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The Global Advanced Carbon Materials Market was valued at USD 15.88 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 5.82 % through 2028. Speak directly to the analyst to clarify any post sales queries you may have.
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Advanced carbon materials have emerged as indispensable components in various industries, offering exceptional properties such as high strength, thermal conductivity, and chemical resistance. Advanced carbon materials, encompassing a diverse range of carbon-based substances like carbon fibers, carbon nanotubes, graphene, fullerenes, and more, have gained prominence across numerous industries. Their unique combination of properties, including lightweight but robust structures, high thermal and electrical conductivity, and resistance to extreme conditions, makes them critical in applications spanning aerospace, automotive, electronics, energy, and beyond.
The global push for sustainability and reduced carbon footprint has propelled the adoption of advanced carbon materials. They offer lightweighting solutions, energy efficiency, and recyclability, aligning with the sustainability goals of various industries. The aerospace and defense sector relies heavily on advanced carbon materials for lightweight structures and enhanced performance, driving consistent demand.
In the automotive industry, the need for lightweight materials to improve fuel efficiency and reduce emissions has driven the adoption of carbon composites and advanced carbon materials. Advanced carbon materials are integral to electronic devices and energy storage solutions. The surge in electronics consumption and renewable energy technologies has boosted their demand.
The manufacturing of advanced carbon materials can be expensive, hindering their widespread adoption, especially in price-sensitive industries. Addressing technical challenges, such as scaling up production while maintaining quality and consistency, remains a hurdle.
Ongoing research efforts are leading to innovations in advanced carbon materials, including cost-effective production methods and enhanced properties. The transition to renewable energy sources requires advanced materials for energy storage and transmission, offering a significant growth avenue.
The integration of carbon nanotubes and graphene into various applications, such as batteries and electronics, is an emerging trend due to their exceptional properties. Manufacturers are increasingly focusing on sustainable production methods and recycling options for advanced carbon materials. Tailoring advanced carbon materials to meet specific industry needs is gaining traction, facilitating innovation and market expansion. Growing aerospace and automotive markets in Asia-Pacific and Latin America are driving the global expansion of advanced carbon materials.
The global market for advanced carbon materials is characterized by its versatility and indispensability across a spectrum of industries. While challenges such as high production costs persist, opportunities in research and development, sustainability, and renewable energy are paving the way for growth.
Emerging trends, including the integration of carbon nanotubes and graphene, sustainable production, customization, and global expansion, signify a dynamic market landscape. To harness these opportunities, stakeholders should continue investing in innovation, sustainable practices, and cost-effective manufacturing processes. As industries evolve and global demand for high-performance materials escalates, advanced carbon materials are set to remain pivotal in driving technological advancements and enhancing industrial processes worldwide.
Key Market Drivers
Growing Demand from Aerospace and Defense Industry is Major Factor for Advanced Carbon Materials Market Growth
The advanced carbon materials market is experiencing substantial growth, largely driven by the growing demand from the aerospace and defense industry. Advanced carbon materials, including carbon fibers, composites, and carbon-based ceramics, have become indispensable in these sectors due to their exceptional properties and performance advantages.One of the primary factors fueling the growth of the advanced carbon materials market in the aerospace and defense industry is the quest for lightweight yet high-strength materials. These industries require materials that can withstand extreme conditions, such as high temperatures, mechanical stresses, and corrosive environments, while also reducing the overall weight of aircraft, spacecraft, and defense equipment. Carbon fibers and composites offer an ideal solution, as they possess an outstanding strength-to-weight ratio, making them valuable for designing lightweight yet structurally robust components. This weight reduction not only enhances fuel efficiency in aerospace but also contributes to the agility and maneuverability of military vehicles and equipment, ultimately improving their performance.
Furthermore, advanced carbon materials are known for their exceptional thermal and chemical resistance properties, making them suitable for applications in the aerospace and defense sectors that involve exposure to extreme temperatures and harsh chemical environments. Carbon-based ceramics, for instance, are used in the production of heat shields, ablative materials, and thermal protection systems for reentry vehicles and spacecraft. These materials play a crucial role in ensuring the safety and functionality of aerospace and defense equipment operating in extreme conditions, such as during atmospheric reentry or hypersonic flight.
