Europe Multiwalled Carbon Nanotubes Market revenue worth US$ 3,068.63 million by 2028

The multiwalled carbon nanotubes market in Europe is expected to grow from US$ 1,496.40 million in 2021 to US$ 3,068.63 million by 2028; it is estimated to grow at a CAGR of 10.8% from 2021 to 2028.

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According to The Business Market Insights "Europe Multiwalled Carbon Nanotubes Market" report 2028, discusses various factors driving or restraining the market, which will help the future market to grow with promising CAGR. The Europe Multiwalled Carbon Nanotubes Market Research Reports offers an extensive collection of reports on different markets covering crucial details. The report studies the competitive environment of the Europe Multiwalled Carbon Nanotubes Market is based on company profiles and their efforts on increasing product value and production.

Multiwalled carbon nanotubes (MWCNTs) are gaining popularity as a lighter alternative to copper. As demand for lightweight automobiles with solid fuel efficiency and minimal carbon emissions grows, manufacturers increasingly use carbon nanotubes as a lightweight alternative to copper. Nanotubes are utilized in automobiles for conductive shielding and for replacing copper wires. The use of MWCNT in the automotive industry is growing because of its better mechanical qualities and lightweight feature. These features spurred the automobile industry to incorporate MWCNTs in the design and manufacturing of car interiors and exteriors.

Nanomaterials are commonly utilized in automobiles to reduce aluminum engine weight, improve grip, minimize rolling resistance, and li-ion batteries help reduce recharging time, boost tensile strength, and reduce vehicle weight. These benefits increase the applications of MWCNTs in the automobile industry, thereby driving the market.

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Some of the companies competing in the Europe Multiwalled Carbon Nanotubes Market are
• Arkema
• Klean Industries Inc.
• Kumho Petrochemical Co., Ltd.
• LG Chem
• Nanocyl SA
• Ocsial
• Ossila Ltd
• SHOWA DENKO K.K.
• Tokyo Chemical Industry Co., Ltd.

An average vehicle has approximately 55 pounds of copper, and an electric vehicle has nearly three times the copper, most of which is in the form of electrical wires. Reducing the quantity of copper used in automobiles can help reduce the vehicle's total weight, fuel consumption, and emissions, due to which lightweight materials have become an effective strategy in the automobile industry. Lightweight material substitution is recommended for increasing fuel efficiency without drastically altering the vehicle's size or components. Furthermore, lightweight materials can improve acceleration, ride, and handling while lowering noise.

The Europe multiwalled carbon nanotubes market is segmented into application and country. Based on application, the market is segmented into electrically conductive polymers, structural composites, concrete additives, batteries, research and development, and others. In 2020, the batteries segment held the largest share of the Europe multiwalled carbon nanotubes market. Based on country, the market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The Rest of Europe contributed a substantial share in 2020.

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