According to the Market Statsville Group (MSG), the global carbon nanotubes market size is expected to grow from USD 976.4 million in 2022 to USD 3,071.2 million by 2033, at a CAGR of 22.5% from 2023 to 2033.
The carbon nanotubes market is expected to experience significant growth in the coming years, driven by various factors such as increasing demand for lightweight and high-strength materials in various end-use industries such as electronics, aerospace, and automotive. One of the major factors driving the growth of the carbon nanotubes market is the increasing demand for efficient and lightweight materials in the automotive industry. Carbon nanotubes are known for their high strength, low weight, and excellent thermal and electrical conductivity, making them ideal for use in automotive components such as body panels, tires, and batteries. On the other hand, high cost of preparing and Health hazards, environmental concern will affect the market growth of carbon nanotubes for the upcoming period. However, increase in emerging application such as lithium batteries, chemical sensors and other will create the opportunities for the new players and old player to capture the market.
Carbon nanotubes or CNTs are one-dimensional allotropes of carbon formed by rolling sheets of graphene, an advanced material. Carbon Nanotubes (CNTs) consists of rolled up sheets of carbon atoms in the form of cylindrical. These structures have a single-walled layer with less than 1 nano meter diameter or a multi-walled layer with 100 nanometers. Carbon nanotubes offer exceptional electrical conductivity, lightweight, thermal conductivity, and tensile strength due to the strong interaction between carbon atoms. These characteristics make carbon nanotubes very appealing for applications such as optics, electronics, nanotechnology, composite materials, and material science. For the production of Carbon Nanotubes, many manufacturers have adopted various technique such as arc discharge, Laser ablation of graphite, and chemical vapor deposition by this method carbon nanotube can be produce. A chemical vapor deposition process is the most commonly used method to produce carbon nanotubes due to the ability to produce more significant carbon nanotubes under more easily controlled conditions at a lower cost.
The COVID-19 has negatively impacted for every business, every region, and every facet of life. China and the U.S. are worst-affected countries during the initial wave of the COVID-19 pandemic outbreak. China and U.S are the market player that manufacturers and exporters carbon nanotubes in the market. During the pandemic, manufacturing plants were either operating at reduced capacity or temporarily closed, disrupting supply chains. Additionally, mobility restrictions imposed during the lockdown resulted in logistical challenges, making it difficult to transport finished goods and to procure raw materials. Due to trade restrictions imposed by several countries, a limited workforce, and a scarce supply of freight containers, manufacturing and end-use industries faced unprecedented challenges.
Most of the manufacturing companies have been reported to have rigorously adhered to COVID-19 pandemic regulations to protect their employees and keep manufacturing facilities operational. Despite the global economy's recovery and gain traction after the pandemic, a new, more contagious variant of the disease has significantly increased trade activity uncertainty.
Currently, the market is still developing and mainly focused on research. As a result of pandemic restrictions, research activities have been hindered.
In order to limit the dangers concerned in flying, most aircraft producers attempt to make their aerospace elements stronger, touchier, and remaining longer. The aerospace industry is focusing on lowering weight to limit gas consumption and extend aircraft running costs. A modern and superior airplane’s fuselage is made from a couple of sheets of a range of composite materials. Nanomaterials are used in the aerospace area for improved properties, which enhance the ordinary aircraft performance. Most of the professionals, together with producers and engineers, are developing strategies for producing aerospace-grade composites.
Growing electronics manufacturing in China, South Korea, Japan, and Singapore, on the other hand, will fuel enterprise growth. The growing electronics sector, particularly in printed circuit boards and semiconductors, has resulted in increased product utilisation worldwide. Fast science and new product development will drive demand for the electronics and semiconductors industries.
Increasing issues over the environmental influence of CNTs have led to the imposition of stringent regulations for CNT manufacturers. High danger is recognized for human beings and the environment from CNTs agglomerates. The toxic outcomes of CNTs on human health include an increased danger of excessive blood pressure, heart attacks, and kidney damage. CNTs are fibrous in nature and may motive health troubles if inhaled.
Even after synthesis, commercial-grade single-walled carbon nanotubes (SWCNT) contain 60%–70% impurity. Several impurities, such as medium- and small-sized catalytic metal particles and carbonaceous particles, are present in SWCNTs. CNT manufacturers face challenges in purifying and functionalizing SWCNTs without damaging their framework to maintain and transfer their exceptional properties.
CNTs are also in great demand for use in chemical sensors, lithium batteries, flat panel displays, fibres and composites, and hydrogen storage. Price reductions and increased production capacity are projected to boost demand for CNTs in developing applications. Universities and many firms, on the other hand, are investing in R&D to develop new uses for CNT materials. Microwave antennas, self-assembling yarns, medical implants, medication delivery, gasoline filling caps, IC trays, carrier tapes, automobile body panels, sporting goods, coatings, and elastomers are examples of developing CNT uses.
The study categorizes the carbon nanotubes market based on type, method and end users at the regional and global levels.
Based on type, the market is segmented into Multi-Walled Carbon Nanotubes (MWCNT) and Single-Walled Carbon Nanotubes (SWCNT). Multi-Walled Carbon Nanotubes (MWCNT) dominated the market and may continue its dominance during the forecast period. Multi walled carbon nanotubes consist of a couple of rolled layers of graphene in a one dimensional format. Two primary fashions can be used to describe the buildings of multi-walled nanotubes. The Russian doll model consists of sheets of graphite organized in concentric cylinders. A single sheet of graphite is rolled in round itself in the Parchment model, similar to a parchment scroll or rolled newspaper. Multi-walled carbon nanotubes (MWCNT) materials have several uses, including conductive transparent electrodes, electrical conductivity, conductive heating films, displays, nanodevices, supercapacitors, solar industries, batteries, and many more. Multi-walled carbon nanotubes (MWCNT) are highly conductive material when it properly integrated into a composite structure. Graphene's molecular complexity in multi-walled carbon nanotubes increases its tensile strength, making it useful in electronics, energy, and engineered polymers. As well, they are fortified with engineered polymers that dissipate static electricity and increase airborne contamination resistance. It is also employed in biomedical engineering and has been extensively investigated in biosensing and medication delivery systems for illness monitoring and therapy.
CNTs market in APAC is expected to witness high growth because of the increased end-use applications, for instance, used in mobile phones, lithium-ion batteries, and laptops. The increase in the automotive industry toward sustainable and clean vehicles has led in the adoption of electric vehicles. These electric motors demand the use of composites and lithium-ion batteries, the place CNTs discover application. These factors are anticipated to power the CNTs market in APAC at some point of the forecast period. APAC has been a high-potential CNTs market in opposition to the backdrop of an overall slowdown in the international economic development. This area encompasses a numerous range of economies with different ranges of economic development and a large variety of industries which include manufacturing, mining, semiconductors, electronics, oil & natural gas, textile, automobile, monetary services, pharmaceutical, renewables, and telecommunication.
The global carbon nanotubes are highly competitive market, with major industry players adopting strategies such as product development, acquisitions, partnerships, agreements, and expansion to strengthen their market positions. Most market player focus on expanding their operations across many regions, augmenting their capabilities, and building strong partner relations.
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