The market for carbon nanotubes is expected to grow at a CAGR of around 20% during the forecast period. Major factors driving the market studied are the growing adoption of carbon nanotubes and technological advances in carbon nanotubes. Various environmental concerns and health and safety issues are expected to hinder the growth of the market studied.
- Multi-walled carbon nanotubes dominated the market is expected to expand at a significant rate during the forecast period, owing to the increasing application of carbon nanotubes for battery additives, anti-static plastic parts etc.
- Increasing use in electronic and storage devices is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the globe with the largest consumption seen in countries, such as China and Japan
Key Market Trends
Growing Adoption of Carbon Nanotubes
- Nanotubes are playing a crucial role in technological advancements in medicine, electronics, engineering, and various other applications. However, the cost-efficient mass production of nanotubes has always been a challenge.
- Innovations in developing robust and reliable production methods, with proper control and measurement at atomic scale, have surfaced repeatedly. With reduced production time and cost, the nanotubes market has the potential for high growth in the near future.
- Common methods for industrial production are arc discharge, high-pressure carbon monoxide disproportionation, chemical vapor deposition (CVD), and laser ablation.
- NASA's Glenn Research Center has developed another efficient and versatile technique to purify nanotubes by dissolving excess reactants and catalysts in a metal chloride salt. Eliminating these residual impurities will allow nanotubes to be more reliable and predictable.
- Research on nanotubes has had a widespread impact on health, information, energy, and many other fields, where there are major economic benefits to the commercialization of new technologies.
- The increasing adoption of novel manufacturing techniques and increasing applications of nanotubes are driving their demand, globally, especially in developed economies.
Asia-Pacific to Dominate the Market
- Asia-Pacific dominated the market across the globe with the largest consumption recorded by the countries, China and Japan.
- China is the largest producer and consumer of carbon nanomaterials in Asia-Pacific. The abundance of available raw materials and the low cost of production have been supporting the production growth of the carbon nanomaterials market in the country.
- China has the world's largest electronics production base and offers tough competition to existing upstream producers, such as South Korea, Singapore, and Taiwan.
- Electronic products, such as smartphones, OLED TVs, tablets, etc., have the highest growth in the market in the consumer electronics segment. With the increase in the disposable income of the middle-class population, the demand for electronic products is estimated to grow, thereby driving the CNT market in the near future.
- Additionally, the Japanese aerospace industry manufactures aircraft components mainly for commercial aircraft and defense aircraft. The production of commercial aircraft has been increasing over the last couple of years, owing to increasing cargo demands.
- Japan manufactures the F-35A next-generation fighter jet and other military aircraft, thereby strengthening the foundation of aerospace manufacturing in the country. The country also plays a central role in the development of aircraft, such as the Boeing 767, 777, 777X, and 787, and engines, such as the V2500, Trent1000, GEnx, GE9X, PW1100G-JM, etc.
- In addition, the Japanese healthcare sector is another factor boosting the demand for carbon nanotubes (in comparison to other countries). According to OECD statistics on health expenditure by country, the Japanese healthcare market ranked third in the world, following the United States and China.
- The growing demand from various end-user industries is likely to propel the market in the region.
Carbon nanotubes market is fragmented as the market share is distributed among a large number of players. Some of the major players of the market include Chengdu Organic Chemicals Co. Ltd. (Timesnano), Jiangsu Cnano Technology Co., Ltd., Nanocyl SA, Arkema, and Showa Denko KK among others.
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