The global carbon nanotubes (CNT) market size is anticipated to reach USD 10.52 billion by 2028 and exhibit a CAGR of 10.2% during the forecast period. Carbon nanotubes find their applications requiring durability, thermal conductivity, electrical conductivity, and high strength. The growing demand for electronics and electrical products is expected to boost the market growth. Similarly, the expansion of the aerospace industry is anticipated to bolster market growth. Fortune Business InsightsTM has presented this information in the report titled, “Carbon Nanotubes (CNT) Market, 2021-2028”. The market size stood at USD 4.94 billion in 2020.
The swift commercialization and upscale of installed capacities with technological advancements to develop advanced products and improve overall product quality is anticipated to be a major trend that is likely to foster the growth of the market in the coming years.
Key Players in the Global Carbon Nanotubes Market are:
- Arkema SA (Colombes, France)
- Nanocyl SA (Sambreville, Belgium)
- Nanoshell LLC (Utah, U.S.)
- Carbon Solutions, Inc. (California, U.S.)
- Hyperion Catalysis International (Massachusetts, U.S.)
- SHOWA DENKO K.K. (Tokyo, Japan)
- Klean Commodities (Vancouver, Canada)
- Cabot Corporation (Massachusetts, U.S.)
- OCSiAl (Leudelange, Luxembourg)
- NoPo Nanotechnologies (Bangalore, India)
- Jiangsu Cnano Technology Co., Ltd. (Zhenjiang, China)
Segmentation-
On the basis of product, the market is bifurcated into multi-walled carbon nanotubes (MWCNT) and single-walled carbon nanotubes (SWCNT). On the basis of application, the market is segmented into energy, electrical & electronics, plastics & composites, and others. Geographically, the market is classified into Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.
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Report Coverage-
- Highlights the key trends and the recent technological advancements in the market.
- Assesses the impact of the COVID-19 pandemic.
- Envisages Porters’ Five Forces Analysis for an accurate market prediction.
- Provides vital information on the market’s competitive landscape and key player rankings.
- Provides information on recent industry developments.
Drivers & Restraints-
Expansion of Aerospace Industry to Aid Market Growth
The engineers at MIT produced an advanced microprocessor from CNT transistors in August 2019. It is a faster and greener alternative to its conventional silicon counterparts. The modern microprocessor is anticipated to possess ten times more efficiency and speed than silicon. This development is likely to augment the market’s growth in the forthcoming years.
The aerospace industry uses nanomaterials for their exemplary properties. The aerospace industry is emphasizing weight reduction of aerospace components to reduce fuel consumption, and the expansion of the aerospace industry is likely to stimulate the global carbon nanotubes (CNT) market growth.
Carbon nanotubes find their applications requiring durability, thermal conductivity, electrical conductivity, and high strength. They are mainly used in printed circuit boards and semiconductors. Electronics manufacturing is increasing in Singapore, South Korea, Japan, and China. This is likely to amplify the market growth in the coming years.
However, the growing concerns over the environmental impact caused by these nanotubes may hinder the market growth.
Regional Insights-
Government Initiatives for Green Energy Adoption to Boost Growth in North America
Asia Pacific is projected to gain maximum market share due to the low production costs and the wide availability of raw materials. The rising demand for aerospace, electronics, automotive, and construction industries across Japan, India, Malaysia, and China is anticipated to boost the growth of the market.
North America is anticipated to attain striking growth rate in the global CNT market share. The increasing investment of polymers and composites research and the rising demand for polymer production to improve the electrical, thermal, and mechanical properties of bulk products are expected to boost the growth of the region. Moreover, the government regulations to promote green energy adoption shall aid market growth.
Europe is expected to witness substantial growth due to stringent regulations for carbon nanotubes’ production and usage.
Competitive Landscape-
Key Players Adopt Ingenious Growth Strategies to Strengthen Market Positions
The market is highly competitive and concentrated. The top market players are Nonoshell LCC, SHOWA DENKO K.K., Nanocyl, and Arkema SA. The key players operating in the market emphasize lowering manufacturing costs. They adopt ingenious growth strategies such as partnerships, acquisitions, collaborations, mergers, new product launches, technological advancements, and others to accumulate growth and strengthen their market positions. For instance, in January 2020, Cabon unveiled its plans to acquire Shenzhen Sanshun Nano New Materials for USD 115 million. The acquisition will help both companies to produce carbon blacks and nanostructures for energy storage.
Industry Developments-
- January 2019: Vivakor Inc. formed a joint venture with CSS Nanotech to upgrade heavy crude to a fuel product across regions in Utah and the Middle East.
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