Carbon Nanotubes Market is Estimated to Reach $3,812 Million by 2022

A new report published by Allied Market Research titled, "Carbon Nanotubes (CNTs) Market by Type, Application, and End User-Global Opportunity Analysis and Industry Forecast, 2014 - 2022", projects that the global carbon nanotubes market was $1,033 million in 2015 and is expected to reach $3,812 million by 2022, registering a CAGR of 20.6% from 2016 to 2022. Conductive polymer composites is expected to remain the highest revenue-generating application segment throughout the forecast period. Asia-Pacific held the leading position in the global market in 2015, and is expected to maintain its lead throughout the study period.

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According to Eswara Prasad, Research Analyst, Chemicals & Materials at Allied Market Research, "Increasing penetration of CNTs in key applications such as conductive polymer composites and li-ion battery electrodes, growing partnership between the suppliers & buyers of CNTs, and substantial research & development spending are the factors that have resulted in significant upsurge in demand for CNTs''. "However, high cost of Single-Walled Carbon Nanotubes (SWCNT) and growing demand for inorganic and boron nitride nanotubes hamper the market growth", he further added.
CNTs have been widely used for several applications such as conductive polymer composites, li-ion battery electrodes, and others. The carbon nanotubes market is research- and development-oriented, which provides tremendous scope for the growth of market players. Industry players have heavily invested to develop new products and reduce the overall production costs of SWCNTs and MWCNTs. Multi-walled carbon nanotubes (MWCNTs) is the most widely accepted type in the industry owing to low cost and wide array of commercial application.

Conductive polymer composites stood as the largest application segment in 2015, accounting for around half of the market share, followed by Li-ion battery electrodes, structural polymer composites, and fire retardant plastics segments. CNTs exhibit remarkable mechanical properties such as high tensile strength and tensile modulus, which make them ideal for use in fabricating composite parts.
The automotive and electricals & electronics segments jointly accounted for more than 50% share of the overall market in 2015, and is expected to maintain this trend throughout the forecast period. Increasing adoption of composites parts in the automotive and electricals & electronics industries is the key driving factor of the market.

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Key findings of the study:

o Single-walled carbon nanotubes market revenue is expected to witness the highest CAGR of 27% during the forecast period.
o Conductive polymer composites was the largest application segment for carbon nanotubes with around 50% market share in 2015.
o Sporting goods is expected to be the fastest growing end user segment with a CAGR of 22% (value terms) during the analysis period.
o Asia-Pacific market revenue is likely to lead the market throughout 2022, growing at a CAGR of 21.6% from 2016 to 2022.
o China was the leading country in the world carbon nanotubes market in 2015, and is expected to maintain its lead during the forecast period.

North America and Asia-Pacific collectively accounted for nearly three-fourths of the worldwide demand for carbon nanotubes and are expected to maintain their lead position throughout the forecast period. However, Asia-Pacific is projected to be the fastest growing segment, with a CAGR of 21.6% (revenue terms), followed by North America and Europe. Exception mechanical and chemical properties of carbon nanotubes is driving its demand in various applications across the globe. The North American conductive polymer composites application market was valued at $89.7 million in 2014 and is projected to reach $370.9 million by 2022.

In the CNT industry, all the major players are investing significantly in research and development sector to find new commercial applications and reduce price for carbon nanotubes. The major companies profiled in the report include Arkema Group, FutureCarbon GmbH, CNano Technology Limited, Nanocyl S.A., Hyperion Catalysis International, Inc., OCSiAL, Klean Industries Inc., Mitsubishi Rayon Co., Ltd., Unidym Inc., and Toray Industries Inc.

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