Carbon Nanotubes Global Market to 2028: Rising Demand in Electrical, Electronics & Semiconductor Applications Drives Growth
DUBLIN, May 31, 2023 /PRNewswire/ -- The "Global Carbon Nanotubes Market: Analysis By Technology, By Type, By Application, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The market is anticipated to grow at a CAGR of approx. 15% during the forecasted period of 2023-2028. The global carbon nanotube (CNT) market was valued at US$5.72 billion in 2022. The market value is forecasted to grow to US$13.32 billion by 2028.
Carbon Nanotubes (CNT) are one dimensional allotropes of carbon made by rolled-up sheets of single-layer carbon atoms (graphene). Carbon nanotubes are composed of carbon atoms linked in hexagonal shapes, with each carbon atom covalently bonded to three other carbon atoms. The properties and applications of carbon nanotubes can vary depending on their type, diameter, length, and functionalization.
Rising global energy demand, ongoing advancements in material science and manufacturing technologies, increasing use of CNTs as conductive fillers in ESD materials, EMI Shielding, & electronics packaging, favourable government initiatives to reduce greenhouse emissions and promote renewable energy sources, etc., have been positively contributing towards increased demand for carbon nanotubes. Other significant factor is ongoing technological advancements and innovations in the market by CNT manufacturing companies to remain competitive in the market and strengthen their current portfolios, while attracting new customers.
COVID-19 brought in many changes in the world in terms of reduced productivity, loss of life, business closures, closing down of factories and organizations, and shift to an online mode of work. Lockdown policies, imposed by the government to prevent the spread of virus forced various end user industries to either shut down or run low on production capacity, resulting in lower production and manufacturing activities by various end user industries.
Since end user industries demand carbon nanotubes-based materials and products for production of electronic components, high-performance energy storage devices, and development of supercapacitors, biosensors & diagnostic devices, drug delivery systems, fuel cells, etc., there was a sudden fall in the demand of CNTs as result of reduced production activities, having negative impact on both demand and consumption of CNTs by end user industries.
Furthermore, there were increasing restrictions in the form of social distancing policies & the number of people that were allowed by industries to work in a physical environment and with CNT manufacturing companies relying heavily on physical presence of experienced workforce to handle the intricate processes involved in CNT production, COVID-19 pandemic shifted everything online, making it difficult for CNT manufacturing facilities to meet up with the ongoing demand, provide in-person training to new employees, and maintain regular repairs and upgrades of complex equipment and machinery, resulting in reduced production capacity & lower output productivity, further hampering the overall growth of the global carbon nanotube market.
Global carbon nanotube market is consolidated with top four players accounting for more than 60% market share. Established companies in the market are engaged in various R&D activities & initiatives to develop and deploy new and more efficient products in the market. For instance, on June 14, 2022, OCSiAl announced that the company would launch a graphene nanotube synthesis facility near Belgrade, Serbia, in the first half of 2023.
The key players of the market are:
Key Topics Covered:
1. Executive Summary
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/namo2a
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