The carbon nanotubes market is estimated to grow from $3.95 billion in 2017 to $9.84 billion by 2023, at a CAGR of 16.7% during the forecast period.
According to a new market research report "Carbon Nanotubes (CNT) Market by Type (Single, Multi Walled), Method (Chemical Vapor Deposition, Catalytic Chemical Vapor Deposition, High-Pressure Carbon Monoxide), Application (Electronics, Chemical, Batteries, Energy, Medical) - Global Forecast to 2023," carbon nanotubes possess high tensile strength, which is up to 20 times higher than steel.
These are suitable for use in lightweight materials, as they are five times lighter than steel.
The demand for carbon nanotubes is high in the aerospace, defense, and electronics industries due to their lightweight feature.
Multi-walled carbon nanotubes are the most widely used CNTs across the globe in various applications including polymers, electricals & electronics, energy, and others (medical, chemical, optical devices).
Growth in various industries, especially in Asia Pacific, is driving the global carbon nanotubes market.
MWNT finds applications in electrical conductive transparent electrodes, conductive heating films, conductive nano inks, nanodevices, displays, chemical sensors, super batteries, supercapacitors, energy storage, solar industries, thermal interface material, and so on.
The high demand from various applications, including drug delivery, field emission, interconnects, sensors, biomedical applications, and others, is also driving the global single-walled carbon nanotubes market.
The CVD segment of the carbon nanotubes market is expected to grow at the highest CAGR during the forecast period.
CVD was also the largest method segment globally in 2017.
It is the cheapest of all. The prices for CVD are assumed to decrease incrementally with improving technologies and increased production & commercialization.
This decrease in price is expected to keep the CAGR for CVD on a higher side for both volume and value markets.
The Asia Pacific carbon nanotubes market is expected to grow at the highest CAGR during the forecast period, which can be attributed to the rising demand for carbon nanotubes from emerging economies of the region, including India, China, South Korea, Vietnam, Taiwan, and Singapore, among others.
In addition, factors such as the improving standards of living and rising per capita incomes in the countries of the APAC region are fueling the growth of the market.
