Global Carbon Nanotube Market 2020-2026
Global Carbon Nanotube Market Research By Structure (Single-Walled Carbon Nanotubes and Multi-Walled Carbon Nanotubes), By End-User Industry (Electronics, Automobile, Aviation & Aerospace, Polymer and Other) and Forecast 2021-2027
The global carbon nanotube market is growing at a considerable CAGR of 13.8% during the forecast period. The increasing demand for carbon nanotubes along with their easy availability in the local market is the prominent factor to drive the growth of the carbon nanotube market across the globe. The carbon nanotubes are extremely small and light-weighted material with better strength and conductivity than conventional metals hence are high in demand in several end-user industrial vertical. Apart from light eight and higher conduction these materials have a high temperature range and are highly elastic material. These key characteristics of carbon nanotube make them suitable for use in electric vehicles. Therefore, the exponentially growing electric vehicle market is likely to create an opportunity for the growth of the carbon nanotube market.
However, the such as high cost of the development of carbon nanotube is one of the key factors that is retraining its adoption by several end-user industries. New Product launches in the market are likely to drive the growth of the carbon nanotube market. For instance, in March 2021, Cabot Corp. had launched a new ENERMAX6 in its series of carbon nanotube. It is considered as the company's newest development with regards to carbon nanotube with high performance. It is the most conductive multi-walled carbon nanotube product in the portfolio of the company with its offering of a high aspect ratio. This ENERMAX6 can be used to enhance the performance of the battery at a lower loading that will be allowing a higher energy density of the battery. The other certain attributes that are been provided by this ENERMAX6 include decreasing the total loading of conductive carbon additives with still accomplishing the comparable conductivity of the electrodes along with lowering the direct current internal resistance (DCIR) of the battery cell.
Impact of COVID-19 on the Carbon Nanotube Market
The global carbon nanotubes market is hardly hit by the outbreak of COVID-19 since December 2019. Key industry application of carbon nanotubes includes polymer, automobile, and electronics rely on top economies such as China, the US, and European Union. The outbreak of COVID-19 in these major economies has disrupted the manufacturing and supply of raw materials across the globe. China is one of the largest polymers, electronics, and automobile manufacturers, hence the outbreak of COVID-19 in China disrupts the global supply chain, hence impacted the carbon nanotubes market negatively. The market will witness "W" shape recovery in near future owing to the restart of key industries in major economies. A major portion of recovery in the carbon nanotubes industry is attributed to the Chinese automobile and polymer industry.
The market is segmented based on structure, and end-user industry. Based on structure, the market is segmented into single-walled carbon nanotubes and multi-walled carbon nanotubes. By end-user, the market is segmented into electronics, automobile, aviation & aerospace, polymer, and others.
Global Carbon Nanotube Market Share by End-User, 2020 (%)
Source: OMR Global
Based on the end-user industry, the aviation & aerospace segment is primary driven by the high demand for light-weighted materials in the manufacturing of aircraft to reduce consumption of fuel along with operating costs. Commercial airplane companies always focus to reduce the weight of the airplanes so that more distance can be traveled easily. Moreover, defense companies want to reduce the weight so that more distance and weapons can be carried out within the planes. Additionally, by the use of carbon nanotube, lightweight safety material like the helmet, jackets can be manufactured which has more strength than any metal. Therefore, the high demand for lightweight and high-strength material in the aviation and aerospace industry is likely to drive the growth of the carbon nanotube market in this segment.
The global carbon nanotube market is analyzed based on the geographical regions that are contributing significantly towards the growth of the market. Based on the geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America held a considerable share in 2020 in the global carbon nanotube market. Some factors that are boosting the market growth in North America are increased demand with regards to polymer manufacturing to make better thermal, electrical and mechanical properties of bulk products and to promote green energy certain rules and regulation has also been imposed. Additionally, increasing investment in defense and perimeter security, rising investment in carbon nanotube are other factors that are promoting the growth of the market.
Global Carbon Nanotube Market, by Region 2021-2027
Source: OMR Global
Asia-Pacific will Have Considerable Growth in the Global Carbon Nanotube Market
Asia-Pacific region is expected to witness significant growth opportunities for the market. Rising demand for electronic vehicles in the automobile segment and the growing presence of end-user user industries of carbon nanotubes in the emerging economies of the region are likely to drive the growth of the regional market.
Market Player Outlook
Key players of the global carbon nanotube market are Arkema Group., FutureCarbon GmbH, Hanwha Group, Jiangsu Tiannai Technology Co., Ltd., LG Chem, Ltd., Mitsubishi Chemical Corp., and Toray Industries, Inc. To survive in the market, these players adopt different marketing strategies such as product launches. For instance, in November 2020, NAWA America provider of powerful composites for automotive, aerospace, renewable energy, space, defense among others had planned to launch its new NAWAStitch material that will provide by comprising a thin film containing vertically-aligned carbon nanotubes (VACNT) arranged perpendicular to the carbon fiber layers reinforcing the interface between the layers.
In April 2020, Fujitsu Laboratories Ltd. had announced the development of the world's first adhesive sheet that is composed of carbon nanotubes. High thermal conductivity offered in this adhesive sheet can be Up to 100 W/mK that is Watt per meter per Kelvin. These adhesive sheets are considered to flexible that makes them easy to cut and further handle properly to use it on the different type of surfaces. Additionally, this technology had the potential to bring practical improvements along with cost-effectiveness for power modules for electric vehicles. These will make electric vehicles when compared with gasoline-powered vehicles comparatively cheaper and more competitive.
The Report Covers