Carbon Nanotubes Market Size to Reach USD 16.22 Billion by 2027; Asia Pacific Region Dominated the Market with a Share Of 49.6% In 2019, says Emergen Research
Vancouver, British Columbia--(Newsfile Corp. - June 8, 2021) - The global carbon nanotube market size is expected to reach USD 16.22 Billion by 2027, according to a new report by Emergen Research. Key factors such as increasing usage of carbon nanotubes in automotive industry, growing demand for low carbon-emitting vehicles, and growing adoption of multi-walled carbon nanotubes are key factors driving global market revenue growth.
Carbon nanotubes (CNTs) are in demand as they possess various favorable characteristics including high aspect ratio, great thermal conductivity, better tensile strength, and stiffness and are less prone to damage due to low weight. CNTs are widely used in various end-use industries such as aerospace and defense, energy, automotive, and textiles. High market growth is attributed to growing demand for lightweight vehicles due to rising awareness about high fuel consumption and carbon emission. Growing adoption of carbon nanotubes in medical and pharmaceutical industries in diagnostics, drug delivery, or various disease treatment is further fueling global market growth. In addition, carbon nanotubes possess extraordinary electrical characteristics due to high aspect ratio and are used in production of semiconductors, sensors, and energy conversion equipment. These nanotubes are also used as a composite material in fuel pumps, connectors, and line chips.
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CNTs are also used as synthetic additives in various sports products including bicycle frames, hockey sticks, sports arrows, golf balls, and rackets. Moreover, increasing demand for carbon nanotubes for making bulletproof jackets and sportswear and increasing investments by market players to develop more enhanced carbon nanotubes is further expected to drive market growth.
However, high costs associated with production of different types of CNTs, availability of better substitutes, environmental and health concerns related to carbon nanotubes, and inconsistent quality of materials are some key restraints expected to hamper global market growth going ahead.
Key highlights in the report:
- The single-walled carbon nanotubes segment is expected to account for significant revenue growth over the forecast period owing to easy manufacturing process and low production costs.
- The chemical vapor deposition (CVD) segment accounted for largest revenue growth in 2019 and is expected to maintain its dominant position throughout the forecast period. A catalyst is used in nanotubes manufacturing process that helps in reducing carbon source decomposition.
- The automotive industry segment accounted for around 27% market share in 2019 and is projected to account for largest revenue share during the forecast period. High utilization of carbon nanotubes in production of various automotive parts and components is fueling segment revenue growth.
- Asia Pacific accounted for 49.6% of market share and dominated other regional markets in the global carbon nanotube market in 2019. Rapid developments in automotive and electronics industry and growing polymer industry especially in China and India are fueling global market growth. In addition, government initiatives to enhance solar power production is increasing carbon nanotube demand.
- The market in North America is projected to account for significant revenue growth over the forecast period owing to growing demand for carbon nanotubes in various industrial settings including sports, energy, aerospace and defense, automotive, and electronics.
- Arkema SA, Carbon Solutions Inc., Showa Denko K.K., Arry International Group Ltd., FutureCarbon GmbH, Unidym Inc., Continental Carbon Company, Klean Carbon Inc., Hyperion Catalysis International Inc., and Cnt Co. Ltd., are some key players operating in the carbon nanotube market.
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Emergen Research has segmented the global carbon nanotube market based on product type, methods, industry vertical, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Single-Walled Carbon Nanotubes
- Multi-Walled Carbon Nanotubes
Methods Outlook (Revenue, USD Billion; 2017-2027)
- Arc Discharge
- Laser Ablation of Graphite
- Chemical Vapor Deposition (CVD)
Industry Verticals Outlook (Revenue, USD Billion; 2017-2027)
- Electrical & Electronics
- Aerospace & Defense
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- South Africa
- Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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