The Global Carbon Nanotubes (CNT) Market (2018-2023) is Projected to Grow at a CAGR of 16.7% - Technological Advancements and Decreasing Production Cost is Driving Growth
DUBLIN, Nov. 16, 2018 /PRNewswire/ --
The "Carbon Nanotubes (CNT) Market by Type, Method, Application - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The carbon nanotubes market is estimated to grow from USD 4.55 billion in 2018 to USD 9.84 billion by 2023, at a CAGR 16.7%.
The demand for carbon nanotubes has been increasing rapidly in applications such as field emission displays, integrated circuits, hydrogen storage, lithium batteries, solar PV cells, fuel cells, and drug delivery. Increasing commercialization; ramping up of installed capacities; and technological advancements to bring down prices, improve quality, and develop more advanced products are the trends in the carbon nanotubes market.
Currently, R&D is being undertaken for capturing new applications, including food materials, glass ceramic, structural steel, agriculture, and hair color. The constant increase in the feasibility of potential applications for carbon nanotubes will keep the demand ticking upward during the forecast period.
The carbon nanotubes market is segmented on the basis of on multi-walled and single-walled carbon nanotubes. The multi-walled carbon nanotube segment is expected to grow at a higher CAGR in terms of value during the forecast period from 2018 to 2023.
MWCNTs are used in applications such as electrical conductivity, conductive transparent electrodes, conductive heating films, conductive nano inks, nanodevices, displays, chemical sensors, super batteries, supercapacitors, energy storages, solar industries, and thermal interface material. They are highly conductive when properly integrated into a composite structure. Only the outer walls of MWNTs are conductive, not the inner ones.
The carbon nanotubes market is segmented based on method into chemical vapor deposition (CVD), catalytic chemical vapor deposition (CCVD), and high-pressure carbon monoxide reaction (HiPCO), among others. The CVD segment is expected to grow at the highest CAGR during the forecast period.
It is the largest and fastest-growing method segment globally. CVD of hydrocarbons over a metal catalyst is a classical method that has been used by various manufacturers to produce carbon nanotube. It is also the cheaper method, and it is expected that the price will further go down globally.
The carbon nanotubes market is segmented based on application into electronics & semiconductor, advanced materials, chemical & polymers, batteries & capacitors, energy, aerospace & defense, medical, and others. The electronics & semiconductor segment is expected to grow at the highest CAGR during the forecast period.
Carbon nanotubes offer unique electrical properties for building electronic devices such as field effect transistors and diodes. These are also used to form a p-n junction diode by polymer coating and chemical doping. Furthermore, carbon nanotube-based diodes can potentially disperse heat out of the computer chips due to their unique thermal transmission properties.
The APAC carbon nanotubes market is expected to grow at the highest CAGR during the forecast period, which can be attributed to the rising demand for carbon nanotubes from India, China, South Korea, Vietnam, Taiwan, and Singapore. The robust demand in the region is the major driving factor for the global carbon nanotubes market. China will lead the demand for carbon nanotubes due to its increased industrial production. It is also among the largest consumers of carbon nanotubes at the global level.
Aerospace & Defense
Due to the risks involved in flying, aircraft manufacturers are striving to make the aerospace components stronger, tougher, and longer lasting. The industry is also seeking to reduce weight in an on-going bid to reduce fuel consumption and, by extension, operating costs. Nanomaterials are utilized in the aerospace industry for improved (or tailored) properties that improve their functional performance (e.g., mechanical or electrical properties) or that deliver multi-functional properties (e.g., lightweight conductive nanocomposites). The bulk of R&D into aerospace applications of nanomaterials at present focuses on structural reinforcement of composite materials.
Electronics & Semiconductors
The recent surge in the electronics industry, particularly in semiconductors and printed circuit boards (PCBs), has resulted in the increased use of carbon nanotubes, globally. The outlook of the electronics & semiconductors industry is positive in the near future with high potential for product innovation. Carbon nanotubes have excellent mechanical and electronic properties, thereby making them extremely attractive for new generation electronics applications.