Another driver for the demand of advanced carbon materials in aerospace and defense is their electrical conductivity and electromagnetic interference (EMI) shielding capabilities. Carbon composites infused with conductive additives can dissipate static electricity and provide EMI shielding, essential in aerospace applications where electromagnetic interference can disrupt electronic systems and communication. Additionally, carbon materials are used in the production of radar-absorbing materials (RAMs), which reduce the radar signature of military aircraft and naval vessels, enhancing their stealth capabilities.
Moreover, advanced carbon materials contribute to sustainability goals within the aerospace and defense sectors. As global awareness of environmental concerns continues to grow, manufacturers are seeking eco-friendly solutions. Carbon fibers and composites, derived from carbon-rich precursors such as polyacrylonitrile (PAN) or lignin, align with sustainability objectives by offering reduced environmental impact compared to traditional materials. This has led to increased adoption, as both industries work to minimize their carbon footprint.
Technological advancements and innovations in carbon material production have played a significant role in market growth. Manufacturers have invested in research and development to improve the quality, consistency, and performance of advanced carbon materials. These efforts have led to the development of tailored materials optimized for specific aerospace and defense applications, further enhancing their suitability and efficiency.
In conclusion, the growing demand from the aerospace and defense industry is a major driver of the advanced carbon materials market. Carbon materials offer unique properties that meet the stringent requirements of these sectors, including strength, lightweight design, thermal resistance, EMI shielding, and sustainability. As the aerospace and defense industries continue to evolve and innovate, advanced carbon materials are expected to play an increasingly pivotal role in driving progress and addressing the complex challenges they face in the modern era.
Rising Demand for Electronics and Energy Storage Drives the Demand for Advanced Carbon Materials Market
The advanced carbon materials market is experiencing significant growth due to the rising demand for electronics and energy storage solutions. Advanced carbon materials, including carbon nanotubes, graphene, and advanced carbon composites, have emerged as key components in these industries, driven by their exceptional properties and performance advantages.One of the primary factors fueling the growth of the advanced carbon materials market is the increasing demand for electronic devices. The electronics industry has seen explosive growth in recent years, with the proliferation of smartphones, tablets, wearable technology, and Internet of Things (IoT) devices. These devices require high-performance materials to meet the demands of miniaturization, improved energy efficiency, and enhanced functionality. Carbon nanotubes and graphene, in particular, exhibit remarkable electrical conductivity, thermal conductivity, and mechanical strength, making them ideal candidates for use in electronic components. Carbon-based materials enable the development of smaller, faster, and more energy-efficient electronic devices, meeting the ever-increasing consumer and industry expectations.
Furthermore, advanced carbon materials play a crucial role in energy storage solutions, including batteries and supercapacitors. As the world transitions toward renewable energy sources and electric vehicles (EVs), the need for high-performance energy storage systems has grown significantly. Carbon-based materials are at the forefront of energy storage innovation, contributing to the development of lithium-ion batteries, supercapacitors, and next-generation energy storage technologies. Carbon materials enhance energy density, increase charge/discharge rates, and improve the overall efficiency and longevity of energy storage systems. This is particularly important in the EV industry, where advancements in energy storage technologies are driving the adoption of electric vehicles on a global scale.
Moreover, the demand for clean and sustainable energy solutions is driving the growth of the advanced carbon materials market. Carbon-based materials are key components in energy conversion and storage systems such as fuel cells and hydrogen storage. These technologies are essential for the development of green energy solutions, including hydrogen fuel cell vehicles and stationary fuel cell power plants. Carbon materials serve as catalyst supports and conductive components in these systems, enabling efficient and clean energy generation.
The push for environmental sustainability and reduced carbon emissions is further accelerating the adoption of advanced carbon materials. Governments and industries around the world are investing in renewable energy and energy efficiency initiatives, which rely on advanced carbon materials for their success. Carbon nanotubes, for example, are used in the development of lightweight and strong materials for wind turbine blades, contributing to the expansion of wind energy capacity.
Additionally, advancements in carbon material production technologies have played a significant role in market growth. Researchers and manufacturers have been exploring innovative methods to produce high-quality carbon nanotubes, graphene, and other advanced carbon materials at scale and with improved cost-efficiency. These developments have paved the way for broader adoption in electronics and energy storage applications.
