Global carbon nanomaterials market is expected to witness significant growth over the forecast period owing to its wide application in numerous end-use industries including healthcare, automotive, construction, and packaging. The carbon nanomaterials market is anticipated to be driven by its potential applications in electronics and energy storage devices on account of its exceptional electrical conductivity. Growing demand for high strength and durable structural materials coupled with emerging application scope of carbon nanomaterials in aircraft, nanomedicines, consumer goods, and water treatment industry is further expected to fuel market demand. Rapid urbanization and growing investments in construction and medical industry particularly in emerging economies of China and India are likely to propel demand for carbon nanomaterials over the next six years. However, high processing cost coupled with stringent environmental regulations is expected to restrain market growth.
Carbon nanomaterials are categorized on the basis of products into carbon nanotubes, graphene, carbon nanofibers, and fullerenes. Widespread use of carbon nanotubes in electronics and automotive industry as sensors and semiconductors is expected to propel carbon nanomaterials market demand over the forecast period. Carbon nanomaterials are also categorized on the basis of applications as automotive, electrical & electronics, aviation, energy, healthcare, packaging, and consumer goods. Electronics & energy was one of the largest application segments of carbon nanomaterials in 2013 followed by automotive industry. Growing demand for lightweight materials from automotive and aviation sectors coupled with potential application in medical devices are expected to have strong growth prospects over the next six years.
North America was the largest market in 2013 followed by Europe owing to significant use of carbon nanomaterials in medical and electronics industry in the region. Asia Pacific is expected to be the fastest growing market due to rapid industrialization coupled with increasing investments in medical and automotive industry in emerging economies of China, India, South Korea, and Singapore. Advancement in science & technology coupled with growing demand from numerous end-use industries in the region has led companies to intensify R&D in carbon nanomaterials which in turn is likely to have positive impact on carbon nanomaterials market.
Key market participants include Arkema, Bayer AG, Showa Denko, DuPont, Ahlstrom, Hollingsworth & Vose, Kuraray, Finetex, Elmarco, Nanocyl SA, CNano Technology Ltd., and Hyperion Catalysis International Inc.
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The shortage in supply of raw materials from Chinese manufacturers has resulted in a severe demand-supply gap. The manufacturers are further expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to lockdown amid COVID-19. However, the producers are expected to move away from China aiming to reduce the future risks that would affect the business and to reduce the manufacturers' cluster in a single country in order to smoothen the supply chain. The report will account for Covid19 as a key market contributor.