Carbon Nanotubes Market Size to Reach USD 6.03 Billion by 2027 at 20% CAGR | Market Research Future (MRFR)
Key Players involved in the Carbon Nanotubes (CNTs) Market is dominated by Arry International Group Limited (China) and Showa Denko K.K. (Japan). Arial Chemicals (Japan), Nanocyl SA (Belgium), Arkema S.A. (France), Carbon Solutions, Inc (U.S.), Thomas Swan & Co. Ltd (U.K.), Nanoshel, Inc (U.S.), KUMHO, Petrochemical (South Korea), Grafen, Inc (Turkey), and L.G. Chem . (South Korea).
/EIN News/ -- Pune, India, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Global Carbon Nanotubes (CNTs) Market Overview:
Market Research Future (MRFR) projects the Carbon Nanotubes Market is expected to continue rising at a CAGR of 20% by 2027, ending up at a total of USD 6.03 Billion.
The rising carbon fiber deployment in aerospace and defense is the leading technology used in the global marketplace. The growing use of carbon nanotubes in the electrical & electronics industry and their development are key drivers for the carbon nanotubes market. Additionally, the rising number of vehicle product applications of carbon nanotubes is fueling the growth of the CNTs industry.
Future Endeavors and New Focus of Major Players
The use of carbon nanotubes to store energy in batteries is also helping expand the global demand. The growing use of green energies would spur the development of carbon nanotubes. Owing to the rising number of government programs geared at wind energy production, carbon nanotubes will continue to be increasingly in demand. The use of carbon nanotubes in sports equipment has enormous promise for the sports equipment industry as it increases the equipment's strength and stiffness. Additionally, the manufacturers' increasing research and development investment to produce advanced carbon nanotubes shall open up new commercial opportunities during this review period.
However, the significant environmental and health & safety issues surrounding carbon nanotubes would be considered as restraints for the industry participants.
COVID-19 Analysis
The world is facing a global medical emergency since December 2019 due to a new form of coronavirus that is comparatively rare (SARS-CoV-2). The rapid outbreaks of contagious viruses necessitate the creation of novel antiviral substances. However, merely identifying the virus is not enough to sever the chain, and a new generation of antiviral technologies is badly needed to fight this pandemic. Carbon nanomaterials have an outstanding record against viruses and will solve many of the healthcare problems we face today.
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Market Segmentation:
The global carbon nanotubes market has been segmented based on form, application, and end-user industry.
Based on type, the global market has been divided into single-walled carbon nanotubes (SWCNTs) and multi-walled carbon nanotubes (MWCNTs). The MWCNT segment led the global carbon nanotubes market by volume due to the relatively low price customers can pay for the commodity. The business is projected to account for over 22% of the overall business growth. The high degree of molecular structure in graphene results in stronger and more solid nanotubes used in polymers, electronics, and energy applications. MWCNT is increasingly found in engineered polymers because of its ability to repel airborne particulate and make devices more resistant to static electricity.
By method, the global carbon nanotubes (CNTs) market has been classified into chemical vapor deposition, high-pressure carbon monoxide disproportionation, arc discharge, laser ablation, and others. The industry's chemical vapor deposition segment dominated in 2019 due to its relatively high yield, dependable efficiency, and low cost.
The global carbon nanotubes market is segmented into the aeronautics and defense, electrical and communications, automobile, oil, and sports industry by end-use industry. Of the market, the electricals & electronics segment had the largest market share of approximately 42% by volume in 2018 due to the growing use of carbon nanotubes in the industry because of its outstanding properties. The segment size in 2019 was USD 1.12 billion. The power-generation sector is also projected to expand as the increasing importance of alternative energy sources, including solar and wind, is anticipated to encourage the use of solar panels and wind turbines.
Key Players Locking Horns:
The industry has a dynamic nature and is heavily focused. The high cost of production is expected to impede this industry's viability. Governments' current trend to encourage nanotechnology seems to be particularly advantageous to the game.
Affluent vendors in the Global Carbon Nanotubes (CNTs) Market are:
- Arry International Group Limited (China)
- Showa Denko K.K. (Japan)
- Nanocyl SA (Belgium)
- Arkema SA (France)
- Carbon Solutions, Inc (US)
- Thomas Swan & Co. Ltd (UK)
- NanoLab Inc (US)
- Nanoshel LLC (US)
- KUMHO PETROCHEMICAL (South Korea)
- Grafen Inc (Turkey)
- LG Chem (South Korea)
Browse In-depth Market Research Report (195 pages) on Carbon Nanotubes (CNTs): https://www.marketresearchfuture.com/reports/carbon-nanotube-market-4397
Regional Status:
APAC Leads with Established Sectors while North America to Rise Substantially.
The global carbon nanotubes (CNTs) market has been divided into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The Asia-Pacific region is the most significant distribution region globally as it is a center for industrialization. The regional demand will be estimated at 1529.74 tons in 2019 and will also see a fast CAGR over the projected period. It is expected that the increase of electronics manufacturing in China, Singapore, Japan, and South Korea will help the global economy. China is estimated to have the largest share of the region's CNT market.
North America held the second-largest market share of the global carbon nanotubes market due to high demand in end-use sectors such as aerospace and defense, electrical and mechanical, automotive and consumer electronics, and sports and energy. The area is expected to rise at an annual compound rate of 19% over the forecast period. America is projected to be the primary driver of demand for sourced goods. The government's actions to encourage renewable energy are supposed to assist the sector's growth.
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Latest Developments:
In January of 2021, researchers at The University of Texas at Dallas and their colleagues in the U.S., Australia, South Korea, and China have been able to fabricate artificial muscles by twisting and coiling carbon nanotubes polymers using advanced thin-film fabrication techniques. Electrochemically powered carbon nanotube muscles offer an alternative solution to meeting the increasing need for fast, strong, large-stroke artificial muscles for applications ranging from robots to morphing clothing.
In July 2020, University of Tehran researchers had developed a multi-walled carbon nanotube-based electrochemical sensor. This method can detect COVID-19 using ROS and H2O2 in less than 30 seconds. After rigorous trials, the product was released to the market and is now in the marketing process.
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