Magnetic Carbon Nanofoam Market size is forecast to reach $825.56 Million by 2025, after growing at a CAGR of 5.3% during 2020-2025. Magnetic Carbon Nanofoam industry is projected to augment due to Increase in application of carbon nanofoam in diverse range of industries, owing to its superior magnetic property. Further, surge in demand for lightweight materials in aviation and automobile applications will augment the magnetic carbon nanofoam market.
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Type – Segment Analysis
Monolith held the largest share in the Magnetic Carbon Nanofoam market in 2019. Monolithic nanofoams have been synthesized with excellent versatility, robust elasticity and ultra-high compressive power, which will significantly improve their process ability for practical use. Carbon Aerogel monoliths are useful for applications where both a high surface area and electrical conductivity are desirable. These aerogels have sufficient pore capacity for the inclusion of active materials and for mass transport facilitation. It is ideal for use in super capacitors and ultra-capacitors as electrodes, batteries, and desalination filters.
Application – Segment Analysis
Fuel cells held the largest share in the Magnetic Carbon Nanofoam market in 2019. Carbon nanofoam are used as a potential material for hydrogen storage material. Hydrogen-based fuel cells are seen as an important potential alternative to fossil-based sources of energy such as oil, natural gas, and coal. The limiting factor for certain applications such as hydrogen-driven cars is the weight of the hydrogen fuel storage system which seems to be excessive for metal-stored hydrogen. The fuel cell system will use 60 per cent of the fuel capacity, which is more than 50 per cent less fuel consumption compared to a traditional car with an internal combustion engine for gasoline. The system has an ultra?low density of 2–10 mg/cm3 and a large surface area 300–400 m2/g. Electron diffraction showed the presence of hyperbolic schwarzite layers making the system suitable for hydrogen storage. Furthermore, the growth is supported by automobile industry as fuel cells are prominently used into electronic vehicles. The two most important challenges to the commercialization of fuel cells are cost reduction and performance enhancement. Fuel cell systems must be cost-competitive with conventional power technology over the life of the device, and perform as well.
End Use – Segment Analysis
Aviation sector held the largest share in the Magnetic Carbon Nanofoam market in 2019 growing at a CAGR of 7.2%. Carbon nanofoam are lightest material used in aviation application in high-yield catalysis. These usable carbonaceous materials have become an attractive subject in recent years, with high specific surface area. According to Air Transport Action Group, aviation industry contributed around 4.1% of all GDP in European Countries in 2016. Passenger numbers have grown even faster, and are 50% higher in 2017 than 2005. This is partially due to a gradual shift towards flying further in larger aircraft according to European Union Aviation Safety Agency. The growth in aviation sector will drive the demand for aircrafts thus augmenting the production rate which will directly support the growth of magnetic carbon nanofoam market.
Geography – Segment Analysis
Europe dominates the Magnetic Carbon Nanofoam market with a share of more than 40%, followed by North America and APAC. The growth of magnetic carbon nanofoam is supported due to presence of automotive and aviation industry in Europe. Magnetic carbon nanofoam with uniform cavity and highly porous skeleton are used in electric hybrid vehicles. In 2019, the market for electrically chargeable vehicles in the European Union expanded by 53.5%. The market for electrically chargeable vehicles in the EU and EFTA grew by more than 175,000 cars during 2019 which increases the market share from 2% to 3.6% compared to 2018 according to European Automobile Manufacturers Association. In 2019, Germany surpassed Norway as Europe’s biggest market for electrically powered vehicles during 2019. The United Kingdom was again Europe’s third-largest electrified car market but the Netherlands overtook France with a sharp rise in sales of electric vehicles. The growth in the electric vehicle market will have positive impact on the magnetic carbon nanofoam market. Moreover, the market can see impact on the growth due to ongoing COVID-19 pandemic globally for year 2020. The COVID-19 pandemic has forced many manufacturers to temporary shutdown their manufacturing units.
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Drivers – Magnetic Carbon Nanofoam Market
Magnetic carbon nanofoam is light weight material with intrinsic properties increasing its utilization across wide industry verticals such as automotive and aviation. The foams are also electrically conductive and have a high capacitance. Nanofoam carbon paper is an alternative to woven electrode carbon fabric and in many applications, they are superior to woven carbon fiber electrodes due to their high surface area, low resistance and high relative power. The material for the electrode is versatile and can be pre-formed into virtually any desired shape.
Challenges – Magnetic Carbon Nanofoam Market
Carbon nanofoam is the fifth allotrope of Carbon after graphite. The synthesis process such as pulsed electric arc discharge method of magnetic carbon nanofoam are of advance quality and employs high technology which increases its cost. The high synthesis cost and raw material impact the product price.
Acquisitions/Technology or Product Launches
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Magnetic Carbon Nanofoam market. In 2019, the market of Magnetic Carbon Nanofoam has been consolidated by the top five players accounting for xx% of the share. Major players in the Hexcel, SGL Carbon Fibers, Cytec, Zoltek Companies, Toho Tenax America, and others.
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