In conclusion, the rising demand for electronics and energy storage solutions is a major driver of the advanced carbon materials market. Carbon-based materials are instrumental in meeting the needs of the rapidly evolving electronics industry and the growing requirements for energy storage in renewable energy systems and electric vehicles. As the world continues to prioritize clean energy and technological innovation, advanced carbon materials are poised to play a central role in driving progress and addressing the complex challenges of a sustainable and electrified future.
Rising Initiatives for Sustainability and Reduced Carbon Footprint
The advanced carbon materials market is experiencing robust growth, primarily propelled by the rising initiatives for sustainability and a reduced carbon footprint. Advanced carbon materials, including carbon nanotubes, graphene, and carbon composites, have emerged as critical components in various industries, driven by their exceptional properties and the need to address environmental challenges.One of the key factors driving the demand for advanced carbon materials is the global commitment to sustainability and environmental protection. Governments, industries, and consumers alike are increasingly aware of the detrimental impacts of traditional materials and energy sources on the environment. Carbon-based materials offer a more sustainable alternative due to their lower environmental footprint. For instance, carbon nanotubes and graphene can be produced from renewable carbon sources, such as biomass, reducing the reliance on fossil fuels and decreasing carbon emissions associated with traditional materials.
Moreover, advanced carbon materials are integral to the development of clean energy technologies. The transition to renewable energy sources, such as solar and wind power, relies on advanced materials to improve the efficiency and performance of energy conversion and storage systems. Carbon composites are used in the production of lightweight and durable wind turbine blades, contributing to the expansion of wind energy capacity. Additionally, carbon materials serve as crucial components in next-generation energy storage systems, including lithium-ion batteries and supercapacitors, enabling the efficient storage of renewable energy.
The push for sustainability extends to the transportation sector, where advanced carbon materials play a pivotal role in reducing emissions and improving fuel efficiency. Lightweight carbon composites are used extensively in the automotive and aerospace industries to reduce the weight of vehicles and aircraft. Lighter vehicles require less fuel to operate, leading to lower carbon emissions and improved fuel economy. In the aerospace industry, carbon composites are utilized in the construction of aircraft, contributing to reduced fuel consumption and emissions during flight.
Furthermore, carbon-based materials are essential for the development of advanced water and air purification technologies. Carbon nanotubes and activated carbon are used in filtration systems to remove contaminants, pollutants, and harmful chemicals from water and air sources. These materials provide an efficient and sustainable means of improving water quality and ensuring clean air, addressing critical environmental and public health concerns.
The construction industry is also witnessing the adoption of advanced carbon materials in the pursuit of sustainability. Carbon fibers and composites are used in the construction of energy-efficient and environmentally friendly buildings. These materials offer enhanced insulation properties, reducing the energy consumption required for heating and cooling. Additionally, carbon materials contribute to the durability and longevity of construction components, minimizing the need for replacements and reducing waste.
Technological advancements and innovations in carbon material production have played a pivotal role in market growth. Researchers and manufacturers continue to explore novel methods for producing advanced carbon materials with improved performance characteristics and cost-effectiveness. These developments are driving broader adoption across various industries and applications.
In conclusion, the rising initiatives for sustainability and a reduced carbon footprint are major drivers of the advanced carbon materials market. Carbon-based materials offer eco-friendly alternatives to traditional materials, enabling progress toward a more sustainable and environmentally responsible future. As industries and governments prioritize sustainability and environmental protection, advanced carbon materials are expected to play an increasingly vital role in addressing global challenges and promoting a greener, cleaner world.
Key Market Challenges
High Production Costs
High production costs are posing a significant obstacle to the growth of the global Advanced Carbon Materials market. These materials, which encompass a diverse range of carbon-based substances like graphene, carbon nanotubes, and carbon fiber composites, are highly sought after for their exceptional properties, including strength, conductivity, and lightness. However, the complex and resource-intensive processes involved in their production contribute to elevated costs.Carbon materials often require specialized equipment and precise manufacturing techniques, which demand substantial investments in research, development, and production infrastructure. Moreover, the cost of raw materials, such as high-purity carbon precursors, can be substantial. These factors make advanced carbon materials expensive to produce, limiting their accessibility to a broader range of industries and applications.
