Global Carbon Material Market Forecast to Grow Rapidly
The Ministry of Trade, Industry and Energy held a meeting on Nov. 15 at the Korea Carbon Industry Promotion Agency and announced that South Korea’s carbon material technology is currently 80 percent of the level of that of industry leaders.
In the carbon material industry, carbon fibers, artificial graphite, activated carbon, carbon black, carbon nanotubes, graphene and so on are produced and applied to various other industries so that products can be improved and added values can be created. The global carbon material market is expected to grow from 52 trillion won in 2019 to 176 trillion won in 2030, which is equivalent to an average annual growth of 11.8 percent.
In South Korea, carbon fiber mass production was achieved for the third time in the world through a national project including a large-scale private investment. South Korea is leading this sector with Japan, the United States and Germany and its technological level is 80 percent of theirs. In addition, the former is 60 percent in artificial graphite, 55 percent in activated carbon, 90 percent in carbon nanotube and 95 percent in graphene.
Also, the ministry carried out multiple demonstration and reliability assessment projects, in which domestically developed carbon composites were successfully applied to hydrogen containers, wind turbine blades, rocket propulsion systems, etc.
The ministry has run the Carbon Material Convergence Alliance since April this year so that carbon material suppliers and clients can collaborate better. The ministry said that the alliance is achieving meaningful results in investment and purchase cooperation in spite of its short history.