The carbon nanotubes market is in tremendous consideration these days. Its physical and concoction properties have expanded the scope of carbon nanotubes in different sectors – medical, chemical, electrical, food, energy, and others. The market is likely to surpass the tipping point, with the latest research highlighting its capacity to grow indefinitely in the forthcoming years. Notably, carbon nanotubes have primarily been utilized in limited applications and relatively low supply until now. The upcoming years are expected to see a significant shift in the commercialization of carbon nanotubes (CNTs).
Applications of Carbon Nanotubes
Carbon nanotubes (CNTs) hold the potential to be the building blocks of futuristic technologies. Therefore, the new and established manufacturers have experience with these carbon nanotubes to harness the power of materials science and technology to swipe considerable profits in the global carbon nanotubes market. The ongoing research activities will foster several new applications of CNTs in the market. For instance, nowadays, emphasis is laid on lowering the cost of final products. The complex manufacturing process of CNTs makes the final product expensive, and therefore efforts are made to make them more viable commercially. CNTs are increasingly used in the biomedical sector for major functions like drug delivery, body implants, tissue engineering, etc.
Rise of the Market
As the market becomes more fluid, RationalStat expects the global carbon nanotubes market to reach US$ 103.2 million by 2030 with a healthy CAGR of 16.3%. The team has analyzed that by considering the sales volume, price, adoption levels, and market consolidation, the global carbon nanotubes market will exceed 68,000 tons of annual demand by 2030. The bulk production of polymers owing to its growing application in the automotive and construction sector, particularly in growing economies like China and India, is driving the industry growth impressively. Additionally, the advancing regulatory framework globally promoting nanotechnology at domestic levels will accelerate the development of carbon nanotubes. Also, the growing initiatives by governments globally to encourage the adoption of wind energy will further strengthen the demand for CNTs in the forthcoming years.
Carbon nanotubes are of two types – single and multi-walled nanotubes. However, the single-walled nanotubes segment alone is expected to reach US$ 62 million by the end of 2022. Such impressive growth exhibited by the single-walled segment is due to its lower cost when compared to the multi-walled nanotubes.
The growing emphasis on energy generation through clean sources like wind and solar further offers ample impetus to the growth of the global market. Also, CNTs became an ideal material in the energy sector for manufacturing the turbine blades to improve their mechanical strength to extend their service life. Furthermore, the lithium-ion battery is finding several applications in renewable energy storage. The product will penetrate deep into the application sector, fostering the global carbon nanotubes market growth.
The Final Word
The global carbon nanotubes market is taking a giant leap and is expected to offer lucrative business opportunities in the coming years. But the environmental regulations and high costs are some of the factors hampering the market’s growth. Also, the surging demand for other nanomaterials like metal oxides other than the carbon counterparts may further restrict the market. Globally, China and the US spearhead the global carbon nanotubes market in terms of production, and however, Japan is one of the leading consumers of carbon nanotubes. Leading players in the global carbon nanotubes market include Cheap Tubes, Grafen Chemical Industries, Otto Chemie, Meijo Nano Carbon, TIA, and Nanocyl, among others.
The market intelligence report curated by RationalStat offers a comprehensive study on the global carbon nanotubes market. Furthermore, our report outlines the current and expected trends and market estimation to help users develop effective business strategies. The report gives a clear view of upcoming investments and the market leader’s perspectives to enhance the customer experience.
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Co-founder and Director at RationalStat
Ujjwal is a thought leader and recognized expert in the market research and consulting field. He is the co-founder at RationalStat, a leading global market research & procurement intelligence firm with 10+ years of industry expertise.