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.
- Europe dominates the Magnetic Carbon Nanofoam market owing to increasing demand from aviation and automotive sector in the region.
- Increase in application of carbon nanofoam in diverse range of industries, owing to its superior magnetic property, drives the market growth.
- The market drivers and restraints have been assessed to understand their impact over the forecast period. The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
- The other key areas of focus include the various applications in Magnetic Carbon Nanofoam Market and their specific segmented revenue.
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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.
Drivers – Magnetic Carbon Nanofoam Market
- Demand for light weight material, high intrinsic properties and alternative to other material will drive the Magnetic Carbon Nanofoam
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Magnetic Carbon Nanofoam market. Major players in the Hexcel, SGL Carbon Fibers, Cytec, Zoltek Companies, Toho Tenax America, and others.
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