Pune, Sept. 08, 2020 (GLOBE NEWSWIRE) -- The global carbon nanotubes (CNTs) market size is projected to reach USD 13.65 billion by the end of 2026. The increasing investment in the development of sustainable solar cells will bode well for the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Carbon Nanotubes (CNT) Market Size, Share & Industry Analysis, By Product (Multi-Walled Carbon Nanotubes (MWCNT) and Single-Walled Carbon Nanotubes (SWCNT)), By Application (Plastics & Composites, Electrical & Electronics, Energy, and Others), and Regional Forecast, 2019-2026,” the market was worth USD 4.56 billion in 2018 and will exhibit a CAGR of 15.3% during the forecast period, 2019-2026.
The recent coronavirus outbreak has had a huge impact on the business operations of major companies across the world. Accounting to the increasing death rates and rapidly rising cases of Covid-19, governments across the world are taking maximum efforts to curb the spread and minimize the adverse effects. As a result, several businesses have been forced to shut down. Additionally, measures such as social distancing and lockdowns will also have a negative impact on these businesses. The Covid-19 pandemic has had a huge adverse effect across several industries.
The report will include the impact of the Covid-19 pandemic on the global market. It will also include the strategies that major companies are adopting to overcome the downfalls during this pandemic.
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Carbon nanotubes are cylindrical tubes that are used in applications that require high strength and electrical conductivity. The tube is made up of cylindrical molecules that are inclusive of rolled-up sheets of single-layer carbon atoms. Besides the aforementioned properties, the product is also used in applications that require a higher thermal conductivity and longer durability.
The products are widely used in electrical circuits and batteries, solar PV cells, and lithium batteries due to their exceptional properties. Besides this, they are also being widely used in the healthcare sector as drug delivery systems. The diverse applications of carbon nanotubes are a primary reason why these products are a primary reason why so many companies are looking to enter the market. Additionally, technological advancements will contribute to the increasing product adoption and subsequently, aid the growth of the overall market in the coming years.
Increasing Number of Company Mergers and Acquisitions Will Provide Impetus to Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company mergers and acquisitions have had the the highest impact on market growth. The report includes a few of the major M&As of recent times and discusses their impact on market growth. In January 2019, SABIC announced that it has completed the acquisition of a major stake in Black Diamond Structures (BDS).
BDS is a nanotech company that is involved in developing concepts that will ensure longer durability of storage components such as batteries. Through this acquisition, the company will look to enhance its carbon nanotube businesses by improving its Lithium Ion and lead acid battery portfolios. SABIC’s latest acquisition will not just benefit the company but will have a direct impact on the growth of the overall market in the coming years.
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List of the Leading Companies Profiled in the Global Carbon Nanotubes (CNTs) Market are:
- Arkema SA
- Nanocyl SA
- Nanoshell LLC
- Carbon Solutions, Inc.
- Hyperion Catalysis International
- SHOWA DENKO K.K.
- Klean Commodities
- Other Key Player
North America to Emerge Dominant; Presence of Numerous Large Scale Manufacturers to Aid Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is expected to emerge dominant in the coming years. The region is a hub for several large scale CNT manufacturers; a primary reason why it is likely to emerge leading. The focus on polymer manufacturing for integration in CNT by major companies will have a direct impact on the growth of the regional market. The use of polymer materials will allow for improved electrical and thermal properties.
As of 2018, the market in North America was worth USD 1278.7 million and this value is projected to increase further in the coming years. The market in Asia Pacific will witness considerable growth driven by increasing efforts taken by government organizations towards solar cell manufacturing.
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