Carbon Nanotubes Market Size By Product (Single Wall Carbon Nanotubes [SWCNT], Multi Wall Carbon Nanotubes [MWCNT]), By Application (Polymers, Energy, Electrical & Electronics), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Russia, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: August 2016 | 100 Pages | Report ID: GMI744 Report Format: PDF
Carbon Nanotubes Market size was USD 1.35 billion in 2015, and is anticipated to grow at 22.1% between 2016 and 2024.
U.S. Carbon Nanotubes Market size, by application, 2013-2024 (USD Million)
Global carbon nanotubes market size is mainly driven by extensive applications across end-user industry. In recent years, demand for long wind turbine blades (>60 m) has increased significantly. These are exposed to higher values of mechanical stress during operation, leading to reduced performance. Employment in wind turbine blades would help reduce mechanical stress and enhance strength due to their unique tubular structure and higher impact strength. Furthermore, light weight of these product helps extend their lifetime and efficiency.
Indium tin oxide (ITO) coated films are widely used in touch screens, LCD displays, solar cells, organic light emitting diode (OLED), and many other electronic displays. However, these ITO coated films are brittle and expensive, thereby paving the way for product based films that are flexible and mechanically robust. Consequently, this has driven product demand based films in the electronics industry. Rapid growth of the electronics industry and rising demand for electronic products in Asia Pacific and Europe is likely to propel the carbon nanotubes market size for electronics segment in the near future.
These products are also used in reinforcing materials in polymers. It enhances their physical and mechanical properties. Furthermore, they are over six times lighter in weight than steel. Increasing end-user industries accompanied with increasing demand for light weight commercialized products is forecast to be key factor propelling carbon nanotubes industry size up to 2024. However, wide gap exists between the demand and supply due to lower rate of consumption in end-user industries. Thus, manufacturers need to focus on capitalizing proportionally in order to address the anticipated demand.
Chemical vapor deposition (CVD) is one of the most commonly employed manufacturing methods. Hydrocarbons such as methane, ethylene, and acetylene are primarily used as a raw material along with metal catalysts in the reactor. Different purification methods are employed depending upon the metal catalyst used. This results in high operating costs and increased process complexity. Consequently, this leads to higher product cost, which is likely to hamper market price trend over the forecast timeframe. Also, large scale manufacturing might cause chronic disorders due to prolonged exposure to nanoparticles, which needs to be addressed in order to continue.
Carbon Nanotubes Market, By Product
Single wall carbon nanotubes (SWCNT) product comprised a small chunk of global share in 2015. SWCNT are likely candidates for electronics owing to their high electrical conductivity, which shows metallic or semiconducting characteristics. Also, these are basic building blocks used in the electric wires. In addition, being excellent conductors along with thin diameter makes them desirable for electrical applications.
(MWCNT) Multi wall carbon nanotubes market size is forecast to expand at over 22% CAGR up to 2024. In recent years, industries are preferring polymers over metals. However, where electrical conductivity is essential, metals are preferred over plastics. MWCNT provide integrally long conductive pathways at very low loadings, which provides several advantages such as better higher retention and enhanced mechanical properties than polymers.
Carbon Nanotubes Market, By Application
Polymer applications were valued at over USD 900 million in 2015. Owing to their ultra-small diameter and high electric conductivity, these products find widespread application to enhance polymers properties along with light weight. In addition, these are homogeneously embedded into light weight engineered polymers. Rising product demand to boost electrical affinity in polymers is likely to propel the market size for polymer application.
Electricals & Electronics are anticipated to experience gains at over 20% CAGR from 2016 to 2024. CNTs demonstrate unique electrical properties for building electronic devices such as field effect transistors and diodes. They can also be used to form a p–n junction diode by polymer coating and chemical doping. Furthermore, CNT based diodes can potentially disperse heat out of the computer chips due to their unique thermal transmission properties.
Carbon Nanotubes Market, By Region
U.S. carbon nanotubes market size was valued at over USD 340 million in 2015 and is likely to be promising industry due to robust manufacturing of engineered polymers such as PEEK Increasing government funding focusing on nanotechnology is forecast to boost regional growth.
Asia Pacific is projected to witness highest gains above 23% CAGR from 2016 to 2024. Inclining polymer industry accompanied with growing electronic sector, particularly in China, India, and Japan, is forecast to drive regional carbon nanotubes industry share over the forecast timeframe. Furthermore, increasing electronic product sales such as LED televisions and smartphones will further complement industry growth.
Competitive Market Share
Global carbon nanotubes market share is moderately fragmented due to presence of large number of medium and small industry participants. Key industry players are Arkema SA, CNano Technology Limited, Hanwha Nanotech Corporation, Korea Kumho Petrochemical Company Ltd., and Nanocyl SA. Other prominent participants include Carbon Solutions, Inc., Showa Denko K.K., Future Carbon GmbH, CNT Co., Ltd., Continental Carbon Nanotechnologies, Inc., Raymor Industries Inc., Klean Commodities, Hyperion Catalysis International Inc., and Nanothinx S.A.
In addition, some major companies such as Arkema SA and Hanwha Nanotech Corporation are backward integrated, wherein they manufacture the raw materials. For instance, Arkema SA employs agricultural ethanol as the primary feedstock for the production.
Carbon Nanotubes Industry Background
CNTs are extraordinary and advanced materials in the nanomaterials category, they are allotropes of carbon at nanoscale. These sheets are rolled into tubes to form a cylindrical structure with diameter of 1nm. This cylindrical structure provides exceptional properties that make carbon nanotubes strong and lightweight. Furthermore, primary raw material required in carbon nanotubes industry includes hydrocarbons such as methane, ethylene, or acetylene.
CNTs possess high tensile strength, which is up to 20 times higher than steel. They are suitable for usage in lightweight materials, as these are around five times lighter compared to steel. Demand for these products is high in aerospace, defense, and electronics industries due to their light weight.
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