Addressing high production costs is a critical challenge for the industry. To overcome this obstacle, companies are actively exploring cost-efficient manufacturing methods, recycling and reusing strategies for carbon materials, and sustainable sourcing practices. Additionally, advancements in scalable production techniques and economies of scale are expected to play a crucial role in reducing costs and expanding the market for advanced carbon materials. As technology and innovation progress, finding ways to make these remarkable materials more affordable will be essential to unlocking their full potential and fostering broader adoption across industries.
Technical Challenges
Technical challenges are acting as significant barriers to the growth of the global Advanced Carbon Materials market. These challenges stem from the complex and multifaceted nature of advanced carbon materials, which include substances like graphene, carbon nanotubes, and carbon fiber composites, each with unique properties and applications.One key technical challenge is achieving consistent quality and reproducibility in the manufacturing processes of advanced carbon materials. Variability in material characteristics can hinder their reliability and predictability in various applications, from electronics to aerospace. Controlling factors such as impurities, defects, and crystallographic structure is a complex undertaking.
Furthermore, scaling up production while maintaining material integrity and quality presents a formidable technical hurdle. Many advanced carbon materials are synthesized at a laboratory scale, but transitioning to large-scale, cost-effective production without compromising their properties remains a challenge.
Additionally, the integration of advanced carbon materials into existing systems and industries requires overcoming compatibility and interfacing issues. These materials often have unique electrical, thermal, or mechanical properties that need to be effectively harnessed and integrated into practical applications.
To overcome these technical challenges, ongoing research and development efforts are essential. Collaborative endeavors between academia and industry, as well as advancements in material characterization and process optimization, are key strategies to unlock the full potential of advanced carbon materials and drive their adoption across a wide range of sectors.
Key Market Trends
Tailoring Advanced Carbon Materials
Tailoring advanced carbon materials to meet specific application requirements stands out as a pivotal trend driving the growth of the global Advanced Carbon Materials market. These materials, including graphene, carbon nanotubes, and carbon fiber composites, offer a diverse range of extraordinary properties such as exceptional strength, electrical conductivity, and lightweight characteristics. To harness these capabilities effectively, customization and tailoring have become paramount.One key aspect of this trend involves engineering advanced carbon materials with precise structural modifications. Researchers and manufacturers are exploring methods to control material defects, layer stacking, and functionalization to fine-tune their properties for various applications. For example, modifying the surface chemistry of carbon nanotubes can enhance their compatibility with specific polymers, making them ideal for reinforced composite materials in aerospace or automotive industries.
Tailoring also encompasses the development of hybrid materials, where advanced carbon materials are combined with other substances like polymers or metals to create composites with unique synergistic properties. These tailored composites offer a broad spectrum of applications, from lightweight and strong structural components to advanced electronic devices.
Furthermore, customization extends to the scale of production, with efforts to optimize manufacturing processes for different advanced carbon materials. Achieving economies of scale while maintaining quality and consistency is a critical aspect of tailoring these materials for mass production and widespread adoption.
As industries increasingly seek innovative solutions, the ability to customize advanced carbon materials to meet specific needs is a driving force behind their growth. This trend fosters collaboration between research institutions, manufacturers, and end-users, resulting in a dynamic market that continuously innovates to unlock the full potential of these remarkable materials across diverse sectors, including electronics, energy storage, aerospace, and more.
Carbon Nanotubes and Graphene Integration
The integration of carbon nanotubes (CNTs) and graphene into various applications is a pivotal trend driving the growth of the global Advanced Carbon Materials market. CNTs and graphene are two of the most remarkable carbon-based materials, each possessing unique properties that make them highly sought-after in industries ranging from electronics to aerospace.One key aspect of this trend involves the combination of CNTs and graphene with other materials to create advanced composites. These composites leverage the exceptional strength, electrical conductivity, and thermal properties of both materials. For example, graphene-CNT composites have shown promise in developing ultra-strong, lightweight materials for structural components in aerospace and automotive industries.
Another application area is in electronics, where the integration of CNTs and graphene into transistors, sensors, and other devices can significantly enhance performance. Graphene's high electron mobility and CNTs' excellent electrical conductivity make them ideal candidates for creating faster and more efficient electronic components.
