Carbon Nanotubes Market - Global Industry Analysis 2023

The global carbon nanotubes market has been witnessing a surge in its market valuation in recent years thanks to the increased demand for carbon nanotubes from the electrical and electronics, energy, polymers, and other end-use industries.According to a report from Transparency Market Research (TMR), the worldwide carbon nanotubes market stood at US$1.1 bn in 2014. Expanding at an impressive CAGR of 22.10% during the period from 2015 to 2023, it is expected to arrive at US$6.8 bn by the end of 2023.

Multi-wall Nanotubes Dominate Global Carbon Nanotubes Market

Product and application are the two main fronts on which the worldwide carbon nanotubes market is analyzed. Single-wall nanotubes and multi-wall nanotubes are the major products available in this market. The multi-wall nanotubes segment dominates the global carbon nanotubes product market. In 2014, it accounted for a share of more than 90% in the overall market.

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The thermal conductivity of these nanotubes is five times higher than that of copper nanotubes and their mechanical strength is up to twenty times higher than that of steel nanotube. Other than these, the electrical conductivity of multi-wall carbon nanotubes is also very high. These properties have elevated the popularity of multi-wall carbon nanotubes extensively, increasing their demand in the global arena.

Polymers, energy, electrical and electronics, and other industries such as chemical, medical, and optical devices are the prime application areas of carbon nanotubes. The markets for polymers and electronics are the leading consumers of carbon nanotubes across the world.

Asia Pacific to Maintain Leadership in Global Carbon Nanotubes Market

The global market for carbon nanotubes is spread across Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Among these, Asia Pacific has occupied the leading position at present. In 2014, this regional market acquired a share of more than 40% in the global carbon nanotubes market.

The rapid rise of the medical and healthcare, electrical and electronics, and energy sectors in this region has stimulated the consumption of carbon nanotubes from these end-use industries, boosting the Asia Pacific carbon nanotubes market significantly. Analysts anticipate it to continue to dominate the worldwide market in the coming years, owing to the increasing demand for carbon nanotubes from China, India, South Korea, Japan, and Taiwan.

Demand from Electronics Sector to Drive North America Carbon Nanotubes Market

North America has emerged as the second largest carbon nanotubes market across the world. The regional market is projected to experience steady growth over the next few years on account of the rising demand from the electronics and chemical industries in North America.

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Europe is also expected to exhibit steady growth in its market share, owing to the presence of established end-use industries of carbon nanotubes. However, Latin America and the Middle East and Africa are anticipated to report a sluggish rise in their shares in the overall market for carbon nanotubes.

Klean Commodities, Future Carbon GmbH, Nanocyl S.A., Hanwha Nanotech Corp., Nanoshel LLC, Carbon Solutions Inc., Continental Carbon Nanotechnologies Inc., Korea Kumho Petrochemical Co. Ltd., Showa Denko K.K., Arkema SA, and Nano-C Inc. are some of the major players operating in the global nanotubes market.

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