Chemical & Polymers
The growing demand for coating resins from the building and construction industry is one of the key factors anticipated to fuel the growth of the Asia Pacific coating resins market in the next few years. Some of the coating manufacturers include Akzo Nobel Coatings N.V. (Netherland), PPG Industries Inc. (US), Sherwin-Williams Co. (US), and DuPont Coatings & Color Technologies Group (US). The filter manufacturers include International Business Machines Corporation (US), Eastman Kodak Company (US), Samsung Electronics (South Korea), and Panasonic Corporation (South Korea).
Batteries & Capacitors
Carbon-nanotubes, with distinct 1D-tubular structure, excellent electrical and thermal conductivities, mechanical flexibility, and significantly large surface-area, are considered best nanomaterials to enhance lithium batteries performance. Lithium batteries are expected to have the highest market share during the forecast period. The demand for lithium-ion batteries is rapidly increasing in vehicles that require lightweight and high-energy density solutions. These batteries provide the highest energy density per weight and also used in cellular phones, notebook computers, and hybrid automobiles. OEMs hae to adopt batteries which have high capacities and are also light in weight that provides them with the leanest production process and also reduces CO2 emissions.
Restraints
Increasing concerns over the environmental impact of carbon nanotubes have led to stringent regulatory constraints for carbon nanotubes manufacturers. High risk is identified for human beings and the environment from carbon nanotubes agglomerates. The toxicity of carbon nanotubes may affect human health, including increased risk of high blood pressure and kidney damage. Carbon nanotubes are fibrous in nature and may cause some health problems if inhaled.
The general public faces exposure to nanoparticles and nanomaterials from a number of products containing nanoparticles available in the market, such as paints and varnishes, cosmetics, advanced textiles, fuel catalysts, specialist automotive and aerospace components such as airframe, body parts, and combat jackets. As manufacturers of nanomaterials are increasing production capacities, more nanoparticles are released into the environment. Hence, exposure of the general public to nanomaterials is rapidly increasing.
Key Topics Covered
1 Introduction 1.1 Objectives of the Study 1.2 Market Definition 1.3 Market Scope 1.3.1 Years Considered for the Study 1.4 Currency 1.5 Unit Considered 1.6 Stakeholders
2 Research Methodology 2.1 Research Data 2.1.1 Secondary Data 2.1.1.1 Key Data From Secondary Sources 2.1.2 Primary Data 2.1.2.1 Key Data From Primary Sources 2.1.2.2 Key Industry Insights 2.1.2.3 Breakdown of Primary Interviews 2.2 Market Size Estimation 2.3 Data Triangulation 2.4 Assumptions 2.5 Limitations
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Carbon Nanotubes Market 4.2 Carbon Nanotubes Market, By Type 4.3 Carbon Nanotubes Market, By Method 4.4 Carbon Nanotubes Market, By Application 4.5 Carbon Nanotubes Market, Developed vs Developing Countries 4.6 APAC Carbon Nanotubes Market, By Country and Application 4.7 Global Carbon Nanotubes Market Size, By Country, 2017
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Overview of the Factors Governing the Carbon Nanotubes Market 5.2.2 Drivers 5.2.2.1 Emerging Demand From the APAC Region 5.2.2.2 High Growth of End-Use Industries Such as Electrical & Electronics and Automotive 5.2.2.3 Increasing Demand for Lightweight and Low Carbon Emitting Vehicles 5.2.2.4 Technological Advancements and Decreasing Production Cost 5.2.3 Restraints 5.2.3.1 Environmental Concern and Health & Safety Issues 5.2.4 Opportunities 5.2.4.1 Growth in Emerging Applications 5.2.5 Challenges 5.2.5.1 Maintaining Quality and Reducing Processing Cost 5.2.5.2 Stringent and Time-Consuming Regulatory Policies 5.3 Porter's Five Forces Analysis 5.3.1 Intensity of Competitive Rivalry 5.3.2 Bargaining Power of Buyers 5.3.3 Bargaining Power of Suppliers 5.3.4 Threat of Substitutes 5.3.5 Threat of New Entrants
