Another important factor is the lack of substitutes for carbon nanotubes. This has made the market quite competent. Some major players in the global carbon nanotubes market include Cnano Technology Ltd, Showa Denko K.K., and Nanocyl S.A., which collectively hold 23% of the total shares.
The global carbon nanotubes market was valued at US$ 1.6 bn in the end of 2016, and is expected to swell to US$ 6.9 bn by the end of 2023. With several growth factors, the market is predicted to grow at 22.1% CAGR between 2015 and 2023.
Geographically, Asia Pacific will hold the largest share of the global carbon nanotubes market. The region consumed 3.2 million metric tons by the end of 2016. The growing demand for electronics in countries like India, China, South Korea, Japan, and Taiwan will fuel growth in this region.
In the product type section, multi-wall carbon nanotubes are gaining substantial impetus. They possess better mechanical strength and thermal conductivity, thus making them ideal for production of batteries, super capacitors, construction materials, and coating.
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Suitable Properties Make Carbon Nanotubes an Ideal Product in the Polymer Industry
Carbon nanotubes increase the strength of several polymers and thus find applications in industries like construction, defense, automotive, and aerospace. They increase the tensile and mechanical strength of different components, making them 20 times stronger than steel. Besides, carbon nanotubes are far lighter than steel. These aspects of the product makes them ideal, thus fueling growth in the global carbon nanotubes market. It is predicted that the polymers industry will consume more than 68% of the total carbon nanotubes produced in 2023.
Besides the polymers industry, carbon nanotubes are preferred over indium tin oxide for manufacturing displays. Indium tin oxide is brittle and poses high chances of breakage, whereas carbon nanotubes are cost-effective and light. This is shooting up the demand in the global carbon nanotubes market. On the other hand, similar properties of carbon nanotubes can be of immense potential in wind turbines where lightweight and high strength can yield significant results.
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Cost of Highly Pure Carbon Nanotubes Could Slowdown Growth
Chemical vapor deposition is a common technique for production of carbon nanotubes. Hydrocarbons as raw materials are used in a reactor, and metals are used a catalyst in the process. The resultant carbon nanotube contains metal impurities on its surface which have to be removed. This is a highly complex process and consumes a large amount of manufacturing costs, thus affecting demand in the global carbon nanotubes market.
However, the demand for highly pure carbon nanotubes is currently very low. Hence, it does not have a significant impact on growth of the global carbon nanotube market. At the same time, it is predicted that the demand will gradually increase in the coming years, and market players should develop financial capabilities to afford production.
The study presented here is based on a Transparency Market Research report titled “Carbon Nanotubes Market – (Product – Single-wall, Multi-wall; Application – Polymers, Energy, Electrical and Electronics, and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
