According to ChemAnalyst report, “Global Carbon Nanotubes Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global carbon nanotubes market has shown tremendous growth in the past five years and is anticipated to achieve a CAGR of 6.98% during the forecast period. Increasing population and growing demand for high performance materials in automobiles, defense, aerospace, electrical and electronic, and sports equipment backed by government initiatives across several regions to promote electric vehicles would drive the demand for carbon nanotubes in the forecast period. In addition, UNICEF’s push for the economies to reach Sustainable Development Goals would further support the market growth in the forecast period due to environment friendly nature of electric vehicles which are an end use of carbon nanotubes.
Carbon nanotubes are rolled up sheets of single layer carbon atoms(graphene). They have cylindrical structure. Based on the cylindrical structure Carbon nanotubes can be classified into Single walled carbon nanotubes and multiwalled Carbon nanotubes. Owing to their superior properties like high electrical conductivity, high thermal conductivity, high mechanical strength, very light weight, very high aspect ratio, high chemical stability, carbon nanotubes find application in every field requiring high performance materials like automotive, defence, aerospace, energy, sports etc. Carbon nanotubes can be produced mainly by three methods which include arc discharge, laser ablation of graphite and chemical vapour deposition (CVD). The CVD process is the most used globally to produce carbon nanotubes since it enables larger production of carbon nanotubes under more easily controllable conditions at lower cost.
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Carbon nanotubes are materials which impart very high mechanical strength to the material to which they are added and apart from mechanical strength they are highly conductive and lightweight materials. This paves the way for carbon nanotubes to find application in almost every area requiring high mechanical strength, thermal and electrical conductivity, and light weight. Therefore, they find application in automotive, defense, aerospace, energy, and sports etc. Major application in automotive parts and battery systems has led to the application of carbon nanotubes in electric vehicles which are finding support from governments globally. Demand from all the above sectors coupled with increasing government support is expected to drive the demand of carbon nanotubes for the forecast period.
Carbon nanotubes are the derivatives of graphene and hence its price is directly linked to the fluctuations in graphene. Over the past few years, global carbon nanotubes prices have become highly susceptible to the cost of graphene and competing property modifiers gaining ground in its markets. In the first half of FY20 sudden outbreak of novel coronavirus followed by fall in in the demand of automotive, electronics, and sports equipment rendered a slight downfall in the global carbon nanotubes prices. While several industrial operations remained impacted due to indefinite shutdowns to contain the spread of the virus, carbon nanotubes production, remained largely limited in several parts of the world.
Regionally, Asia Pacific dominates the Global carbon nanotubes market and holds the largest market share in FY19. Asia’s carbon nanotubes market is anticipated to grow in the economies like India, China, and Japan due to continuously rising population and high demand for high performance materials from the industrial and household products sector. South Asia, particularly India, seems to be the key market for carbon nanotubes as the country is seen as a generally under-supplied market with limited domestic manufacturing. Moreover, increasing focus of the Indian government towards increasing production of electric vehicles would stimulate the growth of the global carbon nanotubes market in the forecast period.
According to ChemAnalyst report, Global Carbon Nanotubes Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating global carbon nanotubes market are Arkema Group, Cnano Technology Limited, Future Carbon Gmbh, Hyperion Catalysis international, Klean Industries Inc. LG Chem, Nanocyl SA, Toray Industries Nanoshell LLC. Showa Denko kk and others.
“Being linked to the high performance materials industry, the global carbon nanotubes industry has shown a robust growth alongside growing population and changing consumer preference. China serves as the key growth region with sufficiently installed capacities. India also shows an optimistic trend in demand rise during the forecast period as the government is supporting the production of electric vehicles in its electric vehicles policy 2030. Global carbon nanotube pricing curve shows strong movement in line with the graphene. This coupled with higher processing costs of carbon nanotubes is going to keep the prices high as compared to other property modifiers. This might pose a challenge for demand during the forecast period. With new competitors emerging across the Asian carbon nanotubes market, players anticipate that supply will soon outpace demand in the near future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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