ALBANY, New York, January 14, 2019 /PRNewswire/ --
Transparency Market Research (TMR) witnesses the global carbon nanotubes market has a highly fragmented vendor landscape. Some of the companies dominating the global carbon nanotubes market are Cnano Technology Ltd., Showa Denko K.K., Arkema Inc., Bayer MaterialScience AG, Hyperion Catalysis International Inc., and Nanocyl S.A. Additionally, the low level of product differentiation coupled with new entrants is increasing level of competition and fragmentation.
According to TMR, the global carbon nanotubes market pegged the value of US$1.6 bn in the year 2016 and is expected to attain a value of US$6.8 bn by the end of the year 2023. The market is anticipated to swell with a CAGR of 22.1% over the forecast period from 2015 and 2023. Based on volume, the market is projected to expand with a CAGR of 20.1% within the same forecast period.
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Based on product type, the multi-walled carbon nanotubes segment dominated the global carbon nanotubes market in the year 2016 by accounting 92.1% in the year 2023 in terms of volume. On the basis of region, Asia Pacific dominated the global carbon nanotubes market in the year 2016 in terms of volume.
Advanced Properties of the Carbon Nanotube to Propel Growth
Carbon nanotube offers substantial improvements to strengthen the polymers and enhances its utility across the industries such as construction, defense, aerospace, and automotive. Carbon nanotubes offer the mechanical and tensile strength and stronger than the steel. In addition, the material is softer and lightweight than any other material; thus, the consumption of the carbon nanotubes is growing from numerous industries, which in turn is propelling the growth of the market.
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Additionally, most of the displays are coated with indium tin oxide, which leads to making them brittle and expensive. The carbon nanotube coating helps in lowering the cost of displays. This is a key factor boosting adoption of the nanotubes and propels the growth of the carbon nanotubes market.
High Cost of Manufacture Carbon Nanotubes Restrains Growth of Market
Chemical vapor deposition is the most common manufacturing technique for the production of carbon nanotubes. It uses hydrocarbons as raw materials and other metal catalysts curbed in a reactor. This is the complex procedure for manufacturing the carbon nanotubes. Additionally, the high cost of manufacturing and installation of procedures, which increases the expenditure of a company. Thus, the new entrants are facing a challenge for bulk production and hampering its adoption. This is a key factor restraining the growth of the carbon nanotube market.
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Nonetheless, widening application across numerous industries is expected to offer lucrative opportunities over the forecast period.
This information is encompassed in the new report by TMR, titled "Carbon Nanotubes Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023."
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For the study, the carbon nanotubes market has been segmented as follows:
- Single-wall Carbon Nanotubes
- Multi-wall Carbon Nanotubes
- Electrical and Electronics
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