a lightweight material that has high crush strength. Though electrically conductive, it is not thermally conductive because of the air space between tendrils. Since it contains no volatile content, it is non-combustible. The carbon foam market is segmented by type, end-user industry, and geography. By Type, the market is segmented into Graphitic and Non-graphitic. By End-user Industry, the market is segmented into Aerospace and Defense, Building and Construction, Automotive, Electrical, Industrial, and Other End-user industries. The report also covers the market size and forecast for the carbon foam market in seven countries across major regions. For each segment, the market sizing and forecast have been done on the basis of revenue (USD million).

End-user Industry
Aerospace and Defense
Building and Construction
Other End-user Industries
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
Rest of the World

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Carbon Foam Market Research FAQs

The Carbon Foam Market size is expected to reach USD 21.57 million in 2023 and grow at a CAGR of 10.73% to reach USD 35.91 million by 2028.

In 2023, the Carbon Foam Market size is expected to reach USD 21.57 million.

Koppers Inc., Ultramet, ERG Aerospace, CONSOL Energy Inc. and Entegris Inc. are the major companies operating in the Carbon Foam Market.

North America is estimated to grow at the highest CAGR over the forecast period (2023-2028).

In 2023, the North America accounts for the largest market share in the Carbon Foam Market.

Carbon Foam Industry Report

Statistics for the 2023 Carbon Foam market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Carbon Foam analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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