Predicted to reach an estimated US$ 894 Mn in 2022, the target market is driven by growing demand from various industrial verticals like electronics, plastics, and energy storage. The global carbon nanotubes market is projected to reach a value of US$ 2,215.5 Mn in 2032, with the market expanding at a prolific CAGR of 9.5% from 2022 to 2032.
The inherent beneficial properties of carbon nanotubes further aid the growth of the same in the global marketplace during the forecast period. Carbon nanotubes find major application in polymers since they act as strength and weight enhancers. This boosts the demand for polymers which, in turn, has a positive impact on the target market.
Further, more and more governments are investing time and money to encourage the usage of carbon nanotubes at the domestic level which is expected to facilitate growth in the carbon nanotubes market. In addition to this, adoption of carbon nanotubes is escalating due to increasing new wind energy generation projects.
An upsurge in the demand for polymers in the electronics and electrical sector also induces market growth for carbon nanotubes. Heightened demand for engineered plastics across diverse end-use industries further propels the demand for polymer. This will have a positive impact on the target market growth during 2022-2032.
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Furthermore, superior semiconducting properties are pushing the market towards high-end applications. Carbon nanotubes are also gaining usage in replacement existing computer chips, and plastic additives. Owing to flame-retardant and environment-friendly properties, carbon nanotubes are witnessing high demand. All of these factors, in addition to others, aid the growth of the carbon nanotubes market during the projected period.
“High mechanical strength coupled with increasing usage in various end-use industries spearheads the global growth of the carbon nanotubes market over the forecast period,” says an FMI analyst.
Key Takeaways:
- High product costs and rising health concerns will restrict the market growth.
- Escalating demand for solar cells and wind turbines will strengthen the target market prospects.
- The carbon nanotubes market in North America will hold 27.9% of the global market share.
- Europe’s carbon nanotubes market will account for about 21.8% of the overall market share.
- On the basis of application, the polymer segment will grow at a significant rate.
- The start-up ecosystem in this market is concentrating on product innovation and new technology.
Competitive Landscape
Nanocyl S.A., CNano Technology Ltd., Showa Denko K.K., Arkema S.A., Bayer, MaterialScience AG, Chasm Advanced Materials Inc., Raymor Industries Inc., Klean Industries Inc., Toray Industries Inc., and Cheap Tubes among others are some of the major players in the carbon nanotubes market profiled in the full version of the report.
Leading market players are focusing on introducing and developing new products and technology. These enterprises employ strategic agreements, partnerships, mergers, and collaborations to gain a competitive advantage.
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More Insights into Carbon Nanotubes Market Report
In its latest report, FMI offers an unbiased analysis of the global carbon nanotubes market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032.
To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (multi-walled carbon nanotubes (MWCNT), single-walled carbon nanotubes (SWCNT)), application (carbon nanotubes application in polymers, carbon nanotubes application in energy), and region.
According to the latest FMI reports, based on segmentation, the polymer application segment will make the most contribution to the growth of the global carbon nanotubes market. This segment is projected to grow at a substantial growth rate during 2022-2032. Owing to their lightweight nature, composites are gaining rapid traction which, in turn, boosts the demand for the polymer segment.
Based on region, the carbon nanotubes market in North America will exhibit considerable growth during 2022-2032. The target market in this region holds about 27.9% of the global carbon nanotubes market share. Progress in nanotechnology, increasing adoption of advanced technology, and high demand for polymer production are factors that contribute to the regional market growth.
In addition, the carbon nanotubes market in Europe will account for 21.8% of the overall market share owing to growing electronics industry as well as the development of the Nanospark project. Thus, North America and Europe are two regions that are expected to present impressive growth over the forecast period.
Key Segments Covered in The Carbon Nanotubes Industry Analysis
Carbon Nanotubes Market by Product:
- Multi-Walled Carbon Nanotubes (MWCNT)
- Single-Walled Carbon Nanotubes (SWCNT)
Carbon Nanotubes Market by Application:
- Carbon Nanotubes Application in Polymers
- Carbon Nanotubes Application in Energy
Carbon Nanotubes Market by Region:
- North America Carbon Nanotubes Market
- Latin America Carbon Nanotubes Market
- Europe Carbon Nanotubes Market
- Asia Pacific Carbon Nanotubes Market
- Middle East & Africa Carbon Nanotubes Market
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