Albany, New York, Nov. 16, 2017 (GLOBE NEWSWIRE) -- Spattered by the presence of a large number of companies, the global carbon nanotubes market witnesses a high degree of competition. Amidst intensifying rivalry, companies such as Nanocyl S.A., Cnano Technology Ltd., and Showa Denko K.K. managed emerging at the top with a share of 23.3% in 2014, finds Transparency Market Research (TMR) in a new study. This reveals the market’s highly fragmented vendor landscape. Given the scenario, TMR predicts regional players in the global carbon nanotubes market hold considerable revenue share.
Transparency Market Research attributes the fragmentation in the global carbon nanotubes market to the very little product differentiation among companies. This however provides an environment ideal for the entry of new players. Contrary to this, challenges such as high cost of switching and capital requirements and the overall scarcity of raw materials will continue to pose threat. On the bright side, the market will continue facing low threat of substitute as they are still at a nascent stage.
According to TMR, the global carbon nanotubes market is forecast to reach US$6.8 bn by the end of 2023 from US$1.6 bn that was the market’s valuation in 2016. Given the scenario, the global carbon nanotubes market is likely to report an impressive 22.1% CAGR between 2015 and 2023. “Among key end users, the polymers industry will consistently hold a high share in the global carbon nanotubes market,” said a lead TMR analyst. Regionally, Asia Pacific is expected to record increasing consumption of carbon nanotubes.
Carbon Nanotubes Improve Strength of Polymers – a Key Factor Helping the Market Grow
The rising demand for carbon nanotubes, which help improving the strength of polymers significantly thereby enhancing their utility in aerospace, construction, automotive, and defense sector, is a chief driver of the global carbon nanotubes market. Carbon nanotubes have excellent features, which add to the tensile and mechanical strength of polymers thus making it 20 times stronger than steel. Furthermore, polymers imbued with carbon nanotubes despite being stronger are much lighter than steel. As a rippling effect of these factors, polymers have emerged as a highly sought-after material across various industries.
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Besides this, introducing carbon nanotubes to materials adds several positive points. Indium tin oxide is conventionally used to coat displays with. This ends up making the displays more expensive and look brittle than nanotube-imbued screens. Using carbon nanotubes in the manufacture of long wind turbines have similar consequences. They improve strength of turbines without increasing their weight, thereby exceptionally improving their potential of power generation.
High Cost Incurred on Production of Nanotubes may Create Hindrances
On the downside, expenditure incurred on the production of high purity nanotubes is way higher than cost incurred on the actual manufacturing process. This pose barrier to players with financial constraints. The situation complicates even further because currently the demand for carbon nanotubes is much lesser than their overall global supply. However, the analysts at TMR are hopeful that the situation would reverse itself in the coming years, and that manufacturers are likely to shift their capital accordingly.
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This review is based on a TMR report, titled “Carbon Nanotubes Market (Product – Single-wall Carbon Nanotubes and Multi-wall Carbon Nanotubes; Application – Polymers, Energy, Electricals and Electronics, Medical, Chemical, and Optical Devices) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
The report segments the global carbon nanotubes market as:
Carbon Nanotubes Market – Product Segment Analysis
- Single-wall Carbon Nanotubes
- Multi-wall Carbon Nanotubes
Carbon Nanotubes Market – Application Segment Analysis
- Polymers
- Energy
- Electricals & Electronics
- Others (Medical, Chemical, Optical Devices, etc.)
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