Press release
Carbon Nanotubes Market Expected To Surpass USD 8 Billion By 2024
Mounting need for light weight products across various end- use sectors such as defense and aerospace will create a huge market demand over the coming years. According to Global Market Insights, Inc., “Carbon nanotubes industry, which was valued at USD 1.35 billion in 2015, is expected to surpass USD 8 billion by 2024.”
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Polymers, which accumulated a revenue of USD 900 million in 2015, is expected to dominate the application landscape over the coming timeframe. It is predicted to grow at a rate of 20% over the period of 2016-2024. Growing product preference as a result of its ability to impart high tensile strength as well as elasticity to the polymers will drive the revenue.
Carbon nanotubes market size in electrical & electronics sector is projected to record a CAGR of 20% over the coming seven years, subject to its exceptional heat transmitting features which helps in developing electronics products such as diodes and transistors.
Based on the product trends, carbon nanotubes industry is classified into single wall carbon nanotubes and multi wall carbon nanotubes. Single wall carbon nanotubes market is slated to register substantial gains of 21% over the period of 2016-2024, driven by its extensive use in electrical wires.
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Multi wall carbon nanotubes industry, which dominated the overall demand in 2015, is expected to display a remarkable growth in the future, with a projected CAGR of 22% over the coming seven years. The growth can be attributed to its beneficial features such as high retention capacity and mechanical property.
Regional highlights pertaining to carbon nanotubes industry over 2016-2024 are given below:
• Latin America carbon nanotubes market revenue, estimated at USD 150 million in 2015, is expected to grow significantly over the next few years. Brazil is predicted to drive the regional growth.
• U.S. carbon nanotubes industry size, worth USD 340 million in 2015, is expected to propel the North America market revenue in the years ahead. Huge presence of top industry participants such as Nanocyl SA in the region along with high government investments to boost the expansion of nanotechnology sector will drive the revenue.
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• Asia Pacific carbon nanotubes market is expected to record a CAGR of 23% over 2016-2024, driven by large consumer base for electronics items such as smartphones, iPhones, and LED televisions along with the thriving polymer sector. China, Japan, South Korea, and India are expected to contribute notably towards the regional share.
Key industry participants include Hyperion Catalysis International Inc., Hanwha Nanotech Corporation, Continental Carbon Nanotechnologies Inc., Arkema SA, Showa Denko K.K., Raymor Industries Inc., Korea Kumho Petrochemical Company Ltd, Future Carbon GmbH, and Carbon Solutions Inc.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1 888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com
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