Market Overview
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 is anticipated to be worth USD 18.58 billion by the end of the forecast period.
Carbon nanotubes are cylindrical tubes formed by carbon atoms and have diameters in nanometres. These tubes may be single-walled or multi-walled (that are closely held by Van der Waals forces). CNTs are well known for their tensile strength due to their nanostructure and carbon bonding pattern. These tubes may have properties of a semiconductor or can also act as conducting material. Therefore, due to their favorable properties, these tubes find wide application in Industries like electronics, building materials, composite fibers, nanotechnology, and other fields of material science.
The rapidly increasing demand for lightweight and high tensile strength materials is driving the growth of the global carbon nanotubes market. The increasing use of these nanotubes in the field of engineering, medical, electronics, etc is opening new market possibilities. Carbon nanotubes are finding application as a lightweight manufacturing material for the automotive and aerospace & defense industries that are having high growth possibilities. Moreover, the expanding use of these tubes in other fields like textiles, electronics, healthcare is generating more demand. Furthermore, visualizing the importance of carbon nanotube technology the governments around the world are investing in research and development of the technology which will bring bright prospects for the market.
The covid-19 pandemic affected the Global carbon nanotubes market in several ways. The poor performance of the automobile, aerospace, and defense sectors during the period led to a fall in demand. Moreover, due to the closure of laboratories and production units, research and development works were also affected.
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Market Segmentation
Segmentation, By Type
- Multi-walled Carbon Nanotubes
- Single-walled Carbon Nanotubes
- Other Types.
Segmentation, by the method
- Chemical Vapor Deposition
- High-Pressure Carbon Monoxide Disproportionation
- Arc Discharge
- Laser Ablation
- Others
Segmentation, by End-user Industry
- Electronics
- Aerospace and Defense
- Automotive
- Healthcare
- Energy
- Other End-user Industries.
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Regional Analysis
The Global carbon nanotubes market is segmented into five major regions namely: Asia-Pacific, North America, Europe, Latin America, and the Rest of the World including the Middle East & Africa. Among these different regions, the Asia Pacific region 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 having high demand from the automotive and construction industries. Good research backup in North America and Europe is promoting Market growth here.
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Industry News
The key players of the company are investing in technology development for diversifying the use of these nanotubes across different industries.
- In March 2021, Cabot Corporation, the leading American specialty chemicals and performance materials company launched a new ENERMAX
6 carbon nanotube (CNT) series. This CNT has a high aspect ratio and is one of the most conducting multi-walled CNT.
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