Portland, OR, Oct. 19, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global carbon nanotubes market generated $2.6 billion in 2019, and is expected to garner $5.8 billion by 2027, witnessing a CAGR of 10.7% from 2020 to 2027. The report provides an extensive analysis of changing market trends, key investment pockets, top segments, Porter’s Five Forces, value chain, and competitive landscape.
Demand from the end-use industries, advancements in carbon nanotechnology, and rise in demand for renewable energy sources drive the growth of the global carbon nanotubes market. However, scale-up challenges in production, high prices, and demand for inorganic and boron nitride nanotubes hinder the market growth. On the other hand, increase in biomedical applications, commercial release of CNT transistors, and rise in R&D activities create new opportunities in the coming years.
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Covid-19 Scenario:
- The supply chain disruption caused a huge shortage of raw materials. Manufacturing activities have been shut down in many countries. Moreover, as the industry is R&D oriented, research activities have been paused.
- Financial instability occurred due to Covid-19 pandemic led to delay commissioning of new renewable electricity projects, biofuel facilities, wind mills & tidal energy farms, and renewable heat investments. This, in turn, reduced demand.
- With the complete shutdown during the lockdown imposed by governments of many countries, the demand from the automotive and industrial sectors reduced significantly.
The report offers a detailed segmentation of the global carbon nanotubes market based on type, application, end user, and region.
Based on type, the multi-walled carbon nanotubes (MWCNT) segment accounted for the highest share in 2019, holding nearly two-thirds of the total market share, and will maintain its leadership status throughout the forecast period. However, the single-walled carbon nanotubes (SWCNT) segment is projected to witness the highest CAGR of 15.0% from 2020 to 2027.
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Based on end user, the automotive segment contributed to the highest market share in 2019, holding nearly one-third of the global market share, and is expected to maintain its dominant share by 2027. However, the aerospace & defense segment is expected to witness the fastest CAGR of 12.7% during the forecast period.
Based on region, Asia-Pacific accounted for the highest market share in 2019, accounting for nearly half of the total market share, and will continue to dominate in terms of revenue throughout the forecast period. Moreover, the region is expected to manifest the highest CAGR of 11.6% from 2020 to 2027.
Top players of the global carbon nanotubes market include Arkema Group, Cheap Tubes Inc., Chasm Advanced Materials Inc., Futurecarbon GmbH, Cnano Technology Limited, Klean Industries Inc., Hyperion Catalysis International, Nano-C Inc., LG Chem, OCSiAl, Nanocyl SA, and Toray Industries, Inc.
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