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Carbon Nanotubes Market to Reach $10.52 Billion by 2028; Expansion of Aerospace Industry to Propel Market Growth

November 01, 2021 | Chemicals & Materials

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/carbon-nanotubes-cnt-market-102700


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-



  • April 2021: LG Chem introduced a carbon nanotube manufacturing plant in Korea. The company intendes to actively target the growing market for CNTs used as a material for cathodes found within electric vehicle batteries.


Key Players in the Market



  • Arkema SA (Colombes, France)

  • Nanocyl SA (Sambreville, Belgium)

  • Nanoshell LLC (Utah, U.S.)

  • Carbon Solutions, Inc. (California, U.S.)

  • Hyperion Catalysis International (Massachusetts, U.S.)

  • SHOWA DENKO K.K. (Tokyo, Japan)

  • Klean Commodities (Vancouver, Canada)

  • Cabot Corporation (Massachusetts, U.S.)

  • OCSiAl (Leudelange, Luxembourg)

  • NoPo Nanotechnologies (Bangalore, India)

  • Jiangsu Cnano Technology Co., Ltd. (Zhenjiang, China)


Further Report Findings-



  • The market size in Asia Pacific stood at USD 1.88 billion in 2020 and is expected to witness striking growth in the global carbon nanotubes market share during the forecast period. The growth of the market is ascribable to the low production costs and the wide availability of raw materials.  

  • Moreover, the rising demand for aerospace, electronics, automotive, and construction industries across Japan, India, Malaysia, and China is anticipated to boost the growth of the market in Asia Pacific.

  • According to the segmentation based on product, the MWCNT segment is anticipated to witness the highest growth in the market. MWCNT are cylindrically shaped, hollow carbon allotrope that have a high aspect ratio. They have a wide range of applications, including conductive transparent electrodes, batteries, solar industries, nanodevices, displays, and others. The wide range of applications is likely to aid the growth of the segment.


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




  • Multi walled carbon nanotubes (MWCNT)

  • Single walled carbon nanotubes (SWCNT)



By Application




  • Plastics & Composites

  • Electrical & Electronics

  • Energy

  • Others



By Region




  • North America (By Product, By Application, By Country)



      • U.S. (By Application)

      • Canada (By Application)

      • Mexico (By Application)





  • Europe (By Product, By Application, By Country)



      • Germany (By Application)

      • U.K. (By Application)

      • France (By Application)

      • Italy (By Application)

      • Rest of Europe (By Application)





  • Asia Pacific (By Product, By Application, By Country)



      • China (By Application)

      • Japan (By Application)

      • India (By Application)

      • South Korea (By Application)

      • Rest of Asia Pacific (By Application)





  • Latin America (By Product, By Application, By Country)



      • Brazil (By Application)

      • Rest of Latin America (By Application)





  • The Middle East & Africa (By Product, By Application, By Country)



      • Saudi Arabia (By Application)

      • South Africa (By Application)

      • Rest of the Middle East & Africa (By Application)






Carbon Nanotubes (CNT) Market
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