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The global carbon nanotubes market size is anticipated to exhibit substantial growth by reaching USD 10.52 billion by 2028. Fortune Business InsightsTM has presented this information in the report titled, “Carbon Nanotubes (CNT) Market Size, Share & COVID-19 Impact Analysis, By Product (Multi Walled Carbon Nanotubes (MWCNT) and Single Walled Carbon Nanotubes (SWCNT)), By Application (Plastics & Composites, Electrical & Electronics, Energy, and Others), and Regional Forecast, 2021-2028”, and observes that the market size stood at USD 4.94 billion in 2020 and is expected to exhibit a CAGR of 10.2% between 2021 and 2028. The growing demand for electronics and electrical products is expected to boost the market growth. Similarly, the expansion of the aerospace industry is anticipated to bolster market growth.
Vivakor Inc.’s Joint Venture with CSS Nanotech to Amplify Market Growth
In January 2019, Vivakor Inc., an asset and technology acquisition company, achieved a milestone in developing carbon nanotechnology through a joint venture with CSS Nanotech, a nanomaterials company. The joint venture is aimed to upgrade heavy crude to a fuel product in Utah and the Middle East regions. The companies aim to provide cost-effective and scalable nanomaterials solutions for customers. They aim to improve operational efficiencies and product performance with their nanomaterial solutions.
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Expansion of Aerospace Industry to Aid Market Growth
CNT find their applications requiring durability, thermal conductivity, electrical conductivity, and high strength. The aerospace industry uses nanomaterials for their exemplary properties. The aerospace industry emphasizes weight reduction of aerospace components to reduce fuel consumption, and NASA’s computer modeling analysis projects that composites that use CNT reinforcement may lead up to a thirty percent reduction in a launch vehicles’ total mass. Hence, the expansion of the aerospace industry is likely to stimulate the carbon nanotubes market growth.
Key Players Adopt Ingenious Growth Strategies to Strengthen Market Positions
The market is highly competitive and concentrated. The top market players are Nonoshell LCC, SHOWA DENKO K.K., Nanocyl, and Arkema SA. The key players operating in the market emphasize lowering manufacturing costs. They adopt ingenious growth strategies such as partnerships, acquisitions, collaborations, mergers, new product launches, technological advancements, and others to accumulate growth and strengthen their market positions. For instance, in January 2020, Cabon unveiled its plans to acquire Shenzhen Sanshun Nano New Materials for USD 115 million. The acquisition will help both companies to produce carbon blacks and nanostructures for energy storage.
Industry Developments-
Key Players in the Market
Further Report Findings-
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2017-2028 |
Base Year | 2020 |
Forecast Period | 2021-2028 |
Historical Period | 2017-2019 |
Unit | Value (USD Billion); Volume (Tons) |
Segmentation | Product, Application, and Region |
By Product |
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By Application |
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By Region |
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