North America Advanced Carbon Materials Market Analysis and Forecast by Size, Share, Growth, Trends 2031

The North America advanced carbon materials market size is expected to reach US$ 3,516.23 million by 2031 from US$ 2,005.69 million in 2023. The market is estimated to record a CAGR of 7.3% from 2023 to 2031.

Executive Summary and North America Advanced Carbon Materials Market Analysis:

The advanced carbon materials market in North America is driven by the growing electronics and semiconductors industry in the region. The North American market is considered a hub for electronics and semiconductors due to several favorable government policies and initiatives taking place in the region. For instance, according to the US Department of Commerce, in May 2024, the governments of the US, Canada, and Mexico, and the Semiconductor Industry Association organized the North America Semiconductor Conference in Washington to strengthen the semiconductor supply chain in the region. In addition, they launched the North American Ministerial Committee on Economic Competitiveness (NAMCEC) to strengthen the productivity and competitiveness of the semiconductors, clean energy, biomanufacturing, information and communications technology (ICT), and critical minerals industries in the region.

Furthermore, the region witnesses a surge in energy storage industries. According to The White House, in 2022, the US government launched "Investing in America" agenda to promote and attract investments in the critical industries that contribute to the US economic growth. This agenda has supported and attracted robust investments in the energy storage and construction industries in the US. Growing industries in the region propel the demand for advanced carbon materials in North America.

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North America Advanced Carbon Materials Market: Strategic Insights

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North America Advanced Carbon Materials Market Segmentation Analysis:

Key segments that contributed to the derivation of the advanced carbon materials market analysis are product type and application.

• Based on product type, the North America Advanced carbon materials market is segmented into graphite, carbon nanotubes, graphene, carbon foams and others. The graphite segment held the largest share of the market in 2023. The graphite segment is further sub segmented into natural graphite and synthetic and graphite. The carbon nanotubes segment is further subsegmented into Multi-Walled Carbon Nanotubes and Single-Walled Carbon Nanotubes. The graphene segment is further subsegmented into pan-based and PITCH-based. The carbon fibers segment is further subsegmented into pan-based and PITCH-based.

• Based on application, the North America Advanced carbon materials market is segmented into electronics and semiconductors, energy storage, structural composites, chemical materials and polymers, medical, and others. The energy storage segment held the largest share of the market in 2023. The electronics and semiconductors segment is further subsegmented into integrated circuits, flexible displays, superconductors, transistors, industrial sensors, and others. The energy storage segment is further subsegmented into lithium-ion batteries, fuel cells, solar PV cells, hydrogen storage, electrochemical supercapacitors, and others. The structural composites segment is further subsegmented into sporting goods, wind turbine blades, light vehicle or automotive, construction and infrastructure, and aerospace and defense. The chemical materials and polymers segment is further subsegmented into coatings adhesives and sealants, water filtration, catalysts, and others. The medical and polymers segment is further subsegmented into transdermal drug delivery, cancer treatment, proteomics, and others.

North America Advanced Carbon Materials Market Report Scope

North America Advanced Carbon Materials Market Players Density: Understanding Its Impact on Business Dynamics

The North America Advanced Carbon Materials Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

North America Advanced Carbon Materials Market Outlook

Energy storage systems, particularly batteries and supercapacitors, are becoming increasingly crucial as industries and consumers seek efficient and reliable ways to store energy. This shift is fueled by the growing adoption of renewable energy sources, electronic vehicles (EVs), and portable electronic devices, all of which require advanced, high-performance energy storage solutions. Advanced carbon materials, including graphene, carbon nanotubes (CNTs), and graphite, are at the forefront of this shift, offering exceptional properties such as high conductivity, large surface area, and lightweight structures. These features make them ideal for modern energy storage technologies such as batteries and supercapacitors. The rising demand for energy systems, along with its increasing cost, has influenced government organizations and researchers to develop efficient energy systems to fulfill global energy targets. For instance, in 2020, NAWA Technologies developed an ultra-fast carbon electrode based on its patented Vertically-Aligned Carbon Nanotube (VACNT) technology, which is a vertical alignment of 100 billion nanotubes per square centimeter. In 2022, scientists from Lawrence Livermore National Laboratory (US) developed Vertically-Aligned CNTs on metal foil for energy storage and electronic applications. This project was financially assisted by the Chemical and Biological Technologies Department of the Defense Threat Reduction Agency.