6 Macroeconomic Indicators 6.1 Introduction 6.2 Trends and Forecast of GDP 6.3 Trends in the Automotive Industry 6.4 Construction Industry Spending Worldwide, 2017-2025 6.5 Estimated Growth Rate of Electrical & Electronics Industry, By Region 6.6 Trends of the Solar Power Industry
7 Carbon Nanotubes Market, By Method 7.1 Introduction 7.1.1 Physical Process 7.1.2 Chemical Process 7.1.3 Miscellaneous Processes 7.2 Chemical Vapor Deposition 7.2.1 Chemical Vapor Deposition Segment Was the Largest Method Used in the Manufacturing of Carbon Nanotubes, Globally 7.3 Catalytic Chemical Vapor Deposition (CCVD) 7.3.1 Flexibility and Efficiency of Catalytic Chemical Vapor Deposition has Driven the Market 7.4 High-Pressure Carbon Monoxide Reaction 7.4.1 Single-Walled Carbon Nanotubes are More Suitable in This Method With High-Pressure Carbon Monoxide Reaction 7.5 Others 7.5.1 Arc Discharge and Laser Ablation 7.5.1.1 Arc Discharge and Laser Ablation Method has Potential to Manufacture High Grades of Carbon Nanotubes 7.5.2 Flame Synthesis 7.5.3 Electrolysis 7.5.4 Comocat
8 Carbon Nanotubes Market, By Type 8.1 Introduction 8.1.1 Multi-Walled Segment is Expected to Drive Carbon Nanotubes Market 8.2 Single-Walled Carbon Nanotubes (SWCNT) 8.2.1 China is Expected to Drive the Carbon Nanotubes Market in APAC 8.3 Multi-Walled Carbon Nanotubes (MWCNT) 8.3.1 Electrical & Electronics Application to Drive the Global Carbon Nanotubes Market
9 Carbon Nanotubes Market, By Application 9.1 Introduction 9.1.1 Aerospace & Defense Application is Expected to Drive the Global Carbon Nanotubes Market 9.2 Electronics & Semiconductors 9.2.1 Integrated Circuits is Expected to Drive the Global Electronics & Semiconductors Market 9.3 Chemicals & Polymers 9.3.1 Coatings Application is Expected to Drive the Global Chemicals & Polymers Market 9.4 Batteries & Capacitors 9.4.1 Lithium Batteries Application is Expected to Drive the Global Batteries & Capacitors Market 9.5 Energy 9.5.1 Fuel Cells Application is Expected to Drive the Global Energy Market 9.6 Medical 9.6.1 Drug Delivery Application is Expected to Drive the Global Medical Market 9.7 Advanced Materials 9.7.1 Construction Application is Expected to Drive the Global Advanced Materials Market 9.8 Aerospace & Defense 9.8.1 Bulletproof Vests, Combat Jackets & Explosion Protection Blankets to Drive the Global Aerospace & Defense Market 9.9 Others 9.9.1 Space Elevator, Cosmetics, FMCG Goods, and Technical Textiles to Drive the Global Aerospace & Defense Market
10 Carbon Nanotubes Market, By Region 10.1 Introduction 10.2 APAC 10.2.1 China 10.2.1.1 China Accounted for the Largest Market Size of Carbon Nanotubes in APAC 10.2.2 Japan 10.2.2.1 Electronics & Semiconductors is the Largest Application in the Carbon Nanotubes Market in Japan 10.2.3 South Korea 10.2.3.1 Automotive and Electronics & Semiconductors Applications Have Driven the Carbon Nanotubes Market in South Korea 10.2.4 Malaysia 10.2.4.1 Automotive and Building & Construction Applications Have Driven the Carbon Nanotubes Market in Malaysia 10.2.5 India 10.2.5.1 Nanotechnology for the Energy Industry has Boosted the Indian Carbon Nanotubes Market 10.2.6 Taiwan 10.2.6.1 Electrical & Semiconductors Industry Was the Largest Consumer of Carbon Nanotubes in Taiwan 10.2.7 Vietnam 10.2.7.1 Increasing Demand for Electronics & Electrical and Polymers Have Driven the Carbon Nanotubes Market in Vietnam 10.2.8 Indonesia 10.2.8.1 