NEW YORK, Aug. 14, 2018 (GLOBE NEWSWIRE) -- The global carbon nanotubes (CNTs) market is expected to witness a CAGR of 16.87% and is projected to reach USD 2,842 Million by 2024. Increase in applications in end-use industries due to innate thermal, mechanical and conductive properties of carbon nanotubes is expected to propel the market growth during the forecast period. Moreover, increasing R&D due to possible applications is likely to drive the growth of market in the coming years.
Carbon nanotubes are used to make polymer composites with strong mechanical properties, this composite is used in the field of defense and automotive industry. Carbon nanotubes also exhibit excellent conductive property due to which they can be used in transistors and touch screens. Moreover, research and development in CNTs for applications in solar panels, drug delivery and other fields is expected to give impetus to market over the forecast period.
Polymer Application is expected to witness the highest growth rate over the forecast period
Application of carbon nanotubes in polymers is likely to witness the highest CAGR over the forecast period. Demand for high tensile strength and lightweight material in the field of defense, aeronautics and electrical & electronics is expected to propel the growth of this market over the forecast period. These applications incorporate the use of carbon nanotubes based polymer composites such as conductive plastics, structural composite materials, strong & conductive fibers, among many other.
Carbon Nanotubes (CNTs) Market – Regional Insight
Asia Pacific held the largest market share of the global market in 2017. Growth in the composite & plastic industry due to huge demand and low manufacturing cost has propelled the CNTs market in this region. Additionally, presence of key manufacturers like Showa Denko K.K., Hanwa Nanotech Corporation among others has propelled the growth of this market in this region. North America is also a major market for carbon nanotubes, increasing investments in R&D and presence of key players is expected to give impetus to this market in this region.
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Key findings from the report:
- The global carbon nanotubes market is likely to reach USD 2,842 million by 2024
- Application in polymers is likely to witness the fastest CAGR owing to increase in demand by end-use industries for lightweight and strong composite material
- Multi walled CNT segment is expected to grow at the fastest CAGR during the forecast period, this can be attributed to low cost and applications in polymers due to superior mechanical and thermal properties.
- Asia-Pacific held the largest market share of the global market in 2017 and the trend is likely to continue over the forecast period. This can be attributed to huge demand of polymers in this region.
- The key players of this market are Carbon Solutions Inc.; Nanoshel LLC; Hanwa Nanotech Corporation; CNano Technology Limited; Showa Denko K.K.; Nanocyl S.A.; Covestro AG; Raymor Industries Inc.; Klean Commodities; and Future Carbon GmbH among others
This report segments Carbon Nanotubes (CNTs) market based on type, synthesis, application, and region.
By Type
- Single Walled CNT
- Multi Walled CNT
By Synthesis
- Chemical Vapor Disposition
- Arc-Discharge
- Others
By Application
- Polymers
- Electrical & Electronics
- Energy
- Others
By Region
- North America
- Europe
- Asia-Pacific (APAC)
- Middle East and Africa
- Central and South America
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