Global carbon nanotubes market size is expected to reach USD 3.42 billion by 2022, expanding at a CAGR of 14.8%, according to a new study by Grand View Research, Inc. Increasing the application scope of carbon nanotubes (CNT) in end-use industries including polymers, electronics, energy, marine, aerospace, and automotive is anticipated to drive market growth over the forecast period. The government of China, Japan, the U.S., and India have increased funding aimed at promoting nanotechnology at the domestic level which is expected to open new avenues for the market over the next seven years.
Polymers were the largest application segment, accounting for over 60% of the global market volume in 2014. CNT are increasingly being fortified in polymers such as composites and plastic derivatives for improving the electrical, thermal, and mechanical strength of the end product. The growing application of polymers in the construction, automotive, and consumer goods industry is anticipated to have a positive impact on CNT market over the forecast period.
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Further key findings from the study suggest:
Global carbon nanotubes market demand was stood at 5,064.1 tons in 2014 and is anticipated to exceed 20,000 tons by 2022, growing at a CAGR of over 18% from 2015 to 2020.
Multi-walled carbon nanotubes (MWCNT) were the largest product segment, accounting for the majority market volume in 2014. Lower price in comparison to other CNT products is expected to promote market growth.
Asia Pacific was the largest CNT market, accounting for over 40% of global volume in 2014. Growing plastic and composite industries in China and India on account of increasing domestic demand coupled with low manufacturing cost as compared to North America and countries of EU is anticipated to augment CNT market. Positive electronics industry outlook in China, South Korea, Singapore, Taiwan, and Japan is expected to significantly impact the carbon nanotubes market over the next seven years.
The global CNT market was dominated by four companies, Showa Denko, Nanocyl, CNano Technology, and Future Carbon, accounting for the lions share in 2014. Product innovation through increased R&D expenditure is anticipated to remain a key critical success factor for the carbon nanotubes market over the forecast period. High manufacturing cost is expected to remain a key challenge for CNT market players.
Grand View Research has segmented the global carbon nanotubes market on the basis of application and region:
CNT Product Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2022)
Single-Walled Carbon Nanotubes (SWCNT)
Multi-Walled Carbon Nanotubes (MWCNT)
CNT Application Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2022)
Electrical & Electronics
CNT Regional Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2022)
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