Wilmington, Delaware, United States, , Feb. 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The Global Carbon Nanotubes Market size is projected to reach US$ 19.9 Bn by 2031.
Substantial utilization of carbon nanotubes in multiple applications such as electronics, energy storage, advanced composites, and biomedical industries can be ascribed to their high conductivity, significant mechanical strength, and thermal stability. Extensive demand for carbon nanotubes in energy, electronics, and transportation industries is expected to create lucrative avenues for companies in the market.
Recent market trends indicate significant implementation of carbon nanotubes in automobile products. The trend can be ascribed to surge in adoption of lightweight composites in the automotive sector to increase fuel efficiency of vehicles. Increase in preference for carbon nanotubes over silicon in electronics devices is expected to propel the carbon nanotubes industry growth.
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Key Findings of Market Study
- Demand for Lightweight Material with High Mechanical Strength to Steer Products Adoption: Rise in demand for lightweight and high-performance composite materials has accelerated the usage of carbon nanotubes in multiple applications. They are utilized with polymers to improve the tensile and mechanical properties of the resulting material. Carbon nanotubes are prominently utilized in the aerospace industry to make lightweight aircraft. Furthermore, their usage is preferred in applications where a combination of high mechanical strength and lightweight attributes are required. They are hence extensively utilized in armor, ships, tanks, and protective gear for soldiers.
- Rise in Usage of Multi-Wall Carbon Nanotubes in Several Applications: Increase in adoption of multi-wall carbon nanotubes in multiple applications can be ascribed to their cost-effectiveness and excellent mechanical strength. Moreover, their higher aspect ratio and strength than single-wall carbon nanotubes is expected to boost their adoption. The multi-wall carbon nanotube segment held major market share in 2021.
- Extensive Adoption in Electrical & Electronics Industry to Generate Considerable Revenues: Significant adoption rate of products (carbon nanotubes) in electrical & electronics industry is expected to bolster the carbon nanotubes market size. The electrical & electronics application segment held market share of 61.8% in 2021. High thermal and electrical conductivity is a key factor fueling the adoption of carbon nanotubes in a wide range of electronic components.
Key Drivers
- Increase in usage of lightweight composites in a multitude of applications is a key factor bolstering product demand in the carbon nanotubes market
- Advancements in production technology and shift of manufacturers toward bulk production have enabled them to achieve economies of scale and eventually reduce the cost of production considerably. These aspects are projected to bolster carbon nanotubes market development
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Regional Growth Dynamics
- Asia Pacific is a lucrative region and is anticipated to gain market share by the end of 2031. The region held largest market share in 2021.
- North America held the second-largest market share in 2021. Continuous advancement in nanotechnology and extensive R&D activities in advanced composite materials are expected to fuel growth opportunities for the market in the region.
- Europe is also a promising market. Presence of a robust manufacturing sector and strong supply and distribution networks for carbon nanotubes have helped augment the market in Europe.
Competition Landscape
New product development, expansion into new geographies, and innovations are key growth strategies adopted by key players in the carbon nanotubes market to strengthen their positions. The landscape is moderately consolidated.
Prominent players operating in the market are
- Arkema,
- Cabot Corporation,
- Cheap Tubes,
- Jiangsu Cnano Technology Co.,
- Klien Commodities,
- LG Chem,
- Nano-c, and Nanocyl SA.
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Carbon Nanotubes Market Segmentation
Product Type
- Single-wall Carbon Nanotubes
- Multi-wall Carbon Nanotubes
Application
- Polymers
- Energy
- Electricals & Electronics
Others
- Medical
- Chemical
- Optical Devices
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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