New York, March 06, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Carbon Nanotubes Market Size, Share, Growth and Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Multi-Walled Carbon Nanotube and Single-Walled Carbon Nanotube), Application (Electronics and Semiconductor, Energy Storage, Structural Composites, Aerospace and Defense, Medical, and Others), and Geography. the carbon nanotubes market size is expected to grow from US$ 6 billion in 2022 to more than US$ 13 billion by 2028 at a CAGR of 13% between 2022 and 2028.
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Global Carbon Nanotubes Market Report Scope, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 6 Billion in 2022 |
| Market Size Value by | USD 13 Billion by 2028 |
| Growth rate | CAGR of 13% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 150 |
| Historical data available | Yes |
| Segments covered | Type, Application, and Geography |
| Global Carbon Nanotubes Market Forecast to 2028 - Latest COVID-19 Analysis | https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00004215/ |
Growing Demand for Carbon Nanotubes from Electronics & Semiconductor Industry
Carbon nanotubes find application in making transistors and are applied as conductive layers for touchscreens. They are considered a viable replacement for indium tin oxide (ITO) transparent conductors in a few applications. Carbon nanotubes are used as highly conductive, transparent, and cost-efficient alternatives in flexible displays and touchscreens. The demand for various electronic products is growing in various countries across the globe. With this, the demand for carbon nanotubes from the electronics & semiconductor industry is also increasing, there driving the carbon nanotubes market growth.
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In 2021, Asia Pacific held the largest share of the carbon nanotubes market. An increasing use of carbon nanotubes from various application sectors, such as electronics & semiconductor, energy storage, aerospace, and medical, is mainly driving the market growth in the region. The growing electronics industry in countries such as India, China, Japan, and South Korea is also fueling the market growth in the region. In Asia Pacific, low labor cost supports the manufacturing of carbon nanomaterials. Additionally, governments are investing in producing more solar cells that make use of carbon nanotubes. The growing production of solar cells is creating more demand for carbon nanotubes in the region. Further, carbon nanotubes find application in power plants and water treatment facilities. The power plants and water treatment facilities require substantial amounts of data to be stored and analyzed continuously, and the conditions at some of these locations can be harsh. By leveraging carbon nanotube devices, these facilities can place devices where they need to be for more efficient in operations.
Carbon Nanotubes Market: Competitive Landscape and Key Developments
The key players operating in the global carbon nanotubes market include Nanoshel LLC; NanoLab; LG Chem; Raymor Industries Inc.; Nanocyl SA; Arkema; Tokyo Chemical Industry Co., Ltd.; and Cabot Corporation. Players operating in the carbon nanotubes market are focusing on providing high-quality products to fulfill customer demand. Also, players are focusing on strategies such as new product launches, partnerships, mergers & acquisitions, and expansion to remain competitive in the market.
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Impact of COVID-19 Pandemic on Carbon Nanotubes Market
The carbon nanotubes market before the COVID-19 pandemic was mainly driven by the growing use of carbon nanotubes in applications such as electronics & semiconductor, energy storage, structural composites, aerospace & defense, and medical. However, in 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The pandemic significantly hampered the growth of the carbon nanotubes market due to adverse effects on the growth of multiple industries such as electronics & semiconductor, energy storage, and others. The pandemic caused disruptions in the supply chain of raw materials. The low demand for various electronic products negatively impacted the growth of the carbon nanotubes market. However, in 2021, the economies started reviving their operations; with this, the demand for carbon nanotubes started growing.
Carbon Nanotubes Market: Segmental Overview
Based on type, the carbon nanotubes market is segmented into multi-walled carbon nanotube and single-walled carbon nanotube. The multi-walled carbon nanotube segment held a larger market share in 2021. Multi-walled carbon nanotubes are strong, and they have a good capacity to conduct both thermal and electrical energy. They find applications in wafer processing fabrication in radio frequency interference (RFI) shielding materials.
Based on application, the carbon nanotubes market is segmented into electronics & semiconductor, energy storage, structural composites, aerospace & defense, medical, and others. The structural composites segment held the largest market share in 2021 due to growing use of carbon nanotubes in automotive and aerospace sector for structural composites
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Key Developments
- In August 2022, LG Chem expanded its investment in carbon nanotubes by constructing the world’s largest single-line carbon nanotubes manufacturing plant. The new plant is part of LG Chem’s initiative to gain a competitive edge in the rapidly growing global carbon nanotubes market focused on electric vehicle (EV) battery materials. The new plant will be built in the company’s Daesan Complex, located 80 kilometers southwest of Seoul, South Korea.
- In August 2022, Korbon announced a plan to build a single-walled carbon nanotube (SWCNT) plant for EV batteries in the US. SWCNT is a key material for silicon anodes for EV batteries. The new plant is expected to produce more than 300 tons of SWCNT products per year. The plant is expected to be completed in the second half of 2024.
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