Carbon Nanotubes Market will grow at 22.1% CAGR to cross 80 billion by 2024: Global Market Insights, Inc
OCEAN VIEW, Del., Aug. 9, 2017 /PRNewswire-iReach/ -- The U.S. Carbon Nanotubes Market worth USD 340 million in 2015, is set to witness noticeable growth over the coming years, primarily driven by government investments in nanotechnology and growth in the polymer industry across this region.
The carbon Nanotubes market has become a billion-value industry due to the high demand for these materials across various end use industries. Carbon nanotubes are allotropes of carbon having a cylindrical nanostructure and possess excellent properties, making it popular across electronics, optics, nanotechnology, and material science industries. Properties like high tensile strength and light- weight of these materials make them used widely across defense, aerospace, and electronics sectors.
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CNTs exhibit exceptional tensile strength which is approximately 20 times higher than that of steel. Moreover, these materials are five times lighter than steel. For instance, CNT can be used in turbine wind blades to reduce the mechanical stress and impart higher strength, thereby increasing the overall efficiency. In addition, surging demand for light weight products in polymers and electronics industry will also favor the carbon nanotubes market share over the coming years.
Electrical & Electronics will be another major industry supporting the growth of CNT market over the next eight years. The industry will demand for high use of CNTs in a wide set of applications like forming p-n diode by chemical doping and polymer coating, building electronic devices like field effect transistors, and dispersing heat from computer chips owing to their incredible thermal transmission properties. Electrical & Electronics application segment is pegged to grow at a CAGR of 20% over the period of 2016-2024.
Carbon Nanotubes are mainly used in the form of either SWCNT (Single Wall Carbon Nanotubes) or MWCNT (Multi Wall Carbon Nanotubes). SWCNTs accounted only for a small portion of the overall carbon nanotubes market. These are mainly used in electrical applications owing to the high electrical conductivity exhibited by these materials.
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MWCNTs accounted for 90% of the overall market share in 2015, and is expected to register a CAGR of 22% over the period of 2016-2024. The high growth is attributed to the excellent electrical, thermal, and mechanical properties possessed by these materials which makes them extensively used as polymers additives, catalysts, electron field emitters, gas-discharge tubes in telecom networks, lithium-battery anodes, nanotube composites, nanoelectrodes, etc.
U.S. carbon nanotubes market size was valued at over USD 340 million in 2015 and is likely to be promising industry due to robust manufacturing of engineered polymers such as PEEK Increasing government funding focusing on nanotechnology is forecast to boost regional growth
The Asia Pacific CNT market is estimated to register the highest CAGR of 23% over the next eight years. Expansion of polymer and electronics industry in this region will be primarily driving the industry share. China, Japan, and India are set to be the major revenue pockets for the CNT market in APAC.
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The industry is quite fragmented with a blend of large and small market players. Key industry players like Hanwha Nanotech Corporation and Arkema SA are backward integrated, where they manufacture raw materials required for CNTs. Other participants such as C Nano Technology Limited, Nanocyl SA, Raymor Industries, Thomas Swan & Co. Ltd., and Nanoshel LLC have adopted regional distribution strategies to address the high demand for CNTs in end-use industries.
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