Carbon Nanotubes Market Worth 8.70 Billion USD by 2022
PUNE, India, July 28, 2017 /PRNewswire/ --
The report "Carbon Nanotubes (CNT) Market by Type (Single, Multi Walled), Method (Chemical Vapor Deposition, Catalytic Chemical Vapor Deposition, High Pressure Carbon Monoxide), Application (Electronics, Chemical, Batteries, Energy, Medical) - Global Forecast to 2022", published by MarketsandMarkets™, the market size is expected to reach 15.10 kilotons by 2022. In terms of value, the market size was USD 3.43 Billion in 2016, and is likely to reach USD 8.70 Billion by 2022, at a CAGR of 17.09% during 2017 to 2022.
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Carbon nanotubes possess high tensile strength, which is up to 20 times higher than steel. These are suitable for use in lightweight materials as they are five times lighter than steel. The demand for carbon nanotubes is high in aerospace, defense, and electronics industries due to their lightweight feature. Multi-walled carbon nanotubes are the most widely used CNTs across the globe in various applications including polymers, electricals & electronics, energy, and others (medical, chemical, optical devices). Growth in various application industries, especially in Asia Pacific, is driving the global carbon nanotubes market.
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Among type, the multi-walled carbon nanotubes segment is leading the carbon nanotubes market and is expected to grow at the highest CAGR during the forecast period.
Multi-Walled Carbon Nanotubes (MWCNT) consist of concentric tubes or cylinders of carbon. The MWCNTs find applications in electrical conductivity, conductive transparent electrodes, conductive heating films, conductive nano inks, nano devices, displays, chemical sensors, super batteries, supercapacitors, energy storages, solar industries, thermal interface material, and many more. The MWCNTs can be easily spread on plastic materials. they improve the mechanical properties of components and reduce their weight without affecting performance. Using MWCNTs in the automotive and air craft industry applications is profitable through as it leads to fuel saving and lowering carbon dioxide (CO2) emissions.
Among methods, the Chemical Vapor Deposition (CVD) segment of the carbon nanotubes market is expected to grow at the highest CAGR during the forecast period.
The CVD segment of the carbon nanotubes market is expected to grow at the highest CAGR during the forecast period of 2017 to 2022. The CVD method was also the largest method segment globally in 2016. This method is cheaper as compared to all others. 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 the both volume and value markets.
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The Asia Pacific carbon nanotubes market is expected to grow at the highest CAGR during the forecast period.
The Asia Pacific Carbon Nanotubes Market is expected to grow at the highest CAGR during the forecast period, which can be attributed to the rising demand for carbon nanotubes from emerging economies of the region, including India, China, South Korea, Vietnam, Taiwan, and Singapore, among others. in addition, factors such as the improving standards of living and rising per capita incomes in the countries of the Asia Pacific region are also fueling the growth of the Asia Pacific carbon nanotubes market.
Arkema S.A. (France), Arry International Group Ltd. (China), Carbon Solutions Inc. (US), Cheap Tubes Inc. (US), CNano Technology Ltd. (US), CNT Company Ltd. (Korea), , Hanwha Chemical Co. Ltd. (Korea), Hyperion Catalysis international Inc. (US), Kumho Petrochemical Company Ltd. (South Korea), Nano-C Inc. (US), Nanocyl S.A. (Belgium), NanoIntegris Inc. (US), NanoLab, Inc. (US), Nanoshell LLC (US), Nanothinx S.A. (Greece), Showa Denko K.K. (Japan), SouthWest NanoTechnologies Inc. (US), Thomas Swan & Co. Ltd. (UK), and Toray Industries, Inc. (Japan) are the key players operating in the carbon nanotubes market.
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