The market for carbon nanotubes is expected to grow at a CAGR of 19.54% during the forecast period, 2019
NEW YORK, Nov. 11, 2019 /PRNewswire/ -- Market Overview
The market for carbon nanotubes is expected to grow at a CAGR of 19.54% during the forecast period, 2019 - 2024. Major factors driving the market studied are growing adoption of carbon nanotubes and technological advances in carbon nanotubes. Various environmental concerns and health and safety issues are expected to hinder the growth of the market studied.
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Multi-walled carbon nanotubes dominated the market in 2017, and it is expected to grow during the forecast period, owing to the increasing application of carbon nanotubes for battery additives, anti-static plastic parts, textiles, epoxy composites, sports composites, elastomers, thermoplastic additives, and thermosets.
Use of carbon nanotubes with epoxy adhesives in aerospace applications is likely to act as an opportunity in the future.
Asia-Pacific dominated the market across the globe with the largest consumption seen in countries, such as China and Japan.
Key Market Trends
Growing Adoption of Carbon Nanotubes
Nanotubes are playing a crucial role in technological advancements in medicine, electronics, engineering, and various other applications. However, the cost-efficient mass production of nanotubes has always been a challenge.
Innovations in developing robust and reliable production methods, with proper control and measurement at atomic scale, have surfaced repeatedly. With reduced production time and cost, the nanotubes market has the potential for high growth in the near future.
Common methods for industrial production are arc discharge, high-pressure carbon monoxide disproportionation, chemical vapor deposition (CVD), and laser ablation.
NASA's Glenn Research Center has developed another efficient and versatile technique to purify nanotubes by dissolving excess reactants and catalysts in a metal chloride salt. Eliminating these residual impurities will allow nanotubes to be more reliable and predictable.
Research on nanotubes has had a widespread impact on health, information, energy, and many other fields, where there are major economic benefits to the commercialization of new technologies.
The increasing adoption of novel manufacturing techniques and increasing applications of nanotubes are driving their demand, globally, especially in developed economies.
Asia-Pacific to Dominate the Market
Asia-Pacific dominated the market across the globe with the largest consumption recorded by the countries, China and Japan.
China has been the largest automotive manufacturer in the world since 2009, with a current share of production of over 29%. In 2017, the Chinese automotive industry recorded a growth of 3.19% and reached a total of 29,015,434 units.
The aircraft parts and assembly manufacturing sector in the country is growing at a rapid pace, with the presence of over 200 small aircraft part manufacturers. According to Boeing, China had planned to invest USD 1.1 trillion to buy 7,240 new airplanes by 2017. Currently, the country is running 2,185 general aviation aircraft, and it has plans to have over 5,000 aircraft and 500 airports by 2020.
The electrical and electronics manufacturing sector is one of the most prominent sectors in the ASEAN region. This sector accounts for nearly 30-35% of the total exports of the region. A majority of the global consumer electronic products, such as TVs, radio, computers, and cellular phones, are manufactured and assembled in the ASEAN countries.
The Japanese automotive industry is one of the world's largest and renowned automotive industries, primarily due to the investments made in the sector, which have, in turn, enabled the growth of the industry. The Japanese automobile industry produces the third-largest number of vehicles in the world. It produced around 9.7 million vehicles (with an increase of 5.31% over 2016) in 2017. The country is home to some major automotive producers, including Yamaha, Toyota, Honda, Nissan, and Suzuki.
Competitive Landscape
The carbon nanotubes market is partly fragmented and is dominated by very few players. Some of the major players are SUSN Sinotech, Showa Denko KK, Nanocyl, CNano Technology Ltd, and Arkema SA.
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