Spurring Sales of Electronics & Soaring Demand for Energy is Likely to Proliferate Demand for Carbon Nanotubes
Carbon Nanotubes Market forecasted to registering 9.5% CAGR during the forecast period (2022-2032) & to reach US$ 2,215.5 Million by 2032. Carbon nanotubes are used in these polymers as strength and weight enhancers which in turn boosts the demand for polymers as reinforcing material.?Governments are investing time and money to promote the application of?carbon nanotubes?at the domestic level which is generating new opportunities for the manufacturers.
Moreover, its adoption is surging with new wind energy generation projects. High demand for polymers in the electronics and electrical industry also accounts for market growth. Polymers will continue their market lead as end-user on the back of high demand for engineered plastics across major end-use industries. On a different front, chemical vapor deposition method for production will gain preference over other alternatives by 2030.
Global Carbon Nanotubes Market – Competition Landscape
The market players are investing in research & development activities to gain a competitive edge. They are exploring growth prospects in new use cases to expand their market footprint. Market competitors are grabbing the revenue prospects in solar cells and other alternatives to energy generation. Besides energy generation they are tapping unexplored opportunities in renewable energy storage and lithium-ion batteries.
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Players are strengthening their presence in emerging Asia Pacific economies to benefit from the abundant raw material supplies. Leading players are collaborating with small players to expand their regional footprint. Established players profiled in the global carbon nanotubes market include
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Innovations Drive the Market Penetration of Carbon Nanotubes
Excellent semiconducting properties are driving the market towards high-end applications. Probabilities of replacing existing computer chips are attracting the market players. Also, carbon nanotubes are finding applications in plastics additives, given their flame-retardant and environment-friendly properties. Newfound use of nanotubes in x-rays is opening a new door of opportunities. The application of carbon nanotubes in unconventional applications such as speakers is bolstering their demand. In addition to the above, the adoption of carbon nanotubes in increasing in the medical field, where it is being used in biosensors for yeast infection diagnosis. Furthermore, its application to target tumors is increasing its penetration across the medical sector.
Despite these growth prospects, the high manufacturing cost of carbon nanotubes is challenging their adoption. The health hazards associated with their production is restraining market growth.
Market Revenue to Decline Amid COVID-19 Pandemic
The COVID-19 pandemic has substantially reduced the on-going research & development activities in the market. The low footfall across different industries is negatively influencing the market revenue. The market growth rate is expected to decline dramatically during this pandemic. However, this decline will be short-lived and the market will regain its shape soon.
Global Carbon Nanotubes Market – Regional Analysis
The mushrooming automotive, construction, and electronics industries in the Asia Pacific will generate a plethora of growth opportunities in the market. The economic boom in Japan, India, China, and Malaysia will primarily contribute to the market growth of Asia Pacific. Major developments in nanotechnology will impart a significant market position in North America in the coming years. The high adoption rate of advanced technologies will work in favor of regional market growth.