Carbon nanotubes are molecular-scale structures in which the atoms of carbon are arranged in one or more cylindrical forms. These structures have high tensile strength and they offer high electrical and thermal conductivity. Additionally, carbon nanotubes also have the ability to withstand extremely high temperatures.
The market for carbon nanotube is projected to witness healthy growth over the course of the next five years. The major factors supporting the fast growth of the market include the constant increase in the adoption of carbon nanotubes for various applications such as ICs, batteries, solar PV cells, and fuel cells among others. Moreover, burgeoning applications of carbon nanotubes in polymers for the improvement of its strength and weight is also expected to augment the market growth during the next five years. These structures also have applications in the construction industry as they can be incorporated in cement-based materials to enhance its behavior further helping in the reduction of deformation. Furthermore, the constantly growing energy demand has led the governments of several countries to incline their focus in new energy investments, especially in wind energy is further anticipated to widen up the opportunities for the manufacturers over the next five years as CNTs are one of the most essential elements used in turbine manufacturing. However, factors such as high production costs coupled with the availability of substitutes are considered to be some of the major factors expected to hamper the global carbon nanotube market growth to some extent during the next five years. The graph below represents the global carbon nanotube market size.
Global Carbon Nanotube Market, Forecasts From 2019-2025, in US$ Billion
Source: Knowledge Sourcing Intelligence Estimates
Growing Focus on Renewable Energy
The major factor supplementing the market growth during the next five years includes the growing focus of the governments of several countries towards inclining their focus on the renewable energy sector. Carbon nanotubes are widely adopted in solar panels as well as there is growing acceptance of carbon nanotubes in turbine manufacturing for improving the performance and to be used in the anti-icing systems of turbines. Thus, the growing investments in solar and wind energy globally will directly drive the market growth for carbon nanotubes throughout the forecast period. Moreover, supportive government policies and initiatives in major developing countries are further augmenting the demand for rooftop solar systems in both the residential and the commercial sectors, which is further expected to positively impact the market growth during the next five years. Also, the governments of various countries are taking necessary steps to reduce their dependence on fossil fuels as the costs of fossil fuels is growing is further augmenting the adoption of renewable energy in many countries. Moreover, turbine manufacturing is increasing in many countries on account of growing domestic and foreign demand which is further projected to augment the demand for carbon nanotubes for the manufacturing of the turbine blades and is anticipated to drive the market growth significantly. For instance, in March 2018, General Electric Renewable Energy announced its plans in March 2018 to develop the largest and most powerful offshore wind turbine ‘the Haliade-X’ in France. On the other hand, the generation of electricity from wind has increased significantly in the past years, especially in the developed economies, which is also providing an impetus for the market to grow over the forecast period. For instance, in the United States, the generation of electricity from wind energy reached 300 billion kWh by the year 2019 from 95 billion kWh in 2010 (Source: U.S Energy Information Administration).
Wind Electricity Energy Generation, the U.S, 2010-2018, in Billion kwh
Source: U.S Energy Information Administration
The global carbon nanotube market has been segmented on the basis of product type, application, and geography. On the basis of product type, the market has been segmented on the basis of single-walled carbon nanotubes and multi-walled carbon nanotubes. On the basis of application, the classification of the market has been done as chemical and energy, electronics and batteries, polymers, and others. Geographically, the global carbon nanotube market has been distributed into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
By product type, the single-carbon nanotube segment is anticipated to witness healthy growth throughout the course of the next five years. These consist of nanoscale structure which offers superior thermal, electric conductivity properties, and optical properties. All these properties have led to an increase in the adoption of single-walled carbon nanotubes in various applications that include solar panels, coatings, and displays among others. The multi-walled carbon nanotube segment is projected to hold a substantial market share throughout the forecast period on account of their wide applications in polymers as they enhance the tensile strength.
By application, the polymers segment is projected to hold a substantial share in the market throughout the course of the next five years. The major factors supporting the significant share of this segment is the wide application of carbon nanotubes as reinforcing materials due to its excellent mechanical properties such as high tensile strength and high elastic modulus. The growing demand for engineered polymers across the different industry verticals is a major factor augmenting the growth of this segment throughout the course of the next five years. However, the electronic and batteries segment is anticipated to grow at a healthy CAGR on account of the burgeoning applications in storage applications and electronic devices due to high electric conductivity as well as high resistance to temperatures.
Geographically, the Asia Pacific region is poised to hold a noteworthy market share throughout the forecast period. The presence of a well-established electronics manufacturing industry in countries like India, China, and Vietnam among others is a major factor bolstering the significant share of the APAC region throughout the next five years. Additionally, the presence of a well-established semiconductor industry in the region is further expected to drive the market growth. Moreover, the growing focus towards the adoption of renewable is also a key factor playing a significant role in shaping up the market growth in the APAC region.