Multi-Walled Carbon Nanotubes Accounted for the Largest Type in the Country 10.2.9 Rest of APAC 10.2.9.1 Electronics Industry, Coating Requirements, Increase in Population, and Improving Economic Conditions, Expected to Drive the Carbon Nanotubes Market in the Rest of APAC 10.3 North America 10.3.1 US 10.3.1.1 Growth in the Residential and Commercial Housing Sectors to Drive the Carbon Nanotubes Market in the Country 10.3.2 Canada 10.3.2.1 Growth in the Economy and Automotive Industry Expected to Drive the Carbon Nanotubes Market in the Country 10.3.3 Mexico 10.3.3.1 Strong Rebound in Exports and Improved Business Confidence to Strengthen the Mexican Carbon Nanotubes Market 10.4 Europe 10.4.1 Germany 10.4.1.1 German Automotive Industry Expected to Drive the Carbon Nanotubes Market 10.4.2 France 10.4.2.1 Aerospace & Defense and Automotive Industries Expected to Drive the Carbon Nanotubes Market 10.4.3 UK 10.4.3.1 Building & Construction and Automotive Industries Expected to Drive the Carbon Nanotubes Market 10.4.4 Netherlands 10.4.4.1 Transport/Logistics, Trading, and Service Sectors Expected to Drive the Carbon Nanotubes Market 10.4.5 Belgium 10.4.5.1 Automotive Industry is Expected to Drive the Carbon Nanotubes Market 10.4.6 Russia 10.4.6.1 Aerospace & Defense Expected to Drive the Carbon Nanotubes Market 10.4.7 Turkey 10.4.7.1 Building & Construction and Automotive Industries Expected to Drive the Carbon Nanotubes Market 10.4.8 Poland 10.4.8.1 Growth in the Chemical Manufacturing Industry Expected to Drive the Carbon Nanotubes Market 10.4.9 Rest of Europe 10.4.9.1 Commercial & Residential Construction Sectors Expected to Drive the Carbon Nanotubes Market 10.5 South America 10.5.1 Brazil 10.5.1.1 Aerospace & Defense, Construction, and Automotive Industries Expected to Drive the Carbon Nanotubes Market 10.5.2 Argentina 10.5.2.1 Increase in the Vehicle Production By Fiat, Ford, General Motors, Honda, Iveco, Mercedes-Benz, Psa Peugeot-Citroen, Renault, Scania, Toyota, and Volkswagen Have Driven the Carbon Nanotubes Market in the Country 10.5.3 Rest of South America 10.5.3.1 Rise in the Building & Construction Activities has Increased the Consumption of Carbon Nanotubes in the Rest of South America 10.6 Middle East & Africa 10.6.1 Saudi Arabia 10.6.1.1 Rising Demand From the Automotive, Electronics, Aerospace, Energy, and Construction Industries Have Driven the Carbon Nanotubes Market 10.6.2 South Africa 10.6.2.1 Low Production Costs and Access to New Markets Facilitated By Trade Agreements With the EU and Southern African Development Community Have Driven the Carbon Nanotubes Market 10.6.3 Rest of Middle East & Africa 10.6.3.1 Automotive, Electronics, Aerospace & Defense, and Building & Construction Industries are Expected to Drive the Carbon Nanotubes Market in the Region
11 Competitive Landscape 11.1 Introduction 11.2 Competitive Scenario 11.2.1 Contract/Agreement & Partnership/Joint Venture 11.2.2 New Product Launch 11.2.3 Investment & Expansion
12 Company Profiles 12.1 Nanocyl SA 12.2 Arkema SA 12.3 Cheap Tubes, Inc. 12.4 Showa Denko K.K. 12.5 Toray International Group Limited 12.6 Arry International Group Limited 12.7 Hanwha Corporation 12.8 Cnt Co., Ltd. 12.9 Carbon Solutions, Inc. 12.10 Cnano Technology Ltd. 12.11 Ocsial 12.12 Other Key Companies 12.12.1 Kumho Petrochemical Co., Ltd. 12.12.2 Grafen Chemical Industries (Grafen Co.) 12.12.3 Chengdu Organic Chemicals Co. Ltd. 12.12.4 Klean Commodities 12.12.5 Thomas Swan & Co. Limited 12.12.6 Raymor 12.12.7 Nanolab Inc. 12.12.8 Nanoshel LLC 12.12.9 Advanced Nanopower Inc. 12.12.10 Chasm Advanced Materials, Inc. 12.12.11 Nanothinx S.A. 12.12.12 Nano-C Inc. 12.12.13 Xinnano Materials, Inc. 12.12.14 Reinste Nano Ventures
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