Research Nester assesses the growth and market size of the global carbon nanotubes market which is anticipated to be on account of the higher demand for increasing fuel efficiency and growing adoption of lithium-ion batteries.
New York – May 26, 2023:0 Research Nester’s recent market research analysis on “Carbon Nanotubes Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global carbon nanotubes market in terms of market segmentation by type, technology, end-users, and by region.
Growing Need for Vehicles to Promote Global Market Share of Carbon Nanotubes
The global carbon nanotubes market is estimated to grow majorly on account of the increased demand and production of automobiles. Carbon nanotubes (CNTs) are utilized in the automotive industry to manufacture enduring anti-corrosive bodies because they may be used to produce abstract, or complicated layouts and patterns at an affordable price. Over 80 million automobiles were manufactured worldwide in 2021. In 2020, China, Japan, and Germany were the top three auto and commercial vehicle makers. Moreover, the demand for electric vehicles will also increase the demand for CNTs. Carbon nanotubes are an excellent material for anodes for Li-ion batteries which are used in electric vehicles due to their distinct electrical and mechanical properties. Furthermore, the free-form and asymmetric structure of carbon nanotubes boosts electrical conductivity in these batteries. EV sales topped 10 million, with electric vehicles accounting for 14% of all new vehicles sold, up from 9% in 2021. This leads to more than 26 million electric automobiles, globally employed in 2022, a 60% increase from 2021.
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Besides this, the rising production of consumer electronics, such as mobile phones, laptops, computers, television, and others is also expected to drive market growth. CNTS is also used in the fabrication of thin-film display devices and nanosensors. There are also wanted materials for the production of new and innovative electronic devices. Globally, around 1 billion cell phones were sold in 2021. Moreover, in the United States, it is estimated that in 2025, around 87% of all mobile users will be having a smartphone.
Some of the major growth factors and challenges that are associated with the growth of the global carbon nanotubes market are:
Growth Drivers:
Surging Need for Improving the Fuel Efficiency of the Vehicle
Rising Demand for Carbon Nanotubes in Aerospace Industry
Challenges:
The rising concern for risks associated with the production of carbon nanotubes are some of the major factors anticipated to hamper the global market size of carbon nanotubes. Carbon nanotubes have been shown that the tubes can break cell boundaries and so infiltrate animal or human cells. On the other hand, the production cost of CNTs is very high. CNT synthesis procedures, such as chemical vapor deposition or laser ablation, can be costly and require specialized equipment. The cost aspect limits their use in some applications and hinders their adoption in other industries.
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By technology, the global carbon nanotubes market is segmented into arc discharge, laser ablation, catalytic CVD, high-pressure carbon monoxide, CoMoCat, floating catalyst, and others. The laser ablation segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. Laser ablation is one of the most used techniques in the synthesis and fabrication of CNTs. This procedure involves the use of a high-energy laser beam to evaporate a target material, containing a carbon compound. There are lots of advantages of the laser ablation process, it enables precise control over the conditions required for synthesis. On the other hand, by type, the multi-walled segment is to dominate the market growth and by end users, the plastic and composite segment will garner a significant share over the forecast years.
By region, the Asia Pacific carbon nanotubes market is to generate the highest revenue by the end of 2035. Rising government attempts to lower carbon emissions are expected to drive market expansion. For example, the Ministry of Industry and Information Technology (MIIT) has created fuel efficiency standards to ease fuel supply and demand mismatches, eliminate pollutants, and improve the air environment.
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This report also provides the existing competitive scenario of some of the key players of the global carbon nanotubes market which includes company profiling of Mechnano, Cabot Corporation, Chasm Advanced Materials Inc., Showa Denko K.K., Thomas Swan And Co. Ltd., Tokyo Chemical Industry Co. Ltd., Toray Industries Inc., Cheap Tubes, Inc., Hyperion Catalysis International, Inc., And Lg Chem.
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