Market Overview: —
Carbon Nanotubes (CNTs), the cylinders of nanometer diameter, are consists of graphene sheet wrapped up to form a tube structure. The tubes can be single walled or double or triple-walled that is multi-walled. These tubes are either metals or semiconductors. CNT exhibit some electrical properties that can rival or even exceed its usability over the best metals or semiconductor. This is expected to replace and increase the use of CNTs in number of electrical & electronics applications. The properties of CNT can be varied by changing the angles of rolling or folding the sheets, which may help to meet the needs of diverse industrial applications such as aerospace & defense, electrical & electronics, chemicals, sports, and energy among the others. The prices of CNT have been steadily declining since 2010 due to increasing production, which is expected to drive growth of the Global Carbon Nanotube (CNT) Market during the forecast period. The Global Nanocomposites Market has been estimated to grow at a higher CAGR to reach ~USD 8.2 billion till 2023. This, in turn, is projected to fuel the demand for CNT during the forecast period.
The Global CNT Market is segmented on the basis type, method, end use industry, and region. Based on type, the market is divided into single walled carbon nanotube (SWCNT) and multi-walled carbon nanotube (MWCNT). The SWCNT consists of a one-atom-thick layer of grapheme wrapped into a tube or a seamless cylinder; most of the SWCNTs have a diameter of close to 1 nanometer and can be many millions of times longer. The band gap in SWCNT can vary from zero to about 2 eV and their electrical conductivity can show metallic or semiconducting behavior. This enable the use of SWCNT for miniaturizing. During the forecast period SWCNTs are anticipated to make a large impact in electronics applications. Multi-walled carbon nanotubes (MWCNTS) are manufactured by rolling multiple layers of concentric tubes of graphene sheets. Among MWCNT, Double-walled carbon nanotubes (DWNTs) form a special class of nanotubes because of their morphology. Their properties are similar to those of SWNTs. but they are more resistant to chemicals. This is, especially, when it is necessary to graft chemical functions to the surface of the nanotubes. The unique mechanical properties of MWCNT will permit their use as main movable arms in emerging nanomechanical devices. Among these types, MWCNT is projected to lead the market during the forecast period owing to its increasing penetration in diverse end use industries, such as aerospace & defense, energy, and other heavy industries.
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On the basis of method the market is divided into arc discharge, laser ablation, chemical vapor deposition (CVD), and high pressure carbon monoxide disproportionation (HiPCO). The high pressure carbon monoxide disproportionation method is the only continuous method or process among them while the remaining three are the batch processes. The CVD method among them is the most popular as it yields high quality and has good control over diameter and length of the tube structure. CVD segment in the Global CNT Market is estimated highest CAGR during the forecast period. This is attributed to the low cost, ability of this method to form larger structures, and less complexity of this method. HiPCO is a substantial method in manufacturing of CNT. It is a continuous process, which makes manufacturing of CNT more economical and commercially viable. Arc discharge and laser ablation are the viable methods when it comes to manufacturing of CNT at a smaller or laboratory scale. Both, arc discharge and laser ablation methods are harmful to the natural environment and human body, which restricts its use for industrial or commercial production of CNT.
Based on end use industries, the Global CNT Market is segmented into aerospace & defense, electrical & electronics, automotive, energy, sports, and others. Among them, the aerospace & defense industry is fetching major share of overall demand for CNT. CNT composites have a good tensile strength and flexibility along with the good metallic characteristics. This is replacing the use of metal alloys and other composites in manufacturing body and other parts of aircraft and spacecraft. The global electrical & electronic market is also growing at a higher rate. Increasing penetration of green energy electricity into untapped remote areas is expected to fuel the demand for CNT in energy conservation and storage applications. Automotive industry is steadily growing with an increasing demand of vehicles around the world. The embedded system of electronics in automotive is constantly penetrating further due to an advent of hybrid vehicles. This, in turn is projected to propel the growth of the global CNT market. The global sports goods industry is growing at significant CAGR to further propel the growth of the Global CNT Market.
The Global CNT Market is divided into five key regions including Asia Pacific, Europe, North America, Middle East & Africa, and Latin America. Asia pacific accounts for 45% share of the Global CNT Market owing the growing demand from growing electrical & electronics and automotive industry in this region. India, China, and Japan are leading the regional market due to the presence of major end use industries. North America ranks second in terms of the market size in the Global CNT Market. The U.S. is the major shareholder in this regional CNT Market due to the increasing demand for CNT by aerospace & defense industry along with growing sports equipment industry. Europe is also significant region in the global CNT Market, wherein Germany, U.K, France, and Italy are the major markets. This is attributed to the established automotive industry in this region which is the major consumer of CNT. Latin America is anticipated to gain momentum to join hand with leading regions in the Global CNT Market. Lastly, The Middle East & Africa is projected to grow at considerable CAGR owing to the increasing construction activities and rapidly growing sports industry during the forecast period.
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