Global Carbon Nanotubes Market: Overview
Current uses of carbon nanotubes lie in the strengthening of material used for mechanical or protective functions. Carbon nanotube-based films are rapidly replacing indium tin oxide coatings as the optimum top layer for touchscreens as the former is superior in strength and thermal stress endurance. The high mechanical strength and lower weight of wind turbine blades that include carbon nanotubes is creating a major scope in the renewables sector.
Additionally, most key players are investing a lot into research and development efforts while simultaneously expanding production capacities. This is complemented by the growing demand for carbon nanotubes across major industry verticals owing to steady price reduction and increasing scope of applications.
Due to these reasons and other minor factors, the global carbon nanotube market is expected to progress at a CAGR of 22.1% within a forecast period from 2015 to 2023, in terms of revenue. This market is expected to be valued at US$1.6 bn by the end of 2016, and US$6.8 bn by 2023. By volume, this market is expected to expand at a CAGR of 20.1% from 2015 to 2023.
Carbon Nanotubes Players Attracted to Asia Pacific and its Rapid Industrial Development
By the end of 2016, the overall volume of carbon nanotubes is expected to reach 3.2 mn tons. This is expected to be the largest volume consumed by any of the major regions. Asia Pacific also shows the leading growth rate for carbon nanotube consumption and revenue till 2023.
Carbon nanotube demand in Asia Pacific is expected to receive a massive boost through an accelerated increase in demand from nations of India, Japan, South Korea, Taiwan, and China, in the industries of electronics and electrical components. The Asia Pacific polymers industry has found a large scope of use for carbon nanotubes, making it the largest application segment between 2015 and 2023.
Major Preference for Multi-wall Carbon Nanotube Shown by Application Industries
There is a major disparity in demand for single-wall and multi-wall carbon nanotubes, which arises due to the scope of use of each product type and the properties that they enhance. Multi-wall carbon nanotubes possess enhanced thermal conductivity and mechanical strength, allowing it to gain high demand from the manufacturers of super-capacitors, batteries, construction materials, and coatings.
Polymers Industry Absorbs Most of Global Carbon Nanotube Production
By 2023, the revenue generated by the global carbon nanotube player base will have crossed US$4.5 bn. The polymers industry has consistently held a high share in the overall demand for carbon nanotubes and will continue to do so for the foreseeable future. Most polymer producers see carbon nanotubes as excellent modern options to reinforce their current batches of polymers in terms of tensile strength, elasticity, and overall mechanical strength.
These improved polymers are in high demand in most industries where the lightweight polymers can be used to replace traditional steel and glass while additionally increasing the strength of their product. Most of the reinforced polymers are currently being used in electronics, aerospace, defense, and construction.
Key manufacturers of carbon nanotubes include Showa Denko K.K., Cnano Technology Ltd., Nanocyl S.A., Bayer MaterialScience AG, Arkema Inc., and Hyperion Catalysis International Inc.