Carbon Nanotubes (CNT) Market Industry Analysis, Size, Share, Trends, Revenue

The carbon nanotubes market size is estimated to grow from USD 4.55 billion in 2018 to USD 9.84 billion by 2023, at a CAGR of 16.70%. Carbon nanotubes offer exceptional material properties such as electrical and thermal conductivity, strength, stiffness, and toughness, very close to their theoretical limits. These properties make them the preferred material for several applications, such as electronics & semiconductor, medical, aerospace & defense, automotive, energy, and construction.

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New product launches, investments & expansions, and partnership/joint venture/contracts & agreements are the major strategies adopted by key players in the carbon nanotubes market. This strategy has helped the companies enhance their product portfolios and expand their global presence. The key companies are entering new markets by launching technologically advanced and pure carbon nanotubes for varied end-use industries. The strategy of partnership/Joint Venture/contracts & agreements has helped the companies to strengthen their positions in the carbon nanotubes market. It accounted for a share of 50% of all the strategic developments that took place in the carbon nanotubes market between 2015 and 2018.

Some of the leading manufacturers of carbon nanotubes include Arkema S.A. (France), Arry International Group LTD. (China), Carbon Solutions Inc. (US), Cheap Tubes Inc. (US), CNT Co., Ltd. (Korea), Ocsial Llc (US), Hanwha Chemical Corp. (South Korea), Nano-C Inc. (US), Cnano Technology Ltd. (US), Continental Carbon Company (US), Toray International Group Limited (Japan), and Showa Denko K.K. (Japan).

Nano-C is a highly active key player in the carbon nanotubes market. The company accounted for the largest share of all developmental activities that took place in the carbon nanotubes market between 2015 and 2018. As a part of its organic growth strategies, the company focuses on enhancing its carbon nanotube product portfolio and expanding its presence in the Asia Pacific and South American regions. For instance, in 2015, the company launched NC7000 multiwall carbon nanotubes product. This product is made for buildings & construction application.

In 2016, Ocsial (US) entered into a purchase and marketing agreement with the Chinese carbon nanotube raw material supplier Nanjing Leiqi. With this partnership, the company aims to tap the growing demand for carbon nanotubes in composites and flooring industries in China and other neighbor nations.

Another key player that has a very strong product portfolio in the carbon nanotubes market is Continental Carbon Company. The company has a strong presence in the North American region, and it caters to the demand of the growing electrical & electronics, chemical and polymers, batteries and capacitors, energy, and other industries. The company is expanding its reach through strategies such as partnership and joint venture. In 2016, it formed a joint venture with Kemya (Saudi Arabia), which is a joint venture between Sabic and ExxonMobil. With this joint venture, Continental Carbon Company has started a 50-kilotons per year carbon black plant in Al-Jubail, Saudi Arabia. It aims to capitalize on the growing demand for carbon nanotubes in the tire industry in Europe and the Middle East & Africa.

The carbon nanotubes market is expected to grow from USD 4.55 billion in 2018 to USD 9.84 billion by 2023, at a CAGR of 16.70%. The market in Asia Pacific is likely to grow at the highest CAGR during the forecast period, in terms of both value and volume. This high growth can be attributed to the increased demand for carbon nanotubes from developing economies, such as Taiwan, India, China, South Korea, Vietnam, and Singapore. China has enormous potential for new establishments for manufacturers and suppliers. The carbon nanotube industry in China is growing rapidly, in terms of production and supplier activities, owing to the low labor costs, easy availability of raw material, lower taxes, and less stringent environmental regulations for the manufacture of carbon nanotube by different methods. In addition, the demand for carbon nanotubes is increasing rapidly in various applications, including advanced materials, electronics & semiconductors, chemical & polymers, batteries & capacitors, energy, aerospace & defense, and medical. This trend is expected to continue till 2023.

The multi-walled carbon nanotube (MWCNT) type segment of the carbon nanotubes market is expected to grow at the highest CAGR in terms of value during the forecast period. Multi-walled carbon nanotubes consist of concentric tubes or cylinders of carbon. The ends of the tubes are usually closed by a carbon end-cap. Major players are planning to increase the production capacity of multi-walled carbon nanotubes considering the future demand for MWCNT, which is expected to grow in double digits due to the increasing demand driven by lithium battery, automotive components, electronics & semiconductors, and other end-use markets.

By method, the chemical vapor deposition (CVD) segment of the carbon nanotubes market is expected to grow at the highest CAGR during the forecast period in terms of both volume and value. 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 both volume and value markets.

Among applications, the aerospace & defense segment of the carbon nanotubes market is expected to grow at the highest rate in terms of value from 2018 to 2023. The segment is further categorized into bulletproof vests, combat jackets, explosion protection blankets, airframe, and body parts. From the earliest aircraft to modern aerospace equipment, the weight of components has been one of the most vital considerations in this industry. The joining method for aluminum, titanium, and other metals in advanced military, commercial, general aviation, and spacecraft is one of the important concerns in the aerospace industry. The carbon nanotube-based components reduce weight, increase fuel efficiency, and maintain the aerodynamic balance of an aircraft. It also helps to improve structural integrity and provide lightning protection for the outer structure of the aircraft.

On the basis of region, Asia Pacific is expected to be the fastest-growing carbon nanotubes market. This high growth is mainly attributed to the booming economies such as China, India, Taiwan, and other smaller countries, such as Indonesia, Vietnam, and Malaysia. China is the leading market in terms of carbon nanotubes demand in Asia Pacific. China is a rapidly developing nation with many emerging applications such as hydrogen storage, superconductors, filters, capacitors, and others.

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This release was published on openPR.