Rising Demand for Carbon Nanotube-Based Composites to Escalate Carbon Nanotubes Market Growth During 2022–2028
According to our latest study on “Carbon Nanotubes Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Application,” the carbon nanotubes market size is expected to grow from US$ 5,658.00 million in 2022 to US$ 13,981.58 million by 2028; it is estimated to record a CAGR of 16.3% from 2022 to 2028. The report highlights key factors driving the carbon nanotubes market growth and prominent players along with their developments in the market.
Carbon nanotubes (CNTs) are used in various applications such as electronics & semiconductors, energy storage, structural composites, aerospace & defense, and medical. Carbon nanotube-based composites are gaining popularity across the world due to their high structural strength, electrical conductivity, high tensile strength, flame retardancy, and electrostatic charge protection. Thus, CNTs are utilized in the production of advanced composites, serving wide applications in automotive, aeronautics, and industrial engineering.
The growing demand for lightweight substitutes for metal with superior thermal, electrochemical, and mechanical characteristics has resulted in rising research on composites and composite materials. Technological advancements and next-generation microscale applications in the electrical & electronics sector need efficient and high-functionality materials such as carbon nanotubes (CNTs). Further, CNT-based composites technology is widely utilized in aerospace, defense, automotive, and infrastructure industries. National Aeronautics and Space Administration (NASA) funded a five-year Space Technology Research Institute (STRI) called US-COMP, which commenced in 2017, for research and development of CNT-based composites. The research focused on the innovation of lightweight ultra-high strength material for application in exploration vehicles. Moreover, in 2020, Toray Industries Inc developed a wireless communication process with a printed Radio-Frequency Identifier using semi-conductive CNT-based composites, partially supported by Japan’s Ministry of the Environment. The company’s CNT composite semiconductor offers a mobility of 182 cm2/V-s, compared to low-cost integrated circuits and printed semiconductor, which offers a mobility of 20 cm2/V-s.
Global Carbon Nanotubes Market Breakdown – by Region
Carbon Nanotubes Market Forecast to 2028 - Global Analysis By Type (Multi-Walled Carbon Nanotubes and Single-Walled Carbon Nanotubes) and Application (Electronics & Semiconductors, Energy Storage, Structural Composites, Aerospace & Defense, Medical, and Others)
Carbon Nanotubes Market Size Report | Industry & analysis 2028
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Nanoshel LLC, NanoLab Inc, Kumho Petrochemical Co Ltd, Klean Industries Inc, LG Chem Ltd, Raymor Industries Inc, Nanocyl SA, Arkema SA, Tokyo Chemical Industry Co Ltd, and Cabot Corp are a few players operating in the global carbon nanotubes market. Market players are focusing on providing high-quality products to fulfill customer demand. They are also adopting strategies such as investments in research and development activities, new product launches, collaborations, and mergers & acquisitions.
Impact of COVID-19 Pandemic on Carbon Nanotubes Market
The unprecedented rise in the number of COVID-19 cases across the world and the subsequent shutdown of numerous manufacturing facilities hampered the carbon nanotubes market growth. The onset of the COVID-19 outbreak created perturbation in the operational efficiencies of industries, which led to a temporary halt in manufacturing operations across the globe. These manufacturing facilities recorded negligible production levels in the first half of 2020 due to the shortage of laborers, which resulted in the disruption of raw material supply chains. The shutdown of manufacturing units and difficulty in the procurement of raw materials had a negative impact on the carbon nanotubes market. In addition, the automotive industry in Europe experienced a slowdown in operations due to the lack of supply of various automotive components and low demand for vehicles. However, in late 2021, several industries restarted operations due to the resolution of the supply constraints affecting these industries. With the reopening of business activities in various industries, the demand for carbon nanotubes is increasing.
The report includes the segmentation of the global carbon nanotubes market as follows:
The global carbon nanotubes market, based on type, is bifurcated into multi-walled carbon nanotubes and single-walled carbon nanotubes. The market, based on application, is segmented into electronics & semiconductors, energy storage, structural composites, aerospace & defense, medical, and others. By geography, the global carbon nanotubes market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America carbon nanotubes market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific carbon nanotubes market is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America carbon nanotubes market is further segmented into Brazil, Argentina, and the Rest of South & Central America.
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