PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514992
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514992
Carbon Nanotube COMPOSITES Market size was valued at USD 1,224.32 Million in 2023, expanding at a CAGR of 14.5% from 2024 to 2032.
Carbon Nanotube COMPOSITES, a unique form of carbon, are essentially microscopic tubes built from carbon atoms. Despite their remarkable strength and resilience, these wonder-tubes are incredibly lightweight. Due to their exceptional properties in mechanics, electricity, and heat management, Carbon Nanotube COMPOSITES have become a hotbed of research in the field of nanomaterials. Carbon Nanotube COMPOSITES aid in the early diseases' detection, thereby enabling effective planning and management of the disease.
Carbon Nanotube COMPOSITES Market- Market Dynamics
O High demand for engineered plastics across various industries to propel market demand
Carbon Nanotube COMPOSITES are revolutionizing the world of polymers. By acting as microscopic strength and weight enhancers, they're making these materials even more desirable as reinforcing agents. Governments are taking notice, investing heavily to promote domestic applications of Carbon Nanotube COMPOSITES, opening up exciting new avenues for manufacturers. The wind energy sector is also experiencing a surge in Carbon Nanotube Composites adoption as new wind generation projects take root. Additionally, the ever-present demand for polymers in electronics and electrical applications fuels market growth. With the high demand for engineered plastics across various industries, polymers might retain their top spot as the leading end-user of Carbon Nanotube COMPOSITES. Looking ahead to production methods, the chemical vapor deposition (CVD) technique is projected to gain significant traction by 2033, potentially becoming the preferred method over alternative options.
Carbon Nanotube COMPOSITES Market- Key Insights
v As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 14.5% over the forecast period (2024-2032)
v Based on type segmentation, Multi Walled Carbon Nanotube COMPOSITES were predicted to show maximum market share in the year 2023
v Based on end user segmentation, Polymers were the leading type in 2023
v Based on region, APAC was the leading revenue generator in 2023
The Global Carbon Nanotube COMPOSITES Market is segmented based on Type, End User, and Region.
The market is further divided into two categories based on type: Single Walled and Multi Walled. Within the Carbon Nanotube Composites market, the dominating segment is Multi Walled Carbon Nanotube COMPOSITES (MWCNTs). This is mainly attributed to their broader range of applications and more established manufacturing processes, which often lead to larger-scale production at a lower cost per unit. Multi Walled Carbon Nanotube COMPOSITES possess superior mechanical strength, thermal conductivity, and durability compared to their Single Walled counterparts, making them highly sought after in industries such as aerospace, automotive, construction, and energy storage.
The market is divided into seven categories based on application or end user: Electronics, Air & Defense, Automotive, Healthcare, Polymer, Energy, and others. The Polymers sector dominates the market and is likely to maintain its dominance during the forecast period. This is due to the increasing application of engineered polymers in the construction and automotive industries is anticipated to fuel demand for CNT.
Carbon Nanotube COMPOSITES Market- Geographical Insights
Geographically, though this market is widespread across all the regions. North America dominated the market and accounted for the highest revenue share. Other regions considered are Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Government investments aimed at propelling Carbon Nanotube Composites applications are expected to significantly impact the regional market. Additionally, the economic boom in powerhouses like Japan, India, China, and Malaysia is likely to be a major growth driver in the Asia Pacific region. This region is experiencing a surge in demand for Carbon Nanotube COMPOSITES, particularly in applications like capacitors and batteries.
Key players in the Carbon Nanotube COMPOSITES market face local as well as global competitors who sell their products and services through a variety of channels, including corporate websites, e-commerce websites, retailers, distributors, and end consumers. The market players compete on a variety of aspects, including costs, performance, making, technology, reputation, and availability. Some of the strategies used by key market players to strengthen their reach and expand their market share include new launches, R&D spending, and mergers and acquisitions. For instance, in 2023, Construction is Underway on Huntsman's 30-ton Pilot Plant for MIRALON Carbon Nanotube Composites Materials. This new plant will convert the methane gas to Carbon Nanotube COMPOSITES and clean-burning hydrogen; will be one of the largest plants of its kind in the Americas.
v In May 2023, LG Chem gear up for CNT Production with a New Plant in South Korea. LG Chem is making significant strides in the Carbon Nanotube Composites (CNT) market with the construction of a brand-new plant in Daesan, South Korea. Scheduled to be operational by 2025, this facility will double LG Chem's annual CNT production capacity to a whopping 6,100 tons. This expansion marks a major step forward for LG Chem, solidifying its position as a key player in the CNT industry and bolstering its product portfolio.
GLOBAL CARBON NANOTUBE COMPOSITES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
O Arkema
O Cabot Corporation
O CHASM
O Chengdu Organic Chemicals Co. Ltd (Timesnano)
O Hyperion Catalysis International
O Jiangsu Cnano Technology Co. Ltd
O Kumho Petrochemical
O LG Chem
O Meijo Nano Carbon
O Nano-C
O Nanocyl SA
O Ocsial
O Raymor Industries Inc.
O Showa Denko KK (Resonac Holdings Corporation)
O Others