According to ChemAnalyst report, “Carbon Nanotubes Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, Carbon Nanotubes market has shown considerable growth in the historic period and is anticipated to grow at an impressive CAGR of 6.98% during the forecast period. Rapidly increasing demand for high-performance materials from end user industries such as automotive, defence, aerospace, electronics and electricals, sports and other is expected to accelerate the demand of the global Carbon Nanotubes market in the next ten years. The production of Carbon Nanotubes is highly associated with safety concerns on human health and ecosystem before it can be introduced in the market.
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Carbon Nanotubes (CNTs) are large cylindrical shaped molecules that consist of sheets of single-layered hybridized carbon atoms i.e., graphene in a rolled-up manner. CNTs are considered one of the strongest and stiffest materials known due to their versatile properties such as high electrical conductivity, high thermal conductivity, high mechanical strength, very light weight, high aspect ratio and high chemical stability, which makes them an ideal element for various end-use applications. CNTs are widely used as additives in electronics, optics, plastics, and other materials of nanotechnology fields. Carbon Nanotubes also find application in pharmacy and medicine for drug delivery systems in therapeutics. Biomedical industry is the fastest growing end-use industry due to high demand of CNTs in drug delivery system, cancer treatment, proteomics, platelet activation, tissue regeneration & others disease treatment. Multi-walled Carbon Nanotubes (MWCNTs) consists of double wall CNTs and possesses an excellent tensile strength and elastic modulus which makes it suitable for various applications in automotive and aerospace industries. CNT is increasily used in aerospace vertical as as it facilitate designing of lightweight parts and helps in reducing the CO2 emissions. Factors that are driving the global market of CNTs are increased demand for lightweight structural polymer composites, conductive fillers for EMI shielding materials and antistatic packaging.
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On the basis of technology, the Carbon Nanotubes market is segmented into arc discharge, laser ablation of graphite and chemical vapor deposition (CVD). The process of CVD is widely used to produce carbon nanotubes as it enables larger production of carbon nanotubes under controllable conditions at lower-cost. On-going developments in emerging technologies using CNTs and MWCNTs along with its manufacturing process and reinforcement with various materials are expected to introduce new applications during the forecast period. Many leading players are merging with new players to strengthen their R&D department and expand the production of Carbon Nanotubes in order to develop new ideas and innovations to increase their CNTs into the global market.
In 2020, due to the outbreak of COVID-19, Carbon Nanotubes market was negatively impacted during the global crises. Due to the restrictions imposed by the leading authorities, many end-user Industries temporarily halted their operations due to disruptions in the global supply chain. Major emerging economies registered fall in demand for electronics, automobiles, and construction which negatively impacted the global Carbon Nanotubes market.
Region-wise, Asia-Pacific region held the largest share of Carbon Nanotubes market in 2020. The dominance of the Asia-Pacific region is due to the increased demand for high performance materials in various sectors including aerospace and defence, etc. Demand from polymer composites market due to its high strength imparting properties and high electrical conductivity is all set to boost the demand of Carbon Nanotubes in the future as well. Several government initiatives are also contributing their support in the production of carbon nanotubes as they find its applications in electric vehicles.
Some of the major players operating in Carbon Nanotubes market include Arkema Group, Hyperion Catalysis international, Klean Industries Inc. LG Chem, Cnano Technology Limited, Future Carbon Gmbh, Nanocyl SA, Toray Industries Nanoshell LLC. Showa Denko kkand Others.
“Being linked to the downstream applications in automotive, Defense, Aerospace, Electronics and electricals, Energy, Sports and others, the Global Carbon Nanotubes Industry has shown significant growth in previous years and is anticipated to achieve an impressive CAGR during the forecast period. It is anticipated that India is going to achieve the world's fifth-largest consumption across the globe in the upcoming years. The leading authorities’ restrictions due to the coronavirus pandemic affected the global supply chain logistics and caused temporary shortage of key feedstock chemicals which led to increased price of Carbon Nanotubes. With new competitors emerging across the Asian Carbon Nanotubes market, it is extremely important to keep a focus on which region will grab the biggest market share during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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