Graphite has long been a cornerstone material in lithium-ion batteries, which dominate the energy storage market. Graphite provides excellent electrical conductivity and stability, making it ideal for high-energy applications such as EVs and grid storage. Furthermore, the utilization of CNTs as a conductive additive in the production of batteries improves the conductivity by 10% compared to carbon black, thus reducing the use of conductive additives by 30%. The EV industry is a major sector propelling the demand for advanced carbon materials in energy storage applications. As the global shift toward clean and sustainable transportation accelerates, EV manufacturers focus on developing batteries that are more efficient, lighter, and capable of longer ranges. Advanced carbon materials, such as CNTs, graphene, and graphite, are being incorporated into lithium-ion batteries to improve their performance. These materials enhance the conductivity and mechanical strength of battery electrodes, leading to faster charging times, greater energy storage capacity, and improved overall efficiency. According to the International Energy Agency's annual Global Electric Vehicle Outlook, over 10 million electric cars were sold worldwide in 2022 and reached 13.9 million. As the automotive industry witnesses a transformative shift toward electric vehicles (EVs), the role of ferroalloys has become more crucial. As the demand for EVs continues to rise, the need for advanced carbon-based energy storage solutions grows in tandem.

The growing demand for advanced carbon materials for manufacturing electric vehicle batteries has influenced advanced carbon materials manufacturers to expand production facilities. In September 2024, according to a news release from the US Department of Energy, the US government awarded US$ 150 million for the development of an Orangeburg County facility for the production of graphite. In May 2023, Chicago-based Anovion Technologies announced the opening of the graphite production facility with an initial investment of US$ 800 million to open a 1.5 million-square-foot graphite production factory in Bainbridge, in Decatur County, Georgia. Thus, the increasing demand for advanced carbon materials for energy storage applications and the rising global battery production capacity are driving the advanced carbon materials market.

North America Advanced Carbon Materials Market Country Insights

Based on country, the North America advanced carbon materials market comprises the US, Canada, and Mexico. The US held the largest share in 2023.

The advanced carbon materials market is driven by the growing offshore wind energy projects in the country. In September 2024, The Biden-Harris administration announced Maryland Offshore Wind Project. Since 2021, the administration approved over 15 gigawatts (GW) of clean energy from 10 offshore wind energy projects in the country. The administration has set a target of achieving 30 GW of clean energy from offshore wind projects by 2030. The increasing number of offshore wind energy projects in the region fuels the demand for wind turbine blades in the country. This further results in an increased demand for advanced carbon materials for the production of wind turbine blades in the US.

Company Profiles

Some of the key players operating in the 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, Sumitomo Chemical Co Ltd, and MOLCHEM, among others. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

North America Advanced Carbon Materials Market Research Methodology :

The following methodology has been followed for the collection and analysis of data presented in this report:

Secondary Research

The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

• Company websites, annual reports, financial statements, broker analyses, and investor presentations.

• Industry trade journals and other relevant publications.

• Government documents, statistical databases, and market reports.

• News articles, press releases, and webcasts specific to companies operating in the market.

Note:

All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.

Primary Research

The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis, and gain valuable insights. These research interviews are designed to:

• Validate and refine findings from secondary research.

• Enhance the expertise and market understanding of the analysis team.

• Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects.

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

• Industry stakeholders: Vice Presidents, business development managers, market intelligence managers, and national sales managers

• External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise