Single wall Carbon Nanotubes Market to cross 21% CAGR upto 2024
Polymers dominated the application base and accounted for over 50% of global carbon nanotubes market share in 2015 and are forecast to retain dominance up to 2024. CNT offer tensile strength and elastic modulus to polymers making them ideal for industrial applications. Polymer mechanical properties are significantly influenced by interfacial interactions between polymer matrices and carbon nanotubes. Booming polymer applications across industries will subsequently propel industry growth over the forecast timeframe.
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Rising carbon nanotubes demand in other applications such as medical & healthcare, electrical devices, and optical devices is likely to further fuel industry growth over the forecast timeframe. However, high cost synced with purification results in increased product price, which may hamper industry growth from 2016 to 2024. Furthermore, substitute threat of nanomaterials such as polypeptide nanotubes, carbon nanoribbons, and cellulose nanocrystals may negatively influence global carbon nanotubes industry over the forecast timeframe.
Polymer applications are forecast to experience gains exceeding 20% CAGR up to 2024. Single wall carbon nanotubes market is anticipated to witness rise with over 21% CAGR over the forecast timeframe, with widespread application in electric wires. U.S. carbon nanotubes market looks set to grow by over 19% through 2024. The regional market is propelled by presence of major industry players such as Nanocyl SA. India, South Korea and China carbon nanotubes market dominated the APAC industry share, which accounted for over 40% in 2015.
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Regional growth is favored by rapid commercialization accompanied with vast customer base for electronics goods. Latin America was mainly led by Brazil carbon nanotubes market size and was valued more than USD 150 million in 2015.
Global carbon nanotubes market is fragmented. Major industry players are Nanocyl SA, Korea Kumho Petrochemical Company Ltd., Hanwha Nanotech Corporation, Arkema SA, and CNano Technology Limited. Other notable players include Hyperion Catalysis International Inc., Nanothinx S.A, Klean Commodities, Future Carbon GmbH, Showa Denko K.K., Continental Carbon Nanotechnologies, Raymor Industries Inc., and Carbon Solutions Inc. Hanwha Nanotech Corporation and Arkema SA are backward integrated, where they manufacture the raw material required for carbon nanotubes. In addition, CNano Technology Limited, Raymor Industries Inc., Nanocyl S.A., Nanoshel LLC, and Thomas Swan & Co. Ltd. have appointed exclusive distributors in various regions to meet the rising demand for carbon nanotubes in end-user industries.
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