March 17, 2022 11:00 ET | Source: BlueWeave Consulting and Research Pvt Ltd BlueWeave Consulting and Research Pvt Ltd
Delhi NCR, March 17, 2022 (GLOBE NEWSWIRE) -- The global carbon nanotubes (CNT) market is primarily supported by the growing use of carbon nanotubes in various industries, including medicine, healthcare, electronics, engineering, automobile, energy storage, etc., and superior properties of carbon nanotubes compared to the traditional materials….
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global Carbon Nanotubes (CNT) market was worth USD 2.5 billion in 2020 and is further projected to reach USD 8.7 billion by 2027, at a CAGR of 20.1% during the forecast period (2021-2027). The global Carbon Nanotubes (CNT) market is primarily supported by the growing demand for lightweight and superior materials. Furthermore, the increasing use of carbon nanotubes in various industries, including medicine, healthcare, electronics, engineering, automobiles, energy storage, etc., and the superior properties of carbon nanotubes compared to the traditional materials are also driving the market's growth. Additionally, technological advancements and growing use of electronic and storage devices are expected to create numerous opportunities for the growth of the global carbon nanotubes market.
Growing Demand for Lightweight and Superior Materials is supporting the Growth of Global Carbon Nanotubes (CNT) Market
The demand for lightweight and superior materials is growing with companies looking to increase the efficiency of automobiles. A typical vehicle contains more than 55 pounds of copper. Substituting carbon nanotubes for copper can drastically reduce the weight of the vehicle. According to the Ministry of Natural Resources - Canada, a weight reduction of 35% could reduce fuel consumption by 12-20% without compromising safety and performance. Carbon nanotubes are used to produce super-capacitors for energy storage, ultra-conductive copper for a modular multilevel converter (MMC), and polymer matrix composite (PMC). PMC's enhanced adsorption capacity as well as its chemical, mechanical, and thermal resistance makes it an attractive product. Replacing conventional materials with carbon nanotubes can significantly reduce the weight of the vehicles, resulting in reduced fuel consumption. According to Canada’s Ministry of Natural Resources, a weight reduction of 100kg can save a car up to USD 1,040 over a distance of 200,000 km, and a truck can save USD 1,300 over that same distance. With the demand for efficient fuel-consuming vehicles increasing, the demand for carbon nanotubes is expected to increase and support the growth of the global carbon nanotubes (CNT) market during the forecast period.
Request for Sample Report @ https://www.blueweaveconsulting.com/report/carbon-nanotubes-cnt-market/report-sample Booming IT & electronics industry is expected to present growth opportunities for the global carbon nanotubes (CNT) market
The IT and electronics industries are closely related, with advancements in one industry promoting the growth of the other. According to the International Trade Administration (ITA), the global IT industry is worth more than USD 5 trillion, while the global electronics industry is estimated to be worth USD 2.0 trillion according to Invest India, an initiative by the Indian Government. Today, carbon nanotubes are disrupting the electronics industry as carbon nanotubes-based technology is not only faster but also uses less energy. CNTs (carbon nanotubes) are used as a highly conductive, transparent, and cost-efficient alternative in flexible displays and touch screens. Further, carbon nanotubes are also used for device modeling, and many companies are investing heavily to replace silicon with carbon nanotubes as the primary semiconductor material. The growth of the IT & electronics industry, coupled with the increasing investment in carbon nanotubes, should offer several lucrative opportunities for the global carbon nanotubes market in the near future.
Multi-walled carbon nanotubes type segment is dominating the Market
Based on types, the global carbon nanotubes (CNT) market is segmented into single-walled carbon nanotubes (SWCNT) and multi-walled carbon nanotubes (MWCNT). The MWCNT segment dominated the market in 2020 and held a larger share owing to its relatively low price compared to SWCNT and less complex structure. MWCNT possesses enhanced electrical conductivity and is easier to produce in large quantities than SWCNT. These are used extensively in conductive transparent electrodes, conductive heating films, conductive nano inks, nanodevices, chemical sensors, super batteries & supercapacitors for energy storage, thermal interface material, along automotive and aircraft applications.
Please Find Press Release of Carbon Nanotubes (CNT) Market: https://www.blueweaveconsulting.com/press-release/carbon-nanotubes-cnt-market-size-to-double-by-2028
Impact of COVID-19 on the Global Carbon Nanotubes (CNT) Market
COVID-19 has negatively affected the growth of the global carbon nanotubes (CNT) market as lockdowns imposed by different countries caused disruptions across the entire supply and value chain. Consequently, companies were unable to procure technology and materials and were forced to run on reduced capacity. Furthermore, labor shortages, container shortages, a severe second wave of COVID-19, followed by a semiconductor shortage, energy crisis, and surging freight prices have hindered the market's recovery.
Container issues have created a delay in the supply chain, resulting in companies being unable to receive their goods on time, and a corresponding increase in freight prices. As reported by Reuters, the cost of shipping a 40-foot container (FEU) unit touched a record high of USD 11,000 in September 2021. Before the pandemic, the same unit cost just USD 1,300. The prices of freight shipping are expected to remain high at least till 2023 and the ongoing energy crisis coupled with the emergence of the omicron variant of COVID-19 is expected to further delay the recovery of the market.
Global Carbon Nanotubes (CNT) Market: Regional insights The global Carbon Nanotubes (CNT) market is segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The Asia-Pacific region dominated the global carbon nanotubes (CNT) market in 2020 owing to the high demand and production of carbon nanotubes in the region. The growing demand for energy storage systems and electric vehicles has also supported the dominant share of the region in the global carbon nanotubes (CNT) market. The energy demand in Asia-Pacific is expected to reach 2 terawatts by 2030 as per International Renewable Energy Agency and the demand for energy storage systems is expected to increase, creating several growth opportunities for the global carbon nanotubes market in the region during the forecast period.
The leading players in the Carbon Nanotubes (CNT) Market are LG Chemical Limited, Cabot Corporation, Showa Denko K.K., Jiangsu Cnano Technology Co., Ltd., Chengdu Organic Chemicals Co. Ltd., Arkema SA, Nanocyl, Nanoshell LLC, Hyperion Catalysis International, Klean Commodities, OCSiAI, NoPo Nanotechnologies, Chasm Advanced Materials Inc., Cheap Tubes, Nanostructured & Amorphous Materials Inc., Raymor Industries Inc., Thomas Swan And Co. Ltd., Tokyo Chemical Industry Co. Ltd., Toray Industries Inc., and other prominent players. Market competitors compete on the basis of product quality as well as new and cost-effective manufacturing processes that can improve yield and optimize the process for more and better output.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global carbon nanotubes (CNT) market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global Carbon Nanotubes (CNT) market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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