the Carbon Nanotubes Market is expected to grow at a compound annual growth rate ( CAGR ) of 20.59% over the forecast period (2021-2028). The global market value should be worth $18.58 billion by the end of the forecast period.
Carbon nanotubes are cylindrical tubes formed from carbon atoms and have diameters in nanometers. These tubes can be single-walled or multi-walled (which are tightly held together by Van der Waals forces). CNTs are well known for their tensile strength due to their nanostructure and carbon bonding pattern. These tubes can have the properties of a semiconductor or can also act as a conductive material. Therefore, due to their favorable properties, these tubes find wide application in industries such as electronics, building materials, fiber composites, nanotechnology and other fields of materials science.
Rising demand for lightweight and high tensile strength materials is driving the growth of the global carbon nanotube market. The increasing use of these nanotubes in the field of engineering, medicine, electronics, etc. opens up new market opportunities. Carbon nanotubes are finding application as a lightweight manufacturing material for the automotive, aerospace and defense industries which have strong growth potential. Moreover, the increasing use of these tubes in other fields such as textiles, electronics, health generates more demand. Further, visualizing the importance of carbon nanotube technology, governments around the world are investing in the research and development of the technology which will bring bright prospects to the market.
The covid-19 pandemic has affected the global carbon nanotube market in several ways. The poor performance of the automotive, aerospace and defense sectors during the period led to lower demand. In addition, due to the closure of laboratories and production units, research and development work has also been impacted.
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Segmentation, by type
- Multi-walled carbon nanotubes
- Single-walled carbon nanotubes
- Other types.
Segmentation, by method
- Chemical vapor deposition
- High pressure carbon monoxide dismutation
- arc discharge
- laser removal
Segmentation, by end-user industry
- Aeronautics and Defense
- Health care
- Other end user industries.
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The global carbon nanotubes market is segmented into five major regions, namely: Asia-Pacific, North America, Europe, Latin America, and Rest of the World including the Middle East and Africa. Among these various regions, Asia-Pacific is the largest and fastest growing market segment. This rapid growth is due to favorable policies for the establishment of manufacturing industries in countries like China, India, South Korea, Indonesia, etc. North America follows the list with strong demand from automotive and construction industries. A good research back up in North America and Europe is driving the growth of the market here.
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Major players in the company are investing in technology development to diversify the use of these nanotubes in different industries.
- In March 2021, Cabot Corporationthe American leader in specialty chemicals and performance materials has launched a new ENERMAX 6 series of carbon nanotubes (CNT). This CNT has a high aspect ratio and is one of the most conductive multi-wall CNTs.
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