Additionally, these advanced carbon materials are finding utility in energy storage solutions. CNTs and graphene can enhance the performance of batteries and supercapacitors by improving charge/discharge rates, energy density, and overall efficiency. This is crucial in the context of renewable energy and electric vehicles, where energy storage technologies are in high demand.
Furthermore, research and development efforts are underway to create scalable and cost-effective production methods for CNTs and graphene, making them more accessible for a broader range of industries. As industries continue to seek ways to improve performance, reduce weight, and enhance energy efficiency, the integration of carbon nanotubes and graphene into various materials and devices remains a key trend in the Advanced Carbon Materials market. These materials' unique properties and versatility make them invaluable contributors to technological advancements across multiple sectors, promising substantial growth and innovation in the years to come.
Segmental Insights
Product Type Insights
Based on the product type, the graphite segment emerged as the dominant player in the global market for Advanced Carbon Materials. Graphite is a versatile advanced carbon material with a wide range of applications, including in the aerospace, automotive, electronics, and energy sectors. Its properties, including high thermal conductivity, electrical conductivity, and resistance to corrosion, make it an essential material in various industries.Graphite has been traditionally used in applications like lubricants and refractories. Still, it is also finding new uses in emerging technologies such as lithium-ion batteries for electric vehicles and energy storage systems, where its conductivity and lightweight characteristics are highly advantageous.
Graphite is available in various grades, including natural graphite, synthetic graphite, and expanded graphite, each catering to specific applications. This diversity allows it to meet a wide range of industry needs. The growth of electric vehicles and renewable energy storage solutions has boosted the demand for graphite in the form of anode materials for lithium-ion batteries. As these industries continue to expand, graphite's dominance is further solidified.
Application Insights
The aerospace and defense segments are projected to experience rapid growth during the forecast period. The aerospace and defense sector stands out as a major driving force in the advanced carbon materials market, commanding a substantial share of the industry. In recent years, this segment has witnessed a surge in innovative products and solutions. Advanced carbon materials, with their exceptional strength, durability, and stability characteristics, have become the materials of choice for numerous aerospace and defense applications.Traditional metal structures are gradually giving way to the adoption of carbon fibers, particularly carbon fiber-reinforced plastics (CFRP), in aircraft manufacturing. These materials offer a unique combination of lightweight properties and structural rigidity, making them ideal for diverse aerospace components. From the interior components of airplanes and jets to the rotor blades of helicopters, composite materials, including advanced carbon materials, have emerged as integral elements within the aerospace industry.
In the Asia-Pacific region, the aerospace sector is experiencing rapid growth, propelled by increased investments in defense platforms and technologies by several countries. India, in particular, has witnessed remarkable growth in both civil and military aviation. According to the Indian government, the commercial aviation sector contributed USD 30 billion to India's GDP in 2021. With such exponential growth, the domestic aviation market is projected to secure the third position globally by 2024. This growth is further underlined by the substantial increase in air fleet numbers, expected to surge from 600 (as of October 2022) to 1,200 by 2024, consequently driving demand for advanced carbon materials.
Additionally, noteworthy collaborations and developments are shaping the aerospace industry in the region. For instance, in April 2022, HAL (Hindustan Aeronautics Limited) and Israel Aerospace Industries (IAI) signed a Memorandum of Understanding to convert civil passenger aircraft into Multi-Mission Tanker Transport (MMTT) aircraft in India.
The rise of e-commerce, accelerated by the COVID-19 pandemic, has resulted in a significant upswing in the air cargo market. Consequently, there has been a surge in orders for freighter aircraft in 2022. A prime example is Luxembourg's Cargolux airlines, which placed an order with Boeing for 10 777-8 freighters in October 2022, with options for an additional 6 aircraft.
China occupies a prominent position as the second-largest air freight market globally, trailing only the United States. Boeing's Commercial Market Outlook 2022 forecasts China's commercial airfleet to grow from 3,900 to 9,600 by 2041, emphasizing the country's expanding influence in the aerospace industry.
Furthermore, the US Department of Defense awarded Boeing a contract worth USD 103.7 million in February 2022 to supply eight AH-6 light attack reconnaissance helicopters to Thailand under the foreign military sale (FMS) program. These helicopters are slated to replace the aging AH-1F Cobra helicopters in service with the Royal Thai Army, with deliveries expected to continue through 2024.
