The global carbon nanotubes market is anticipated to gain traction from their rising utilization in brushes as they enhance electrical, as well as thermal conductivity in commercial electric motors. This information is given by Fortune Business Insights™ in a recent report, titled, “Carbon Nanotubes (CNT) Market Size, Share & Industry Analysis, By Product (Multi-Walled Carbon Nanotubes (MWCNT) and Single-Walled Carbon Nanotubes (SWCNT)), By Application (Plastics & Composites, Electrical & Electronics, Energy, and Others), and Regional Forecast, 2019-2026.” The report further mentions that the CNT market size was USD 4,560.7 million in 2018 and is projected to reach USD 13,656.0 million by 2026, exhibiting a CAGR of 15.3% during the forecast period.
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Drivers & Restraints-
Extensive Usage in Aerospace Industry to Augment Growth
In the aerospace industry, CNT is used the most as the aircraft manufacturers are focusing on developing stronger, long-lasting, and tougher components. They are doing so because of the high risk that is associated with flying. The industry is nowadays aiming to lower the weight of aircraft components for reducing the operational cost, as well as fuel consumption. Nanomaterials are mostly used to revamp the properties of aircraft components for improving the overall performance. Apart from that, several professionals consisting of engineers and manufacturers are creating new methods for introducing aerospace grade composites. However, CNT is toxic in nature. If inhaled, it can cause high blood pressure and kidney damage in humans. This is likely to obstruct the carbon nanotubes market growth in the coming years.
Rising Usage of CNT to Favor Growth of the Electrical & Electronics Segment
Based on application, the market is grouped into energy, electrical and electronics, plastics and composites, and others. Amongst these, the electrical and electronics segment held 10.6% CNT market share in 2018. This growth is attributable to the increasing usage of CNT to make various electronic devices. It is especially used to make field-effect transistors and diodes. Also, CNT possesses many features, such as good conductivity and excellent optoelectronic characteristics. It would also contribute to the growth of this segment.