Global Carbon Nanotubes Market Led by Asia Pacific, to Exhibit 22.1% CAGR 2015-2023 : Transparency Market Research
Market research firm, Transparency Market Research (TMR), has announced the publication of a new research report. The report studies the global carbon nanotubes market comprehensively, examining the competitive and financial dynamics of the market as well as the segmentation of the market and its hierarchy according to various key criteria. The report, titled ‘Carbon Nanotubes Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,’ is available for sale on TMR’s website.
Carbon nanotubes are cylindrical allotropes of carbon formed by bonding carbon atoms to each other and ‘curving’ the bonds at predetermined and carefully achieved chiral angles. Carbon nanotubes can thus be called, allowing for some technical approximation, a rolled up form of graphene, which is a nearly two-dimensional sheet of carbon atoms comprised of a single layer of carbon atoms. The radius of carbon nanotubes, which also determines the number of carbon atoms present in the walls of the tube, thus determines the properties of carbon nanotubes. Single carbon nanotubes can be bunched together into larger ‘ropes,’ which allows for their usage in a wide variety of applications.
According to the TMR report, the global carbon nanotubes market is expected to exhibit a sturdy CAGR of 22.1% from 2015 to 2023. The market, valued at US$1.1 bn in 2014, is expected to be worth US$6.8 bn by the end of the forecast period.
The major application of carbon nanotubes is in polymers, where their high tensile strength and lightness make them highly useful, and electrical and electronics, where their favorable electrical properties come into play. The polymers application segment emerged as the largest in the global carbon nanotubes market in 2014. The medical devices, optics, and chemical industries are the other major users of carbon nanotubes. The usage of carbon nanotubes in the aerospace industry is also increasing due to their high performance with respect to their weight.
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Of the two types of carbon nanotubes in the global market, multi-wall carbon nanotubes are preferred over the single-wall variant. Multi-wall carbon nanotubes have higher electrical and thermal conductance than single-wall nanotubes and are also much stronger. This has resulted in multi-wall carbon nanotubes taking up a dominant 90% of the global carbon nanotubes market in 2014.
The rising awareness about the widespread applicability of carbon nanotubes is the major factor fueling the global carbon nanotubes market. Even though the cost of carbon nanotube development and production is quite high at present, the immense benefits of using them in crucial applications are expected to eventually outweigh the financial restraints on the industry.
In terms of geography, Asia Pacific held a dominant share in the global carbon nanotubes market in 2014. The intensive R&D being undertaken in this region into the major application areas of carbon nanotubes is responsible for the region’s dominant position, which is expected to remain largely unchanged in the near future.
The report also profiles the competitive landscape of the global carbon nanotubes market for the benefit of readers, examining the market operations of key players such as Arkema SA, CNT Co. Ltd., Raymor Industries, Inc., Nanothinx S.A., Continental Carbon Nanotechnologies, Nano-C Inc., and Southwest Nanotechnologies, Inc.
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