As the aviation industry rebounds to normalcy, new airlines have entered the market. Notably, Akasa Air, a new Indian airline, commenced operations in August 2022 with plans to expand its routes. In the same vein, Alaska Airlines placed an order for 52 Boeing 737 MAX aircraft in October 2022, aiming to have an all-Boeing mainline fleet by the end of 2023.
Collectively, the factors outlined above are poised to fuel substantial growth in the advanced carbon materials market throughout the forecast period. The aerospace and defense sectors, along with the burgeoning air cargo and airline industries, represent significant opportunities for the continued utilization and expansion of advanced carbon materials in various applications.
Regional Insights
The North American region is poised to assert its dominance in the advanced carbon materials market throughout the forecast period, owing to the presence of economic powerhouses such as the United States, Canada, and Mexico. The United States, in particular, stands out as the world's largest and most influential economy.The escalating demand for various advanced materials, including carbon fibers, carbon nanotubes, graphene, special graphite, carbon foams, nanocrystalline diamond (NCD), diamond-like-carbon (DLC), and fullerenes, across a diverse range of industries is expected to drive robust growth in the utilization of advanced carbon materials. These industries encompass aerospace and defense, electronics, automotive, energy, and many others.
For instance, data from the International Organization of Motor Vehicle Manufacturers (OICA) indicates that in 2022, automobile production in the United States reached a substantial 10.06 million units. This figure represents a notable increase of 10% compared to 2021 and a significant 14% surge compared to 2020. The upward trajectory in automobile production is expected to create a considerable upswing in the demand for advanced carbon materials in North America.
Furthermore, the United States, as a NATO member, exhibited its commitment to defense by allocating an estimated USD 822 billion for defense spending in 2022. This places the United States at the forefront of defense budget allocation among all NATO members. The continuous increase in defense expenditure from the United States is anticipated to drive a heightened demand for advanced carbon materials in the North American region.
Considering these compelling factors, the market for advanced carbon materials in North America is projected to experience significant and sustained growth throughout the forecast period. The robust demand stemming from the United States, driven by its strong economy, thriving industries, and substantial defense investments, will undoubtedly contribute to the region's prominence in the advanced carbon materials market.
Report Scope:
In this report, the Global Advanced Carbon Materials Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:Advanced Carbon Materials Market, By Product Type:
- Graphite
- Carbon Fibers
- Carbon Nanotubes
- Carbon Foams
- Other
Advanced Carbon Materials Market, By Application:
- Construction
- Electronics
- Aerospace & Defense
- Energy
- Automotive and Sports
Advanced Carbon Materials Market, By Region:
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
- Turkey
- Egypt
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Advanced Carbon Materials Market.Available Customizations:
Global Advanced Carbon Materials market report with the given market data, the publisher offers customizations according to a company's specific needs.This product will be delivered within 1-3 business days.
Table of Contents
1. Product Overview
2. Research Methodology
3. Executive Summary
6. Global Advanced Carbon Materials Market Outlook
7. Asia Pacific Advanced Carbon Materials Market Outlook
8. Europe Advanced Carbon Materials Market Outlook
9. North America Advanced Carbon Materials Market Outlook
10. South America Advanced Carbon Materials Market Outlook
11. Middle East and Africa Advanced Carbon Materials Market Outlook
12. Market Dynamics
13. Market Trends and Developments
16. Porter’s Five Forces Analysis
18. Competitive Landscape
19. Strategic Recommendations
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Adherent Technologies Inc.
- Aldila, Inc.
- 2-DTech Limited
- Abalonyx AS
- ACS Material, LLC
- Advanced Nanotech Inc
- Adherent Technologies Inc.
- Advanced Composites, Inc.
- 2d Materials Pte. Limited
- Advanced Graphene Solutions, Inc.
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 190 |
Published | November 2023 |
Forecast Period | 2023 - 2028 |
Estimated Market Value ( USD | $ 15.88 Billion |
Forecasted Market Value ( USD | $ 21.82 Billion |
Compound Annual Growth Rate | 5.8% |
Regions Covered | Global |