Carbon Nanotubes Market Share Will Hit $103.2 Billion By 2030 | Growth With Recent Trends & Demand

According to a new report published by Allied Market Research, titled, "Carbon Nanotubes Market by Type, Technology, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2030,"
The global carbon nanotubes market was valued at $15.3 billion in 2017, and is projected to reach $103.2 billion by 2030, growing at a CAGR of 16.3% from 2021 to 2030.

The global carbon nanotubes market is expected to grow at a phenomenal pace during the forecast period, owing to active R&D by leading academic institutions and research organizations. The applications of CNTs are numerous and are expected to be employed in various domains.

Currently, there is a global demand for lightweight composites for automotive and space applications to increase fuel efficiency. The use of carbon nanotubes in biomedical applications during the forecast period has the potential to increase the demand for carbon nanotubes.

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Carbon nanotube is an advanced carbon material formed by rolling up a single sheet of graphene (single-walled carbon nanotubes) or by rolling up multiple sheets of graphene (multi-walled carbon nanotubes).

They have attracted significant research interest due to their outstanding physical, chemical, and electronic properties. CNTs have been widely used for several applications such as conductive polymer composites, Li-ion battery electrodes, and others. The carbon nanotubes market is R&D oriented, which provides tremendous scope for growth of market players. Industry players have heavily invested to develop new products and reduce the overall production costs of SWCNTs and MWCNTs.

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Presently, the global carbon nanotubes market is driven by the global automotive industry that is constantly on the lookout for lightweight structural components that offer excellent strength and wear & tear properties. Lighter materials consequently result in better fuel efficiency, thereby improving the final product's carbon footprint. The main applications of carbon nanotubes include CNT-based plastics, adhesives, structural composites, and battery electrodes.

The carbon nanotubes industry has witnessed massive capacity expansion in the last decade. However, the penetration of carbon nanotubes has increased moderately across various end-user industries, owing to the high price of SWCNTs and limited applications of MWCNTs. Therefore, the high price of CNTs is a major restraint for the global carbon nanotubes market growth.

Impact Of Covid-19 On The Global Carbon Nanotubes Market
• The COVID-19 pandemic has negatively affected the global economy and subsequent shrinking of the GDP in global economies, thereby changing consumer spending patterns globally.
• The global automotive supply chain got disrupted due to decrease in workforce and restrictions on manufacturing operations that led to a shortage in key components required in automotive manufacturing. Further, uncertainty over the economic conditions during the forecast period led to a decline in consumer confidence, thereby affecting consumer spending. This is expected to decrease vehicle sales during the forecast period. A similar trend is observed in the global demand for electronic goods, thereby impacting the semiconductor industry.
• In addition, the renewable sector in most of the countries is largely dependent on imports from other countries, notably from China. China, the known source of this pandemic, has been the most affected one in terms of material supply and material transport due to COVID-19.
• The above factors are expected to impact the global carbon nanotubes market growth during the forecast period.

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Key Market Players:
RAYMOR INDUSTRIES INC., NOPO NANOTECHNOLOGIES, CABOT CORPORATION, KLEAN INDUSTRIES INC., NANO-C, NANOCYL SA, KUMHO PETROCHEMICAL, JIANGSU TIANNAI TECHNOLOGY CO. LTD., ARKEMA S.A., TOKYO CHEMICAL INDUSTRY CO. LTD., NANOSTRUCTURED & AMORPHOUS MATERIALS INC., OCSiAl, LG CHEM, OSSILA LTD., SHOWA DENKO K.K., CHASM ADVANCED MATERIALS INC., CHEAP TUBES, THOMAS SWAN AND CO. LTD., TORAY INDUSTRIES INC., HYPERION CATALYSIS INTERNATIONAL

Key findings of the study
• By region, Asia-Pacific is projected to grow at the highest CAGR of nearly 17.5%, in terms of revenue, during the forecast period.
• By type, the single-walled carbon nanotubes (SWCNTs) segment is anticipated to witness the high growth rate of 20.9%, in terms of revenue, during the forecast period.
• By technology, the others segment is anticipated to witness the high growth rate of 19.7%, in terms of revenue, during the forecast period.
• By application, the Medical & Pharmacy segment is anticipated to witness the high growth rate of 18.7%, in terms of revenue, during the forecast period.

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