The carbon nanotubes market is projected to grow at a CAGR of 16.59% to reach the market size of US$9.689 billion by 2025 from US$3.857 billion in 2019. Carbon Nanotubes are minuscule allotropes of nanometers size and possess properties such as good thermal and electric conductivity, high tensile strength and ability to withstand high temperatures. Nanotubes are widely used in appliances like medical, automotive, polymers, defense, energy, electronics, etc. Carbon nanotubes have superior electric conductivity and smaller diameter which makes it capable of replacing steel in various appliances. Carbon nanotubes are used in turbine blades to enhance mechanical strength, display screens such as television, mobile phones, etc. The carbon nanotube is segmented into single-walled and multiple-walled carbon nanotubes.
Market Drivers
Carbon Nanotubes are being researched widely for developing improvised appliances in the field of health, defense, aircraft components, etc. An increase in manufacturing activities in developing countries like China, Korea, and Japan is boosting the demand for these tubes. Government initiatives to use more eco-friendly methods to produce electricity like the Government of India’s National Solar Mission which intends to increase India’s solar power output and to promote new investments in solar manufacturing will help in the growing demand for carbon nanotubes for solar cells. The growing polymer industry in China and India is also contributing to the growing demand for carbon nanotubes. The demand for these tubes is rising due to its high application in engineered polymers in the construction and automotive industries.
By Geography
Regionally the global carbon nanotube market is classified into North America, South America, Europe, Middle East, and Africa, and the Asia Pacific The report also analyses 15 countries across these regions with complete analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers. Asia-Pacific is seeing a rise in the market in electronic production due to China. Electronic products such as smartphones, OLED TVs, tablets, etc. have the highest demand in the consumer electronics segment because of an increase in the disposable income of the middle-class population and thereby contributing to the increasing demand for carbon nanotubes during the forecast period.
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