The carbon nanotube market size is expected to reach USD 8.70 billion by 2022, at a CAGR of 17.09% between 2017 and 2022. Carbon nanotubes offer exceptionally high material properties, very close to their theoretical limits, such as electrical and thermal conductivity, strength, stiffness, and toughness which make them special material for several applications, such as electronics & semiconductor, medical, aerospace & defense, automotive, energy, construction, and others.
Browse 98 Market Data Tables and 36 Figures spread through 161 Pages and in-depth TOC on “Carbon Nanotubes (CNT) Market“
Download FREE PDF Sample Report at https://www.marketsandmarkets.com/pdfdownload.asp?id=139
New product launches, investments & expansions, and contracts & agreements are the major strategies adopted by key players in the carbon nanotube market. This strategy has helped companies operating in the carbon nanotube market enhance their product portfolios and expand their global presence. The key companies are also focused on entering new markets by launching technologically advanced and pure carbon nanotube for varied end-use industries. Some of the leading manufacturers of carbon nanotube include Arkema S.A. (France), Arry International Group LTD. (China), Carbon Solutions Inc. (US), Cheap Tubes Inc. (US), CNT Company Ltd. (Korea), Hyperion Catalysis International Inc. (US), Kumho Petrochemical Company Ltd. (South Korea), Nano-C Inc. (US), NanoIntegris Inc. (US), NanoLab, Inc. (US), Raymor (Canada) Nanoshell LLC (US), Nanothinx S.A. (Greece), SouthWest NanoTechnologies Inc. (US), Thomas Swan & Co. Ltd. (UK), and Toray Industries, Inc. (Japan), among others.
Companies have also adopted the mergers & acquisitions and joint venture strategies to strengthen their positions in the carbon nanotube market. These strategies together accounted for a share of 49.57% of all the strategic developments that took place in the carbon nanotube market between 2015 and 2017.
Nanocyl S.A. (Belgium) is a highly active key player in the carbon nanotube market. The company offers carbon nanotube under the brand names BIOCYL X1, EPOCYL, THERMOCYL X1, and others. The company accounted for the largest share of all developmental activities that took place in the carbon nanotube market between 2014 and 2017. As a part of its organic growth strategies, the company focuses on enhancing its carbon nanotube product portfolio and expanding its presence in the Asia Pacific and South American regions. For instance, in 2015, Nanocyl launched Elastocyl HTV1001, a multiwall carbon nanotube for high performance applications.
Another key player that has established a strong foothold in the carbon nanotube market is Hanwha Chemical Co. Ltd. (Korea). The company concentrates on expanding its customer base through investments & expansions, joint ventures, partnerships, and agreements. For instance, in September 2013, the company merged with its wholly-owned subsidiary, Hanwha Nanotech Corporation, a manufacturer of carbon nanotube and related products. This helps the company focus on CNT manufacturing with graphene and increase its sales and business growth in emerging markets.
The carbon nanotube market is expected to grow from USD 3.95 billion in 2017 to USD 8.70 billion by 2022, at a CAGR of 17.09% from 2017 to 2022. The carbon nanotube market in the Asia Pacific region is likely to grow at the highest CAGR during the forecast period, in terms of both value and volume. The high growth of the Asia Pacific carbon nanotube market can be attributed to the increased demand for carbon nanotubes from the developing economies, such as Taiwan, India, China, South Korea, Vietnam, and Singapore, among others. China has enormous potential for new establishments by manufacturers and suppliers. The carbon nanotube industry in China is growing rapidly, in terms of production and supplier activities, owing to low labor costs in the country. In addition, the demand for carbon nanotube in various end use segments is increasing rapidly, including advanced materials, electronics & semiconductors, chemical & polymers, batteries & capacitors, energy, aerospace & defense, and medical applications, among others. This trend is expected to continue till 2022. These factors are expected to contribute towards the growth of the Asia Pacific carbon nanotube market during the forecast period 2017 to 2022.
China is leading the Asia Pacific carbon nanotube market. The growth of the China carbon nanotube market is due to the cheap labor, easy availability of raw material, lower taxes, and less stringent environmental regulations for the manufacture of carbon nanotube by different methods.
Among types, the Multi-Walled Carbon Nanotube (MWCNT) segment of the carbon nanotube market is expected to grow at the highest CAGR during the forecast period. Multi-walled carbon nanotubes consist of concentric tubes or cylinders of carbon. The ends of the tubes are usually closed by a carbon end-cap. Major players are planning to increase the production capacity of multi-walled carbon nanotubes considering the future demand for MWCNT, which is expected to grow in double digits due to the increasing demand driven by lithium battery, automotive components, electronics & semiconductors, and other end-use markets.
Among methods, the CVD segment of the carbon nanotube market is expected to grow at the highest CAGR during the forecast period. CVD is the most used method. The prices for CVD are assumed to decrease incrementally with the improving technologies and increased production & commercialization. This decrease in price is expected to keep the CAGR for CVD on a higher side for both volume and value markets.
Among applications, the electronics & semiconductor segment of the carbon nanotube market is expected to grow at the highest rate from 2017 to 2022. The electronics & semiconductors market is further categorized into field emission displays, Integrated Circuits (ICs), super conductors, transistors, and others, which includes electromagnetic shielding ultra-conductors, loudspeakers, light sources, electric motors brushes, and conductive films. In integrated circuits, carbon nanotubes are used as interconnects due to their metallic characteristics. Using carbon nanotubes in the super conductor application helps to improve its critical current density in a high magnetic field and longer life cycle.
Among regions, Asia Pacific is expected to be the fastest-growing carbon nanotubes market. This high growth is mainly attributed to the booming economies such as China, India, Taiwan, and others smaller countries, such as Indonesia, Vietnam, and Malaysia. China is the leading market in terms of carbon nanotubes demand in Asia Pacific. China is a rapidly developing nation with many emerging applications such as hydrogen storage, super conductors, filters, capacitors, and others.
