Market Research Future (MRFR) affirms that the Carbon Nanotubes (CNTs) Market 2021 could advance at a strong rate of 20.36% between 2022 and 2030 (appraisal period). It is quite possible for the market to reach USD 6,026.4 Million by 2030-end. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
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Key Boosters and Restraints
Carbon nanotubes have observed phenomenal traction in the medical field over the years and have been subjected to intense researches, with major focus on drug delivery as well as biosensing methods to treat diseases and monitor health. This factor has been quite favorable for the carbon nanotubes market, especially since the COVID-19 outbreak. Although the pandemic has been brutal for the manufacturing sector, and supply chains have been affected severely by the worldwide lockdown, the demand for the CNT technology is projected to go up as companies are trying to boost their production capacity to bridge the growing demand and supply gap.
Companies are emphasizing majorly on research and development to create carbon nanotubes-based technologies that can help reduce the COVID-19 impact. To elaborate, in May 2021, Nanomix Inc. (US) developed a technology based on carbon nanotube sensors that can help detect and test SARS-CoV-2, claims the company. It is one of the many U.S firms that are currently waiting for FDA approval to use the new diagnostic tests for the novel coronavirus. Apart from the COVID-19 aspect, researchers are also focusing on developing sustainable products, in keeping with their green environment goal. For instance, in August 2021, Researchers from the AALTO University created a graphene–carbon nanotube catalyst that could be the first step in their clean air revolution. This technology will help have more control on essential chemical reactions that produce hydrogen fuel, thereby curbing the environment damage.
The escalating use of CNTs in the aerospace & defense sector has been a notable trend in the global market. Speaking of key market trends, the demand for CNTs is also picking up speed in the electrical & electronics sector, which could mean considerable growth in the coming years. Besides, the mounting application scope of carbon nanotubes in manufacturing of automobile components as well as in sports equipment could provide attractive opportunities to leading manufactures in the very near future.
The carbon nanotubes/CNTs industry can be considered for type, method and end-use industry.
The primary types of carbon nanotubes include single-walled carbon nanotubes/SWCNTs as well as multi-walled carbon nanotubes/MWCNTs. In the year 2018, the leading segment was MWCNTs, as a result of strong consumer demand given its affordability. The segment can also post an expansion rate of more than 22% in the following years.
The key methods studied in the extensive report are arc discharge, chemical vapor deposition, laser ablation, high-pressure carbon monoxide disproportionation, and more. As of 2018, the top position has been held by the chemical vapor deposition segment with a share of more than 97%, as a result of its higher yield and cheaper cost compared to other methods.
Automotive, sports, electrical & electronics, energy, aerospace & defense, and others are the top market end-users identified in the MRFR report. Out of these, the leading segment in 2018 was electrical & electronics with the highest share of close to 42%, reveals MRFR. The mounting use of carbon nanotubes in the electrical and electronics sector due to their appealing properties has been the major reason for the segment’s lead in the global market.
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The regional categorization of the CNTs market covers APAC/Asia Pacific, Latin America, North America, MEA/Middle East & Africa as well as Europe.
APAC has remained the biggest market since 2018, with a share of roughly 55%, thanks to the growing industrialization rate across the emerging countries like India, Japan and China. Additionally, APAC can soon procure the fastest CAGR during the given period, with China emerging as the most lucrative market in the region. The country’s dominance in the region is the outcome of the substantial abundance of lower priced raw materials and the mass production at low cost. Moving ahead, the regional market mainly benefits from the rising use of electronic products like tablets, OLED TVs, smartphones and more. Given the surge in the financial status of the middle-class populace, electronic products have noted significant demand in recent years, thereby boosting the CNT market growth in the region.
Standing at the second position since 2018, North America is a strong market in light of the escalating use of carbon nanotubes across industries like electrical & electronics, aerospace & defense, sports, energy and automotive. North America is most likely to accrue a growth rate of more than 19% over the conjectured period, while the US could take the lead in the regional market.
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Top Market Contenders
Top market contenders profiled in the MRFR study include Nanoshel LLC (US), Thomas Swan & Co. Ltd (UK), LG Chem (South Korea), Carbon Solutions, Inc (US), Arry International Group Limited (China), KUMHO PETROCHEMICAL (South Korea), NanoLab Inc (US), Arkema SA (France), Showa Denko K.K. (Japan), Nanocyl SA (Belgium), Nanocyl SA (Belgium), and more.
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