Carbon Nanotubes Market worth USD 18.85 billion by 2028, registering a CAGR of 20.59% – Report by Market Research Future (MRFR)
New York, Aug. 26, 2021 (GLOBE NEWSWIRE) — Carbon Nanotubes (CNTs) Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Carbon Nanotubes (CNTs) Market: Information by Type, Method, End-Use Industry – Forecast till 2028” the market is projected to be worth USD 18.85 billion by 2028, registering a CAGR of 20.59% during the forecast period (2021 – 2028)., The market was valued at USD 4.97 billion in 2020.
Market Scope:
The MRFR analysis lists a few significant companies, each with considerable carbon nanotubes market share, namely
- Carbon Solutions Inc (US)
- kuhmo petrochemical (South Korea)
- Arry International Group Limited (China)
- Nanocyl SA (Belgium)
- LG Chemical Limited (South Korea)
- Cabot Corporation (US)
- Showa Denko K.K. (Japan)
- Jiangsu Cnano Technology Co., Ltd. (China)
- Chengdu Organic Chemicals Co. Ltd. (China), among others.
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Each of these firms make strong efforts to expand their worldwide reach by launching highly innovative products and solutions. They also adopt numerous strategies such as collaborations, agreements, and partnerships, which bolsters the carbon nanotubes market growth.
Market USP exclusively encompassed:
Key Growth Drivers:
The escalating use of CNTs in the aerospace & defense sector has been a notable trend in the global market. Speaking of key market trends, the demand for CNTs is also picking up speed in the electrical & electronics sector, which could mean considerable growth in the coming years. Besides, the mounting application scope of carbon nanotubes in manufacturing of automobile components as well as in sports equipment could provide attractive opportunities to leading manufactures in the very near future.
In the medical field, CNTs are used extensively in cancer treatment, transdermal drug delivery, cardiac autonomic regulation, proteomics, tissue regeneration, platelet activation, to name only a few. Carbon nanotubes’ rising use with biological systems has given way to several developments in medical science, particularly biosensing, diagnostics, disease treatment, and drug delivery.
Browse In-depth Market Research Report (195 pages) on Carbon Nanotubes (CNTs) Industry
https://www.marketresearchfuture.com/reports/carbon-nanotube-market-4397
Market Restraints:
Although CTs have gained a lot of popularity over the years, they come along with a few drawbacks, including slow growth, poor yields, inconsistent quality, and lack of real-time processing. These shortcomings could weaken the demand in the years to come, slowing down the growth rate of the carbon nanotubes industry in the next few years.
COVID-19 Analysis
The COVID-19 pandemic has posed a series of challenges to the world, with the healthcare, construction, and automotive most affected. The global industry is reeling under a huge financial duress, experiencing a rising gap between supply and demand.
However, the worldwide carbon nanotubes market share shall be fostered by the constant government support. Moreover, vendors increasingly emphasizing on research and development activities to develop carbon nanotubes-based technologies that curb the COVID-19 impact, will also ensure steady business growth.
Market Segmentation
The carbon nanotubes/CNTs industry can be considered for type, method and end-use industry.
The primary types of carbon nanotubes include single-walled carbon nanotubes/SWCNTs as well as multi-walled carbon nanotubes/MWCNTs. In the year 2018, the leading segment was MWCNTs, as a result of strong consumer demand given its affordability. The segment can also post an expansion rate of more than 22% in the following years.
The key methods studied in the extensive report are arc discharge, chemical vapor deposition, laser ablation, high-pressure carbon monoxide disproportionation, and more. As of 2018, the top position has been held by the chemical vapor deposition segment with a share of more than 97%, as a result of its higher yield and cheaper cost compared to other methods.
Automotive, sports, electrical & electronics, energy, aerospace & defense, and others are the top market end-users identified in the MRFR report. Out of these, the leading segment in 2018 was electrical & electronics with the highest share of close to 42%, reveals MRFR. The mounting use of carbon nanotubes in the electrical and electronics sector due to their appealing properties has been the major reason for the segment’s lead in the global market.
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Regional Status
The regional categorization of the CNTs market covers APAC/Asia Pacific, Latin America, North America, MEA/Middle East & Africa as well as Europe.
Asia Pacific, with the biggest share of roughly 55%, is the market leader, thanks to the growing industrialization rate across the emerging countries like India, Japan and China. Additionally, APAC can soon procure the fastest CAGR during the given period, with China emerging as the most lucrative market in the region. The country’s dominance in the region is the outcome of the substantial abundance of lower priced raw materials and the mass production at low cost. Moving ahead, the regional market mainly benefits from the rising use of electronic products like tablets, OLED TVs, smartphones and more. Given the surge in the financial status of the middle-class populace, electronic products have noted significant demand in recent years, thereby boosting the CNT market growth in the region.
Segmentation of Market covered in the research:
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