Carbon nanotubes are a class of tiny allotropes of carbon that have sizes up to nanometers. Carbon nanotubes are widely being adopted across several industry verticals on account of their ability to offer high thermal and electrical conductivity. Carbon nanotubes are widely being adopted in the renewable energy sector.
Global Carbon Nanotube Market, Forecasts From 2019-2025, in US$ Billion
Source: Knowledge Sourcing Intelligence Estimates
The figure above represents the size of the global carbon nanotube market, which is evaluated at US$3.857 billion for the year 2019 and is estimated to reach US$9.689 billion by the year 2025. The market is poised to show a good throughout the course of the next five years. The major factors amplifying the demand for carbon nanotubes is the constantly growing focus of major countries of the world towards the adoption of sustainable methods of electricity generation to reduce the dependence on fossil fuels. Carbon nanotubes are used in solar PV panels as they can withstand high temperatures and poses high electrical conductivity. Also, they are used in turbine manufacturing in the anti-icing systems and further boost the performance. Thus, a significant increase in the investments renewable energy sector especially in wind and solar energy is playing a significant role in shaping up the market growth during the next five years. The market for carbon nanotubes may be restrained by the fact that their production costs are considerably higher. Also, the presence of substitutes is also inhibiting the adoption of carbon nanotubes in some industries which is thereby projected to restrain the market growth to some extent during the next five years. However, the burgeoning applications across several industries such as automotive and construction among others due to their excellent properties further widen up the opportunities for the market players over the course of the next five years.
Renewable Energy Sector Positively Impacting the Growth
The growing government focus in many countries plays a significant role in augmenting the global carbon nanotube market growth during the forecast period. Growing focus on sustainable energy generation has led to a significant increase in the adoption of renewable energy sources globally. This can be backed up by the fact that according to the data from the Organisation for Economic Co-operation and Development, the total renewable energy generation of OECD-Total, reached 539,347.818 thousand toes by the year 2017 from 424,782.129 thousand toes in the year 2010. Furthermore, the constantly growing focus on solar energy and wind energy across major countries has further led to an increase production of solar PV panels and turbines, which is further providing an impetus for the market to grow in the next five years.
Energy Generation From Renewable Energy, Thousand Toe, Oecd-Total, 2010 to 2017
Source: Organisation for Economic Co-operation and Development
The market has been segmented on the basis of product type, application, and geography.
The Multi-Walled-Carbon Nanotubes Are Expected to Hold a Decent Share
By product type, the global carbon nanotubemarket has been classified on the basis of single-walled carbon nanotubes and multi-walled carbon nanotubes. The multi-walled CNT segment is projected to hold a substantial share in the market. The major factor supplementing the significant share of this segment throughout the course of the forecast period includes the wide adoption across the polymers industry. Carbon nanotubes are widely used in polymers for the improvement of tensile strength. Also, the increase in the demand for engineered polymers in different industries. However, the single-walled CNT segment is expected to show a healthy growth during the forecast period. Single-walled carbon nanotubes offer high conductivity due to their nanoscale structures due to which their adoption is increasing in solar panels and displays among others.
Electronics and Batteries to Grow Substantially
By application, the market has been distributed into chemical and energy, electronics and batteries, polymers, and others. The electronics and batteries segment is poised to show a considerable growth throughout the forecast period on account of the growing adoption of carbon nanotubes due to high electrical conductivity. These are widely used in displays, semiconductor devices, sensors, and batteries among others. Thus, a significant increase in the demand for electronic products is projected to directly impact the demand for carbon nanotubes for the electronics industry, also the rising disposable income has led to an increase in the demand for various electronics products especially in the developing economies such as India and China among others. Also, the growing investments in electric vehicles is also anticipated to widen up the opportunities for the market players as the growing requirements for energy storage devices will propel the use of carbon nanotubes in the near future. However, the polymers segment is anticipated to hold a noteworthy share in the market throughout the forecast period on account of their wide application as reinforcement materials in the polymers industry. The booming polymers industry is expected to supplement the share of this segment in the coming five years.
Apac to Show Promising Growth
Geographically, the market has been distributed as North America, South America, Europe, Middle East and Africa, and Asia Pacific. The North American region is projected to hold a healthy market share. The presence of a world-class infrastructure across the industry verticals and the presence of well-established industries in countries like the United States and Canada are some of the major factors bolstering the share of the market in the North American region during the next five years. Also, the constant focus towards sustainable energy generation plays a significant role in shaping up the growth in North America during the next five years. Several initiatives by the governments across these countries to promote renewable energy led to the early adoption of renewable energy across these countries is further supporting market growth throughout the forecast period.
Furthermore, the APAC region is projected to show a healthy growth in the next five years. The presence of a well-established electronic manufacturing base in major countries such as India, China, and Vietnam. The growth of these industries in the APAC region is further bolstering the market growth in the Asia Pacific region during the next five years.