A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the global carbon nanotubes market was worth USD 5,331.5 million in 2021 and is projected to reach up to USD 10,530.4 million by the year 2028, exhibiting a CAGR of 10.6% during the forecast period 2022-2028. Many factors are driving the carbon nanotubes (CNTs) market, including the growing demand for lightweight structural polymer composites and antistatic packaging from automotive, electronics, energy, and industrial end-users, as well as the fact that carbon nanotubes are primarily used in polymers, energy, electrical, and electronics applications. CNTs are widely used as a reinforcing material in polymers to increase strength and reduce weight. CNTs also have a smaller diameter and higher electrical conductivity, allowing them to replace steel in various applications.
Growing Adoption of Carbon Nanotubes in Electronics Industry Contributes to Boost Market Growth
CNTs are used to develop transistors, semiconductor components, electrostatic packaging, hard-disk drive components, integrated circuits (ICs), and IC test and burn sockets due to their unique electrical and mechanical capabilities. These components are required for the operation of any electrical device. As a result of the rise in electronic devices such as smartphones and tablets, the CNT market will grow. According to JEITA, total global output by the electronics and IT industries is predicted to increase 11% year on year in 2021 to $3,360.2 billion, with production increasing 5% to $3,536.6 billion in 2022. Carbon nanotube demand is predicted to rise due to present market growth in the electronics industry (CNTs). Due to the transition to EV (electric vehicles) and the growing percentage of electrical components in autos, and the rising demand for eco-friendly products in the automotive and aerospace industries, electronic components and devices are predicted to grow across regions.
Medical Sector is Anticipated to Witness Fastest Growth in Carbon Nanotubes Market
The medical sector is projected to witness the fastest growth in the carbon nanotubes (CNT) market during the forecast period 2022-2028. The carbon nanotubes play a significant role in various medical procedures such as transdermal drug delivery, cancer treatment, proteomics, others (cardiac autonomic regulation, platelet activation, tissue regeneration & others). The use of CNTs with biological systems can bring about advancements in medical science, especially diagnostics, biosensing, drug delivery, and disease treatments. Such extensive usage of CNTs anticipated propelling the market growth of the carbon nanotubes market in the medical sector.
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The Multi-Walled Carbon Nanotubes (MWNT) Segment to Bolster Carbon Nanotubes Industry Growth
The Multi-walled carbon nanotubes (MWNT) market catered to the largest market share in the global carbon nanotubes market and is expected to follow the trend from 2022-to 2028. MWNCTs are widely used in energy storage (batteries and supercapacitors), as well as conductive copper. When MWNTs are used in a composite structure, they become highly conductive. On the other side, the outer wall is the only structural component that can conduct electricity, whereas the inside walls are not. MWNTs have a large aspect ratio, with lengths nearly 100 times and, in certain instances, much longer than the diameter. The aspect ratio, degree of entanglement, and straightness of the tubes all influence their performance and application. Hence the advantages mentioned above support the market growth of MWNT segmental growth.
Impact Of COVID-19 On The Carbon Nanotubes Market
The COVID-19 pandemic has led to a severe impact across all the carbon nanotubes industries worldwide. The rapid and unexpected spread has led authorities across the globe to take stricter actions for the operations of industrial plants and offices, thus imposing stricter lockdowns. Industries cannot get complete and proper raw materials for the production of carbon nanotubes and better functioning of factories, which resulted in the fall down of the Carbon Nanotubes Market. Due to the non-availability of motors and plant shutdown, the virus substantially impacted industries producing electric motors and carbon nanotubes.
Asia-Pacific Accounted for Largest Market Share in Global Carbon Nanotubes Market
In the global carbon nanotubes market, Asia Pacific contributed the most revenue, and this trend is expected to continue during the forecast period. The rising automobile, aerospace, and electronics industries, particularly in Japan, China, India, and Malaysia, are expected to improve polymer demand, which will boost carbon nanotubes and nonmaterials market demand. In 2021, Asia Pacific held the largest market share of the global carbon nanotubes market, and it is expected to develop at the fastest CAGR over the forecast period.
Competitive Landscape
The key players operating in the global carbon nanotubes market are Cabot Corporation, Arkema SA, CHEAPTUBES, CHASM Advanced Materials Inc., Jiangsu Tiannai Technology Co. Ltd., Hyperion Catalysis International, Kumho Petrochemical, Klean Industries, Nano-C, LG Chem., Nanostructured & Amorphous Materials Inc., Nopo Nanotechnologies, Raymor Industries, Ossila Ltd., Thomas Swan and Co. Ltd., Showa Denko K.K., Tokyo Chemical Industry Co. Ltd., Toray Industries and other prominent players.
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